Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2012

Investment in Unconsolidated Entities [Abstract]

Investment in Unconsolidated Entities [Text Block]

Investment in Unconsolidated Entities

We owned 50% interests in joint ventures that owned 13 hotels at March 31, 2012 and December 31, 2011.  We also own a 50% interest in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services.  We account for our investments in these unconsolidated entities under the equity method.  We do not have any majority-owned subsidiaries that are not consolidated in our financial statements.  We make adjustments to our equity in income from unconsolidated entities related to the difference between our basis in investment in unconsolidated entities compared to the historical basis of the assets recorded by the joint ventures.

2. Investment in Unconsolidated Entities — (continued)

The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands):

	March 31,		December 31,
	2012		2011
Investment in hotels, net of accumulated depreciation	$	168,613	$	173,310
Total assets	$	194,583	$	199,063
Debt	$	149,892	$	150,388
Total liabilities	$	153,401	$	156,607
Equity	$	41,182	$	42,456

Our unconsolidated entities’ debt at March 31, 2012 and December 31, 2011 consisted entirely of non-recourse mortgage debt. In January 2012, one of our unconsolidated joint ventures refinanced $130 million of debt and extended the maturity until 2014.

The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands):

	Three Months Ended March 31,
	2012			2011
Total revenues	$	10,989		$	11,688
Net income (loss)	$	481		$	(2,235	)
Net income (loss) attributable to FelCor	$	241		$	(1,118	)
Depreciation of cost in excess of book value	(465		)	(465		)
Equity in loss from unconsolidated entities	$	(224	)	$	(1,583	)

The following table summarizes the components of our investment in unconsolidated entities (in thousands):

	March 31,		December 31,
	2012		2011
Hotel-related investments	$	12,392	$	12,400
Cost in excess of book value of hotel investments	48,309		48,774
Land and condominium investments	8,199		8,828
	$	68,900	$	70,002

The following table summarizes the components of our equity in loss from unconsolidated entities (in thousands):

	Three Months Ended
	March 31,
	2012			2011
Hotel investments	$	405		$	(962	)
Other investments	(629		)	(621		)
Equity in loss from unconsolidated entities	$	(224	)	$	(1,583	)