Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2013

Investment in Unconsolidated Entities [Abstract]

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

We owned 50% interests in joint ventures that owned 13 hotels at March 31, 2013 and December 31, 2012.  We also own 50% interests 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.

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

	March 31,		December 31,
	2013		2012
Investment in hotels, net of accumulated depreciation	$	151,132	$	155,888
Total assets	$	164,478	$	170,477
Debt	$	147,886	$	148,395
Total liabilities	$	151,640	$	154,139
Equity	$	12,838	$	16,338

Our unconsolidated entities’ debt at March 31, 2013 and December 31, 2012 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.

2. Investment in Unconsolidated Entities — (continued)

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

	Three Months Ended March 31,
	2013			2012
Total revenues	$	13,608		$	10,989
Net income	$	1,108		$	481
Net income attributable to FelCor	$	554		$	241
Depreciation of cost in excess of book value	(465		)	(465		)
Equity in income (loss) from unconsolidated entities	$	89		$	(224	)

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

	March 31,			December 31,
	2013			2012
Hotel-related investments	$	(886	)	$	246
Cost in excess of book value of hotel investments	46,448			46,913
Land and condominium investments	7,305			7,923
	$	52,867		$	55,082

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

	Three Months Ended
	March 31,
	2013			2012
Hotel investments	$	708		$	405
Other investments	(619		)	(629		)
Equity in income (loss) from unconsolidated entities	$	89		$	(224	)