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FelCor LP's Consolidating Financial Information (FelCor Lodging LP [Member])
 3 Months Ended
Mar. 31, 2013
FelCor Lodging LP [Member]
  
Guarantor Obligations [Line Items]  
FelCor LP's Consolidating Financial Information
FelCor LP’s Consolidating Financial Information

Certain of FelCor LP’s 100% owned subsidiaries (FCH/PSH, L.P.; FelCor Baton Rouge Owner, L.L.C.; FelCor/CMB Buckhead Hotel, L.L.C.; FelCor/CMB Marlborough Hotel, L.L.C.; FelCor/CMB Orsouth Holdings, L.P.; FelCor/CMB SSF Holdings, L.P.; FelCor/CSS Holdings, L.P.; FelCor Dallas Love Field Owner, L.L.C.; FelCor Lodging Holding Company, L.L.C.; FelCor Milpitas Owner, L.L.C.; FelCor TRS Borrower 4, L.L.C.; FelCor TRS Holdings, L.L.C.; FelCor Canada Co.; FelCor Hotel Asset Company, L.L.C.; FelCor Copley Plaza, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; Los Angeles International Airport Hotel Associates, a Texas L.P.; Madison 237 Hotel, L.L.C.; Myrtle Beach Owner, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively, “Subsidiary Guarantors”), together with FelCor, guarantee, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior debt.

The guarantees by the Subsidiary Guarantors may be automatically and unconditionally released upon (1) the sale or other disposition of all of the capital stock of the Subsidiary Guarantor or the sale or disposition of all or substantially all of the assets of the Subsidiary Guarantor, (2) the consolidation or merger of any such Subsidiary Guarantor with any person other than FelCor LP, or a subsidiary of FelCor LP, if, as a result of such consolidation or merger, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (3) a legal defeasance or covenant defeasance of the indenture, (4) the unconditional and complete release of such Subsidiary Guarantor in accordance with the modification and waiver provisions of the indenture, or (5) the designation of a restricted subsidiary that is a Subsidiary Guarantor as an unrestricted subsidiary under and in compliance with the indenture.

The following tables present consolidating information for the Subsidiary Guarantors.


11.
FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET
March 31, 2013
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net investment in hotels
$
66,695

 
$
1,078,564

 
$
641,757

 
$
—

 
$
1,787,016

Hotel development
—

 
—

 
156,081

 
—

 
156,081

Equity investment in consolidated entities
1,529,937

 
—

 
—

 
(1,529,937
)
 
—

Investment in unconsolidated entities
40,758

 
10,719

 
1,390

 
—

 
52,867

Cash and cash equivalents
13,758

 
41,335

 
6,703

 
—

 
61,796

Restricted cash
—

 
8,123

 
68,979

 
—

 
77,102

Accounts receivable, net
73

 
33,473

 
747

 
—

 
34,293

Deferred expenses, net
23,048

 
—

 
10,987

 
—

 
34,035

Other assets
8,214

 
12,278

 
5,604

 
—

 
26,096

 
 
 
 
 
 
 
 
 
 
Total assets
$
1,682,483

 
$
1,184,492

 
$
892,248

 
$
(1,529,937
)
 
$
2,229,286

 
 
 
 
 
 
 
 
 
 
Debt, net
$
1,274,919

 
$
—

 
$
408,837

 
$
—

 
$
1,683,756

Distributions payable
8,545

 
—

 
—

 
—

 
8,545

Accrued expenses and other liabilities
37,179

 
102,571

 
7,965

 
—

 
147,715

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,320,643

 
102,571

 
416,802

 
—

 
1,840,016

 
 
 
 
 
 
 
 
 
 
Redeemable units
3,697

 
—

 
—

 
—

 
3,697

 
 
 
 
 
 
 
 
 
 
Preferred units
478,774

 
—

 
—

 
—

 
478,774

Common units
(120,631
)
 
1,056,633

 
447,510

 
(1,529,937
)
 
(146,425
)
Accumulated other comprehensive income
—

 
25,794

 
—

 
—

 
25,794

Total FelCor LP partners’ capital
358,143

 
1,082,427

 
447,510

 
(1,529,937
)
 
358,143

Noncontrolling interests
—

 
(506
)
 
27,936

 
—

 
27,430

Total partners’ capital
358,143

 
1,081,921

 
475,446

 
(1,529,937
)
 
385,573

Total liabilities and partners’ capital
$
1,682,483

 
$
1,184,492

 
$
892,248

 
$
(1,529,937
)
 
$
2,229,286


11.
FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2012
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net investment in hotels
$
66,945

 
$
1,102,262

 
$
625,357

 
$
—

 
$
1,794,564

Hotel development
—

 
—

 
146,079

 
—

 
146,079

Equity investment in consolidated entities
1,551,377

 
—

 
—

 
(1,551,377
)
 
—

Investment in unconsolidated entities
42,508

 
11,173

 
1,401

 
—

 
55,082

Cash and cash equivalents
8,312

 
30,425

 
7,008

 
—

 
45,745

Restricted cash
—

 
9,186

 
68,741

 
—

 
77,927

Accounts receivable, net
96

 
24,432

 
855

 
—

 
25,383

Deferred expenses, net
22,657

 
—

 
11,605

 
—

 
34,262

Other assets
8,122

 
10,322

 
4,947

 
—

 
23,391

 
 
 
 
 
 
 
 
 
 
Total assets
$
1,700,017

 
$
1,187,800

 
$
865,993

 
$
(1,551,377
)
 
$
2,202,433

 
 
 
 
 
 
 
 
 
 
Debt, net
$
1,273,587

 
$
—

 
$
356,938

 
$
—

 
$
1,630,525

Distributions payable
8,545

 
—

 
—

 
—

 
8,545

Accrued expenses and other liabilities
20,316

 
95,986

 
22,140

 
—

 
138,442

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,302,448

 
95,986

 
379,078

 
—

 
1,777,512

 
 
 
 
 
 
 
 
 
 
Redeemable units
2,902

 
—

 
—

 
—

 
2,902

 
 
 
 
 
 
 
 
 
 
Preferred units
478,774

 
—

 
—

 
—

 
478,774

Common units
(84,107
)
 
1,065,938

 
459,288

 
(1,551,377
)
 
(110,258
)
Accumulated other comprehensive income
—

 
26,151

 
—

 
—

 
26,151

Total FelCor LP partners’ capital
394,667

 
1,092,089

 
459,288

 
(1,551,377
)
 
394,667

Noncontrolling interests
—

 
(275
)
 
27,627

 
—

 
27,352

Total partners’ capital
394,667

 
1,091,814

 
486,915

 
(1,551,377
)
 
422,019

Total liabilities and partners’ capital
$
1,700,017

 
$
1,187,800

 
$
865,993

 
$
(1,551,377
)
 
$
2,202,433


11.    FelCor LP’s Consolidating Financial Information – (continued)
FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended March 31, 2013
(in thousands)
 
 
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
220,291

 
$
—

 
$
—

 
$
220,291

Percentage lease revenue
1,262

 
—

 
26,438

 
(27,700
)
 
—

Other revenue
3

 
333

 
63

 
—

 
399

Total revenues
1,265

 
220,624

 
26,501

 
(27,700
)
 
220,690

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
157,297

 
—

 
—

 
157,297

Taxes, insurance and lease expense
304

 
46,421

 
3,642

 
(27,700
)
 
22,667

Corporate expenses
109

 
5,543

 
2,180

 
—

 
7,832

Depreciation and amortization
1,250

 
17,949

 
12,371

 
—

 
31,570

Conversion expenses
20

 
391

 
217

 
—

 
628

Other expenses
23

 
517

 
281

 
—

 
821

Total operating expenses
1,706

 
228,118

 
18,691

 
(27,700
)
 
220,815

Operating loss
(441
)
 
(7,494
)
 
7,810

 
—

 
(125
)
Interest expense, net
(21,604
)
 
(303
)
 
(4,576
)
 
—

 
(26,483
)
Loss before equity in income from unconsolidated entities
(22,045
)
 
(7,797
)
 
3,234

 
—

 
(26,608
)
Equity in income from consolidated entities
(4,625
)
 
—

 
—

 
4,625

 
—

Equity in income from unconsolidated entities
305

 
(205
)
 
(11
)
 
—

 
89

Loss from continuing operations
(26,365
)
 
(8,002
)
 
3,223

 
4,625

 
(26,519
)
Loss from discontinued operations
—

 
(86
)
 
—

 
—

 
(86
)
Net loss
(26,365
)
 
(8,088
)
 
3,223

 
4,625

 
(26,605
)
Loss attributable to noncontrolling interests
—

 
256

 
(16
)
 
—

 
240

Net loss attributable to FelCor LP
(26,365
)
 
(7,832
)
 
3,207

 
4,625

 
(26,365
)
Preferred distributions
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Net loss attributable to FelCor LP common unitholders
$
(36,043
)
 
$
(7,832
)
 
$
3,207

 
$
4,625

 
$
(36,043
)


11.    FelCor LP’s Consolidating Financial Information – (continued)
FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended March 31, 2012
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
207,690

 
$
—

 
$
—

 
$
207,690

Percentage lease revenue
1,248

 
—

 
30,534

 
(31,782
)
 
—

Other revenue
1

 
219

 
55

 
—

 
275

Total revenues
1,249

 
207,909

 
30,589

 
(31,782
)
 
207,965

 
 
 
 
 
 
 
 
 

Expenses:
 
 
 
 
 
 
 
 

Hotel operating expenses
—

 
149,021

 
—

 
—

 
149,021

Taxes, insurance and lease expense
303

 
48,997

 
4,192

 
(31,782
)
 
21,710

Corporate expenses
1,844

 
3,958

 
2,410

 
—

 
8,212

Depreciation and amortization
1,131

 
15,464

 
13,473

 
—

 
30,068

Other expenses
418

 
508

 
37

 
—

 
963

Total operating expenses
3,696

 
217,948

 
20,112

 
(31,782
)
 
209,974

Operating loss
(2,447
)
 
(10,039
)
 
10,477

 
—

 
(2,009
)
Interest expense, net
(21,077
)
 
(4,464
)
 
(5,273
)
 
—

 
(30,814
)
Debt extinguishment
(7
)
 
—

 
—

 
—

 
(7
)
Loss before equity in loss from unconsolidated entities
(23,531
)
 
(14,503
)
 
5,204

 
—

 
(32,830
)
Equity in income from consolidated entities
(5,138
)
 
—

 
—

 
5,138

 
—

Equity in loss from unconsolidated entities
32

 
(245
)
 
(11
)
 
—

 
(224
)
Loss from continuing operations
(28,637
)
 
(14,748
)
 
5,193

 
5,138

 
(33,054
)
Income from discontinued operations
(22
)
 
(108
)
 
4,323

 
—

 
4,193

Net loss
(28,659
)
 
(14,856
)
 
9,516

 
5,138

 
(28,861
)
Loss attributable to noncontrolling interests
—

 
265

 
(63
)
 
—

 
202

Net loss attributable to FelCor LP
(28,659
)
 
(14,591
)
 
9,453

 
5,138

 
(28,659
)
Preferred distributions
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Net loss attributable to FelCor LP common unitholders
$
(38,337
)
 
$
(14,591
)
 
$
9,453

 
$
5,138

 
$
(38,337
)

11.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2013
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net loss
$
(26,365
)
 
$
(8,088
)
 
$
3,223

 
$
4,625

 
$
(26,605
)
Foreign currency translation adjustment
—

 
(357
)
 
—

 
—

 
(357
)
Comprehensive loss
(26,365
)
 
(8,445
)
 
3,223

 
4,625

 
(26,962
)
Comprehensive loss attributable to noncontrolling interests
—

 
256

 
(16
)
 
—

 
240

Comprehensive loss attributable to FelCor LP
$
(26,365
)
 
$
(8,189
)
 
$
3,207

 
$
4,625

 
$
(26,722
)


FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2012
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net loss
$
(28,659
)
 
$
(14,856
)
 
$
9,516

 
$
5,138

 
$
(28,861
)
Foreign currency translation adjustment
—

 
308

 
—

 
—

 
308

Comprehensive loss
(28,659
)
 
(14,548
)
 
9,516

 
5,138

 
(28,553
)
Comprehensive loss attributable to noncontrolling interests
—

 
265

 
(63
)
 
—

 
202

Comprehensive loss attributable to FelCor LP
$
(28,659
)
 
$
(14,283
)
 
$
9,453

 
$
5,138

 
$
(28,351
)

 
 

11.    FelCor LP’s Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2013
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Operating activities:
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
$
(3,904
)
 
$
6,447

 
$
2,336

 
$
—

 
$
4,879

Investing activities:
 
 
 
 
 
 
 
 
 
Improvements and additions to hotels
(142
)
 
(14,312
)
 
(8,888
)
 
—

 
(23,342
)
Hotel development
—

 
—

 
(8,260
)
 
—

 
(8,260
)
Payment of selling costs
—

 
(17
)
 
(215
)
 
—

 
(232
)
Distributions from unconsolidated entities
1,435

 
250

 
—

 
—

 
1,685

Intercompany financing
19,554

 
—

 
—

 
(19,554
)
 
—

Other
—

 
1,746

 
(921
)
 
—

 
825

Cash flows from investing activities
20,847

 
(12,333
)
 
(18,284
)
 
(19,554
)
 
(29,324
)
Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
—

 
—

 
84,245

 
—

 
84,245

Repayment of borrowings
—

 
—

 
(32,346
)
 
—

 
(32,346
)
Distributions paid to preferred unitholders
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Intercompany financing
—

 
16,792

 
(36,346
)
 
19,554

 
—

Other
(1,819
)
 
25

 
90

 
—

 
(1,704
)
Cash flows from financing activities
(11,497
)
 
16,817

 
15,643

 
19,554

 
40,517

Effect of exchange rate changes on cash
—

 
(21
)
 
—

 
—

 
(21
)
Change in cash and cash equivalents
5,446

 
10,910

 
(305
)
 
—

 
16,051

Cash and cash equivalents at beginning of period
8,312

 
30,425

 
7,008

 
—

 
45,745

Cash and cash equivalents at end of period
$
13,758

 
$
41,335

 
$
6,703

 
$
—

 
$
61,796


  
11.    FelCor LP’s Consolidating Financial Information – (continued)
  
FELCOR LODGING LIMITED PARTNERSHIP
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2012
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Operating activities:
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
$
828

 
$
6,489

 
$
26,329

 
$
—

 
$
33,646

Investing activities:
 
 
 
 
 
 
 
 
 
Improvements and additions to hotels
(5,181
)
 
(22,731
)
 
(13,473
)
 
—

 
(41,385
)
Hotel development
—

 
—

 
(4,560
)
 
—

 
(4,560
)
Distributions from unconsolidated entities
403

 
—

 
—

 
—

 
403

Intercompany financing
27,514

 
—

 
—

 
(27,514
)
 
—

Other
(15
)
 
1,879

 
(1,392
)
 
—

 
472

Cash flows from investing activities
22,721

 
(20,852
)
 
(19,425
)
 
(27,514
)
 
(45,070
)
Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
—

 
—

 
36,000

 
—

 
36,000

Repayment of borrowings
(96
)
 
(215
)
 
(9,061
)
 
—

 
(9,372
)
Distributions paid to preferred unitholders
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Intercompany financing
—

 
5,277

 
(32,791
)
 
27,514

 
—

Other
—

 
—

 
(1,160
)
 
—

 
(1,160
)
Cash flows from financing activities
(9,774
)
 
5,062

 
(7,012
)
 
27,514

 
15,790

Effect of exchange rate changes on cash
—

 
51

 
—

 
—

 
51

Change in cash and cash equivalents
13,775

 
(9,250
)
 
(108
)
 
—

 
4,417

Cash and cash equivalents at beginning of period
23,503

 
67,001

 
3,254

 
—

 
93,758

Cash and cash equivalents at end of period
$
37,278

 
$
57,751

 
$
3,146

 
$
—

 
$
98,175