Investment in Unconsolidated Entities

6 Months Ended

Jun. 30, 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 June 30, 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):

	June 30,		December 31,
	2013		2012
Investment in hotels and other properties, net of accumulated depreciation	$	149,647	$	155,888
Total assets	$	165,898	$	170,477
Debt	$	147,381	$	148,395
Total liabilities	$	152,362	$	154,139
Equity	$	13,536	$	16,338

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 June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Total revenues	$	20,543		$	19,605		$	34,151		$	32,937
Net income	$	4,740		$	3,655		$	5,848		$	4,136
Net income attributable to FelCor	$	2,370		$	1,827		$	2,924		$	2,068
Depreciation of cost in excess of book value	(465		)	(465		)	(930		)	(930		)
Equity in income from unconsolidated entities	$	1,905		$	1,362		$	1,994		$	1,138

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

	June 30,			December 31,
	2013			2012
Hotel-related investments	$	(2,058	)	$	246
Cost in excess of book value of hotel investments	45,983			46,913
Land and condominium investments	8,826			7,923
	$	52,751		$	55,082

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013			2012
Hotel investments	$	1,883	$	1,286	$	2,591		$	1,691
Other investments	22		76		(597		)	(553		)
Equity in income from unconsolidated entities	$	1,905	$	1,362	$	1,994		$	1,138