Investment in Unconsolidated Entities

9 Months Ended

Sep. 30, 2013

Investment in Unconsolidated Entities [Abstract]

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

At September 30, 2013 and December 31, 2012, we owned 50% interests in joint ventures that owned 13 hotels. We also own 50% interests in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services there. 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):

	September 30,		December 31,
	2013		2012
Investment in hotels and other properties, net of accumulated depreciation	$	145,056	$	155,888
Total assets	$	163,602	$	170,477
Debt	$	146,872	$	148,395
Total liabilities	$	152,500	$	154,139
Equity	$	11,102	$	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 September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Total revenues	$	21,844		$	21,075		$	55,995		$	54,012
Net income	$	5,131		$	4,002		$	10,980		$	8,138
Net income attributable to FelCor	$	2,565		$	2,001		$	5,490		$	4,069
Depreciation of cost in excess of book value	(465		)	(465		)	(1,395		)	(1,395		)
Equity in income from unconsolidated entities	$	2,100		$	1,536		$	4,095		$	2,674

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

	September 30,			December 31,
	2013			2012
Hotel-related investments	$	(3,243	)	$	246
Cost in excess of book value of hotel investments	45,518			46,913
Land and condominium investments	8,794			7,923
	$	51,069		$	55,082

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2013		2012		2013			2012
Hotel investments	$	1,632	$	1,055	$	4,223		$	2,746
Other investments	468		481		(128		)	(72		)
Equity in income from unconsolidated entities	$	2,100	$	1,536	$	4,095		$	2,674