Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2014

Investment in Unconsolidated Entities [Abstract]

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

At March 31, 2014 and December 31, 2013, 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):

	March 31,		December 31,
	2014		2013
Investment in hotels and other properties, net of accumulated depreciation	$	136,484	$	140,145
Total assets	$	150,837	$	155,848
Debt	$	146,921	$	146,358
Total liabilities	$	150,745	$	152,068
Equity	$	92	$	3,780

Our unconsolidated entities’ debt at March 31, 2014 and December 31, 2013 consisted entirely of non-recourse mortgage debt.  In March 2014, one of our unconsolidated joint ventures refinanced $128 million of debt and extended the maturity until 2017.

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,
	2014			2013
Total revenues	$	14,617		$	13,608
Net income	$	2,216		$	1,108
Net income attributable to FelCor	$	1,108		$	554
Depreciation of cost in excess of book value	(465		)	(465		)
Equity in income from unconsolidated entities	$	643		$	89

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

	March 31,			December 31,
	2014			2013
Hotel-related investments	$	(7,564	)	$	(6,349	)
Cost in excess of book value of hotel investments	44,588			45,053
Land and condominium investments	7,610			8,239
Investment in unconsolidated entities	$	44,634		$	46,943

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

	Three Months Ended
	March 31,
	2014			2013
Hotel investments	$	1,272		$	708
Other investments	(629		)	(619		)
Equity in income from unconsolidated entities	$	643		$	89