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FelCor LP's Consolidating Financial Information (FelCor Lodging LP [Member])
 3 Months Ended
Mar. 31, 2014
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, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior debt.
The guaranties 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.

11.
FelCor LP’s Consolidating Financial Information – (continued)
The following tables present consolidating information for the Subsidiary Guarantors.
FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET
March 31, 2014
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net investment in hotels
$
43,777

 
$
1,056,263

 
$
511,207

 
$
—

 
$
1,611,247

Hotel development
—

 
—

 
236,729

 
—

 
236,729

Equity investment in consolidated entities
1,476,856

 
—

 
—

 
(1,476,856
)
 
—

Investment in unconsolidated entities
32,312

 
10,977

 
1,345

 
—

 
44,634

Hotel held for sale
—

 
—

 
19,137

 
—

 
19,137

Cash and cash equivalents
17,625

 
44,711

 
11,190

 
—

 
73,526

Restricted cash
—

 
10,019

 
57,028

 
—

 
67,047

Accounts receivable, net
251

 
33,587

 
648

 
—

 
34,486

Deferred expenses, net
19,660

 
—

 
7,975

 
—

 
27,635

Other assets
5,380

 
11,935

 
18,013

 
(12,500
)
 
22,828

 
 
 
 
 
 
 
 
 
 
Total assets
$
1,595,861

 
$
1,167,492

 
$
863,272

 
$
(1,489,356
)
 
$
2,137,269

 
 
 
 
 
 
 
 
 
 
Debt, net
$
1,280,714

 
$
12,500

 
$
401,117

 
$
(53,703
)
 
$
1,640,628

Distributions payable
11,079

 
—

 
116

 
—

 
11,195

Accrued expenses and other liabilities
35,838

 
103,725

 
12,540

 
—

 
152,103

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,327,631

 
116,225

 
413,773

 
(53,703
)
 
1,803,926

 
 
 
 
 
 
 
 
 
 
Redeemable units
5,583

 
—

 
—

 
—

 
5,583

 
 
 
 
 
 
 
 
 
 
Preferred units
478,766

 
—

 
—

 
—

 
478,766

Common units
(240,542
)
 
1,047,284

 
363,946

 
(1,411,230
)
 
(240,542
)
Accumulated other comprehensive income
24,423

 
4,486

 
19,937

 
(24,423
)
 
24,423

Total FelCor LP partners’ capital
262,647

 
1,051,770

 
383,883

 
(1,435,653
)
 
262,647

Noncontrolling interests
—

 
(503
)
 
24,707

 
—

 
24,204

Preferred capital in consolidated joint venture
—

 
—

 
40,909

 
—

 
40,909

Total partners’ capital
262,647

 
1,051,267

 
449,499

 
(1,435,653
)
 
327,760

Total liabilities and partners’ capital
$
1,595,861

 
$
1,167,492

 
$
863,272

 
$
(1,489,356
)
 
$
2,137,269


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

FELCOR LODGING LIMITED PARTNERSHIP

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

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net investment in hotels
$
48,971

 
$
1,053,724

 
$
550,572

 
$
—

 
$
1,653,267

Hotel development
—

 
—

 
216,747

 
—

 
216,747

Equity investment in consolidated entities
1,508,593

 
—

 
—

 
(1,508,593
)
 
—

Investment in unconsolidated entities
34,090

 
11,497

 
1,356

 
—

 
46,943

Hotel held for sale
—

 
—

 
16,319

 
—

 
16,319

Cash and cash equivalents
5,227

 
33,283

 
7,135

 
—

 
45,645

Restricted cash
—

 
9,051

 
68,176

 
—

 
77,227

Accounts receivable, net
516

 
34,366

 
865

 
—

 
35,747

Deferred expenses, net
20,540

 
—

 
8,785

 
—

 
29,325

Other assets
6,248

 
10,767

 
17,998

 
(11,953
)
 
23,060

Total assets
$
1,624,185

 
$
1,152,688

 
$
887,953

 
$
(1,520,546
)
 
$
2,144,280

 
 
 
 
 
 
 
 
 
 
Debt, net
$
1,279,190

 
$
11,953

 
$
464,036

 
$
(91,953
)
 
$
1,663,226

Distributions payable
11,047

 
—

 
—

 
—

 
11,047

Accrued expenses and other liabilities
37,980

 
96,494

 
16,264

 
—

 
150,738

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,328,217

 
108,447

 
480,300

 
(91,953
)
 
1,825,011

 
 
 
 
 
 
 
 
 
 
Redeemable units
5,039

 
—

 
—

 
—

 
5,039

 
 
 
 
 
 
 
 
 
 
Preferred units
478,774

 
—

 
—

 
—

 
478,774

Common units
(212,888
)
 
1,039,903

 
363,647

 
(1,403,550
)
 
(212,888
)
Accumulated other comprehensive income
25,043

 
4,569

 
20,474

 
(25,043
)
 
25,043

Total FelCor LP partners’ capital
290,929

 
1,044,472

 
384,121

 
(1,428,593
)
 
290,929

Noncontrolling interests
—

 
(231
)
 
23,532

 
—

 
23,301

Total partners’ capital
290,929

 
1,044,241

 
407,653

 
(1,428,593
)
 
314,230

Total liabilities and partners’ capital
$
1,624,185

 
$
1,152,688

 
$
887,953

 
$
(1,520,546
)
 
$
2,144,280

11.    FelCor LP’s Consolidating Financial Information – (continued)
FELCOR LODGING LIMITED PARTNERSHIP
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended March 31, 2014
(in thousands)
 
 
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
221,022

 
$
—

 
$
—

 
$
221,022

Percentage lease revenue
1,399

 
—

 
25,609

 
(27,008
)
 
—

Other revenue
1

 
266

 
60

 
—

 
327

Total revenues
1,400

 
221,288

 
25,669

 
(27,008
)
 
221,349

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
154,114

 
—

 
—

 
154,114

Taxes, insurance and lease expense
419

 
46,829

 
3,393

 
(27,008
)
 
23,633

Corporate expenses
123

 
5,069

 
2,633

 
—

 
7,825

Depreciation and amortization
991

 
17,767

 
10,843

 
—

 
29,601

Other expenses
35

 
840

 
1,139

 
—

 
2,014

Total operating expenses
1,568

 
224,619

 
18,008

 
(27,008
)
 
217,187

Operating income
(168
)
 
(3,331
)
 
7,661

 
—

 
4,162

Interest expense, net
(20,484
)
 
(328
)
 
(4,415
)
 
—

 
(25,227
)
Debt extinguishment
—

 
—

 
(6
)
 
—

 
(6
)
Loss before equity in income from unconsolidated entities
(20,652
)
 
(3,659
)
 
3,240

 
—

 
(21,071
)
Equity in income from consolidated entities
5,323

 
—

 
—

 
(5,323
)
 
—

Equity in income from unconsolidated entities
799

 
(145
)
 
(11
)
 
—

 
643

Loss from continuing operations
(14,530
)
 
(3,804
)
 
3,229

 
(5,323
)
 
(20,428
)
Income from discontinued operations
—

 
29

 
106

 
—

 
135

Loss before gain on sale of property
(14,530
)
 
(3,775
)
 
3,335

 
(5,323
)
 
(20,293
)
Gain on sale of property, net
(228
)
 
(14
)
 
5,699

 
—

 
5,457

Net loss
(14,758
)
 
(3,789
)
 
9,034

 
(5,323
)
 
(14,836
)
Loss attributable to noncontrolling interests
—

 
134

 
(56
)
 
—

 
78

Preferred distributions - consolidated joint venture
—

 
—

 
(181
)
 
—

 
(181
)
Net loss attributable to FelCor LP
(14,758
)
 
(3,655
)
 
8,797

 
(5,323
)
 
(14,939
)
Preferred distributions
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Net loss attributable to FelCor LP common unitholders
$
(24,436
)
 
$
(3,655
)
 
$
8,797

 
$
(5,323
)
 
$
(24,617
)

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
$
—

 
$
208,538

 
$
—

 
$
—

 
$
208,538

Percentage lease revenue
1,262

 
—

 
23,144

 
(24,406
)
 
—

Other revenue
3

 
333

 
63

 
—

 
399

Total revenues
1,265

 
208,871

 
23,207

 
(24,406
)
 
208,937

 
 
 
 
 
 
 
 
 

Expenses:
 
 
 
 
 
 
 
 

Hotel operating expenses
—

 
148,996

 
—

 
—

 
148,996

Taxes, insurance and lease expense
304

 
42,993

 
3,273

 
(24,406
)
 
22,164

Corporate expenses
109

 
5,543

 
2,180

 
—

 
7,832

Depreciation and amortization
1,250

 
17,596

 
10,909

 
—

 
29,755

Conversion expenses
20

 
391

 
217

 
—

 
628

Other expenses
23

 
517

 
281

 
—

 
821

Total operating expenses
1,706

 
216,036

 
16,860

 
(24,406
)
 
210,196

Operating loss
(441
)
 
(7,165
)
 
6,347

 
—

 
(1,259
)
Interest expense, net
(21,604
)
 
(303
)
 
(4,378
)
 
—

 
(26,285
)
Loss before equity in income from unconsolidated entities
(22,045
)
 
(7,468
)
 
1,969

 
—

 
(27,544
)
Equity in loss from consolidated entities
(4,625
)
 
—

 
—

 
4,625

 
—

Equity in income from unconsolidated entities
305

 
(205
)
 
(11
)
 
—

 
89

Loss from continuing operations
(26,365
)
 
(7,673
)
 
1,958

 
4,625

 
(27,455
)
Income from discontinued operations
—

 
(415
)
 
1,265

 
—

 
850

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 COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2014
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net loss
$
(14,758
)
 
$
(3,789
)
 
$
9,034

 
$
(5,323
)
 
$
(14,836
)
Foreign currency translation adjustment
(620
)
 
(83
)
 
(537
)
 
620

 
(620
)
Comprehensive loss
(15,378
)
 
(3,872
)
 
8,497

 
(4,703
)
 
(15,456
)
Comprehensive loss attributable to noncontrolling interests
—

 
134

 
(56
)
 
—

 
78

Comprehensive loss attributable to FelCor LP
$
(15,378
)
 
$
(3,738
)
 
$
8,441

 
$
(4,703
)
 
$
(15,378
)


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
)
 
(95
)
 
(262
)
 
357

 
(357
)
Comprehensive loss
(26,722
)
 
(8,183
)
 
2,961

 
4,982

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

 
256

 
(16
)
 
—

 
240

Comprehensive loss attributable to FelCor LP
$
(26,722
)
 
$
(7,927
)
 
$
2,945

 
$
4,982

 
$
(26,722
)
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, 2014
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Operating activities:
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
$
(14,116
)
 
$
21,575

 
$
14,943

 
$
—

 
$
22,402

Investing activities:
 
 
 
 
 
 
 
 
 
Improvements and additions to hotels
(730
)
 
(20,888
)
 
(6,999
)
 
—

 
(28,617
)
Hotel development
—

 
—

 
(23,622
)
 
—

 
(23,622
)
Net proceeds from asset dispositions
(167
)
 
(42
)
 
40,105

 
—

 
39,896

Insurance proceeds
—

 
255

 
—

 
—

 
255

Change in restricted cash - investing
—

 
(501
)
 
10,681

 
—

 
10,180

Distributions from unconsolidated entities
1,753

 
375

 
—

 
—

 
2,128

Intercompany financing
37,827

 
—

 
—

 
(37,827
)
 
—

Cash flows from investing activities
38,683

 
(20,801
)
 
20,165

 
(37,827
)
 
220

Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
—

 
—

 
81,000

 
—

 
81,000

Repayment of borrowings
—

 
—

 
(105,353
)
 
—

 
(105,353
)
Distributions paid to preferred unitholders
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Net proceeds from issuance of preferred capital - consolidated joint venture
—

 
—

 
40,909

 
—

 
40,909

Intercompany financing
—

 
10,832

 
(48,659
)
 
37,827

 
—

Other
(2,491
)
 
(139
)
 
1,050

 
—

 
(1,580
)
Cash flows from financing activities
(12,169
)
 
10,693

 
(31,053
)
 
37,827

 
5,298

Effect of exchange rate changes on cash
—

 
(39
)
 
—

 
—

 
(39
)
Change in cash and cash equivalents
12,398

 
11,428

 
4,055

 
—

 
27,881

Cash and cash equivalents at beginning of period
5,227

 
33,283

 
7,135

 
—

 
45,645

Cash and cash equivalents at end of period
$
17,625

 
$
44,711

 
$
11,190

 
$
—

 
$
73,526


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