Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2015

Investment in Unconsolidated Entities [Abstract]

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

At March 31, 2015 and December 31, 2014, we owned 50% interests in joint ventures that owned three 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,
	2015		2014
Investment in hotels and other properties, net of accumulated depreciation	$	29,489	$	30,288
Total assets	$	43,440	$	45,374
Debt	$	33,902	$	34,192
Total liabilities	$	35,710	$	36,974
Equity	$	7,730	$	8,400

Our unconsolidated entities’ debt at March 31, 2015 and December 31, 2014 consisted entirely of non-recourse mortgage debt.

2.    Investment in Unconsolidated Entities -- (continued)

The following table (which reflects decreases attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014) sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands):

	Three Months Ended March 31,
	2015			2014
Total revenues	$	6,569		$	14,617
Net income	$	551		$	2,216
Net income attributable to FelCor	$	276		$	1,108
Depreciation of cost in excess of book value	(127		)	(465		)
Equity in income from unconsolidated entities	$	149		$	643

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

	March 31,			December 31,
	2015			2014
Hotel-related investments	$	(3,000	)	$	(3,265	)
Cost in excess of book value of hotel investments	10,768			10,895
Land and condominium investments	6,865			7,465
Investment in unconsolidated entities	$	14,633		$	15,095

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

	Three Months Ended
	March 31,
	2015			2014
Hotel investments	$	748		$	1,272
Other investments	(599		)	(629		)
Equity in income from unconsolidated entities	$	149		$	643