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FelCor LP's Consolidating Financial Information (FelCor Lodging LP [Member])
 3 Months Ended
Mar. 31, 2015
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 (i) 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, if, in each case, as a result of such sale or disposition, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (ii) 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, (iii) a legal defeasance or covenant defeasance of the indenture, (iv) the unconditional and complete release of such Subsidiary Guarantor in accordance with the modification and waiver provisions of the indenture, or (v) the designation of a restricted subsidiary that is a Subsidiary Guarantor as an unrestricted subsidiary under and in compliance with the indenture.

14.
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, 2015
(in thousands)

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

 
$
900,920

 
$
813,080

 
$
—

 
$
1,714,000

Hotel development
—

 
—

 
143,779

 
—

 
143,779

Equity investment in consolidated entities
1,345,992

 
—

 
—

 
(1,345,992
)
 
—

Investment in unconsolidated entities
7,007

 
6,327

 
1,299

 
—

 
14,633

Hotel held for sale
—

 
—

 
16,618

 
—

 
16,618

Cash and cash equivalents
19,810

 
37,608

 
1,512

 
—

 
58,930

Restricted cash
—

 
12,678

 
9,494

 
—

 
22,172

Accounts receivable, net
446

 
32,969

 
379

 
—

 
33,794

Deferred expenses, net
16,575

 
—

 
7,544

 
—

 
24,119

Other assets
3,510

 
12,041

 
5,954

 
—

 
21,505

 
 
 
 
 
 
 
 
 
 
Total assets
$
1,393,340

 
$
1,002,543

 
$
999,659

 
$
(1,345,992
)
 
$
2,049,550

 
 
 
 
 
 
 
 
 
 
Debt
$
1,050,000

 
$
—

 
$
534,226

 
$
(40,787
)
 
$
1,543,439

Distributions payable
13,746

 
—

 
121

 
—

 
13,867

Accrued expenses and other liabilities
26,413

 
93,329

 
18,353

 
—

 
138,095

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,090,159

 
93,329

 
552,700

 
(40,787
)
 
1,695,401

 
 
 
 
 
 
 
 
 
 
Redeemable units, at redemption value
7,026

 
—

 
—

 
—

 
7,026

 
 
 
 
 
 
 
 
 
 
Preferred units
478,749

 
—

 
—

 
—

 
478,749

Common units
(182,594
)
 
909,696

 
395,509

 
(1,305,205
)
 
(182,594
)
Total FelCor LP partners’ capital
296,155

 
909,696

 
395,509

 
(1,305,205
)
 
296,155

Noncontrolling interests
—

 
(482
)
 
8,760

 
—

 
8,278

Preferred capital in consolidated joint venture
—

 
—

 
42,690

 
—

 
42,690

Total partners’ capital
296,155

 
909,214

 
446,959

 
(1,305,205
)
 
347,123

Total liabilities and partners’ capital
$
1,393,340

 
$
1,002,543

 
$
999,659

 
$
(1,345,992
)
 
$
2,049,550


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

FELCOR LODGING LIMITED PARTNERSHIP

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

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

 
$
908,796

 
$
690,995

 
$
—

 
$
1,599,791

Hotel development
—

 
—

 
297,466

 
—

 
297,466

Equity investment in consolidated entities
1,364,470

 
—

 
—

 
(1,364,470
)
 
—

Investment in unconsolidated entities
7,270

 
6,514

 
1,311

 
—

 
15,095

Hotels held for sale
—

 
—

 
47,145

 
—

 
47,145

Cash and cash equivalents
5,717

 
32,923

 
8,507

 
—

 
47,147

Restricted cash
—

 
12,199

 
8,297

 
—

 
20,496

Accounts receivable, net
963

 
26,343

 
499

 
—

 
27,805

Deferred expenses, net
17,203

 
—

 
8,624

 
—

 
25,827

Other assets
4,866

 
11,558

 
7,462

 
—

 
23,886

Total assets
$
1,400,489

 
$
998,333

 
$
1,070,306

 
$
(1,364,470
)
 
$
2,104,658

 
 
 
 
 
 
 
 
 
 
Debt
$
1,050,000

 
$
—

 
$
576,654

 
$
(40,787
)
 
$
1,585,867

Distributions payable
13,709

 
—

 
118

 
—

 
13,827

Accrued expenses and other liabilities
27,174

 
94,190

 
14,117

 
—

 
135,481

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,090,883

 
94,190

 
590,889

 
(40,787
)
 
1,735,175

 
 
 
 
 
 
 
 
 
 
Redeemable units, at redemption value
6,616

 
—

 
—

 
—

 
6,616

 
 
 
 
 
 
 
 
 
 
Preferred units
478,749

 
—

 
—

 
—

 
478,749

Common units
(175,759
)
 
904,296

 
419,387

 
(1,323,683
)
 
(175,759
)
Total FelCor LP partners’ capital
302,990

 
904,296

 
419,387

 
(1,323,683
)
 
302,990

Noncontrolling interests
—

 
(153
)
 
18,588

 
—

 
18,435

Preferred capital in consolidated joint venture
—

 
—

 
41,442

 
—

 
41,442

Total partners’ capital
302,990

 
904,143

 
479,417

 
(1,323,683
)
 
362,867

Total liabilities and partners’ capital
$
1,400,489

 
$
998,333

 
$
1,070,306

 
$
(1,364,470
)
 
$
2,104,658

.    FelCor LP’s Consolidating Financial Information – (continued)
FELCOR LODGING LIMITED PARTNERSHIP
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended March 31, 2015
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
213,285

 
$
—

 
$
—

 
$
213,285

Percentage lease revenue
—

 
—

 
35,615

 
(35,615
)
 
—

Other revenue
1

 
348

 
61

 
—

 
410

Total revenues
1

 
213,633

 
35,676

 
(35,615
)
 
213,695

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
143,636

 
—

 
—

 
143,636

Taxes, insurance and lease expense
(153
)
 
46,421

 
4,323

 
(35,615
)
 
14,976

Corporate expenses
138

 
4,901

 
3,534

 
—

 
8,573

Depreciation and amortization
41

 
15,985

 
11,746

 
—

 
27,772

Other expenses
—

 
4,045

 
183

 
—

 
4,228

Total operating expenses
26

 
214,988

 
19,786

 
(35,615
)
 
199,185

Operating income
(25
)
 
(1,355
)
 
15,890

 
—

 
14,510

Interest expense, net
(13,740
)
 
3

 
(5,744
)
 
—

 
(19,481
)
Debt extinguishment
—

 
—

 
(73
)
 
—

 
(73
)
Loss before equity in income from unconsolidated entities
(13,765
)
 
(1,352
)
 
10,073

 
—

 
(5,044
)
Equity in income from consolidated entities
20,359

 
—

 
—

 
(20,359
)
 
—

Equity in income from unconsolidated entities
346

 
(186
)
 
(11
)
 
—

 
149

Loss from continuing operations
6,940

 
(1,538
)
 
10,062

 
(20,359
)
 
(4,895
)
Income from discontinued operations
—

 
4

 
—

 
—

 
4

Loss before gain on sale of hotels
6,940

 
(1,534
)
 
10,062

 
(20,359
)
 
(4,891
)
Gain on sale of hotels, net
(171
)
 
(10
)
 
17,068

 
—

 
16,887

Net income
6,769

 
(1,544
)
 
27,130

 
(20,359
)
 
11,996

Income attributable to noncontrolling interests
—

 
258

 
(5,137
)
 
—

 
(4,879
)
Preferred distributions - consolidated joint venture
—

 
—

 
(348
)
 
—

 
(348
)
Net income attributable to FelCor LP
6,769

 
(1,286
)
 
21,645

 
(20,359
)
 
6,769

Preferred distributions
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Net loss attributable to FelCor LP common unitholders
$
(2,909
)
 
$
(1,286
)
 
$
21,645

 
$
(20,359
)
 
$
(2,909
)

 
 

14.    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 hotels
(14,530
)
 
(3,775
)
 
3,335

 
(5,323
)
 
(20,293
)
Gain on sale of hotels, 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
)
14.    FelCor LP’s Consolidating Financial Information – (continued)
 
 
FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME
For the Three Months Ended March 31, 2015
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net income
$
6,769

 
$
(1,544
)
 
$
27,130

 
$
(20,359
)
 
$
11,996

Foreign currency translation adjustment
—

 
—

 
—

 
—

 
—

Comprehensive income
6,769

 
(1,544
)
 
27,130

 
(20,359
)
 
11,996

Comprehensive income attributable to noncontrolling interests
—

 
258

 
(5,137
)
 
—

 
(4,879
)
Preferred distributions - consolidated joint venture
—

 
—

 
(348
)
 
—

 
(348
)
Comprehensive income attributable to FelCor LP
$
6,769

 
$
(1,286
)
 
$
21,645

 
$
(20,359
)
 
$
6,769



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
)
14.    FelCor LP’s Consolidating Financial Information – (continued)
FELCOR LODGING LIMITED PARTNERSHIP
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2015
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Operating activities:
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
$
(13,298
)
 
$
8,211

 
$
21,932

 
$
—

 
$
16,845

Investing activities:
 
 
 
 
 
 
 
 
 
Improvements and additions to hotels
(473
)
 
(8,314
)
 
(4,696
)
 
—

 
(13,483
)
Hotel development
—

 
—

 
(10,108
)
 
—

 
(10,108
)
Net proceeds from asset sales
(98
)
 
10

 
91,416

 
—

 
91,328

Insurance proceeds
274

 
—

 
—

 
—

 
274

Change in restricted cash - investing
—

 
(479
)
 
(1,197
)
 
—

 
(1,676
)
Distributions from unconsolidated entities
31

 
—

 
—

 
—

 
31

Intercompany financing
42,392

 
—

 
—

 
(42,392
)
 
—

Cash flows from investing activities
42,126

 
(8,783
)
 
75,415

 
(42,392
)
 
66,366

Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
—

 
—

 
36,000

 
—

 
36,000

Repayment of borrowings
—

 
—

 
(78,428
)
 
—

 
(78,428
)
Payment of deferred financing fees
—

 
—

 
(81
)
 
—

 
(81
)
Distributions paid to noncontrolling interests
—

 
(81
)
 
(15,745
)
 
—

 
(15,826
)
Contributions from noncontrolling interests
—

 
10

 
780

 
—

 
790

Distributions paid to preferred unitholders
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Distributions paid to common unitholders
(5,034
)
 
—

 
—

 
—

 
(5,034
)
Net proceeds from issuance of preferred capital - consolidated joint venture
—

 
—

 
1,248

 
—

 
1,248

Intercompany financing
—

 
5,379

 
(47,771
)
 
42,392

 
—

Other
(23
)
 
—

 
(345
)
 
—

 
(368
)
Cash flows from financing activities
(14,735
)
 
5,308

 
(104,342
)
 
42,392

 
(71,377
)
Effect of exchange rate changes on cash
—

 
(51
)
 
—

 
—

 
(51
)
Change in cash and cash equivalents
14,093

 
4,685

 
(6,995
)
 
—

 
11,783

Cash and cash equivalents at beginning of period
5,717

 
32,923

 
8,507

 
—

 
47,147

Cash and cash equivalents at end of period
$
19,810

 
$
37,608

 
$
1,512

 
$
—

 
$
58,930


14.    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 sales
(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