Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2016

Investment in Unconsolidated Entities [Abstract]

At March 31, 2016 and December 31, 2015, we owned 50% interests in joint ventures that owned two 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 consolidate all of our majority-owned subsidiaries 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.


2.	Investment in Unconsolidated Entities — (continued)

The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands):



	March 31,		December 31,
	2016		2015
Investment in hotels and other properties, net of accumulated depreciation	$	22,773	$	23,047
Total assets	$	28,484	$	29,033
Debt, net of unamortized debt issuance costs	$	22,439	$	22,563
Total liabilities	$	24,606	$	24,541
Equity	$	3,878	$	4,492

Our unconsolidated entities’ debt at March 31, 2016 and December 31, 2015 consisted entirely of non-recourse mortgage debt.

The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands):



	Three Months Ended March 31,
	2016			2015
Total revenues	$	5,503		$	6,569
Net income (loss)	$	(114	)	$	551
Net income (loss) attributable to FelCor	$	(57	)	$	276
Depreciation of cost in excess of book value	(97		)	(127		)
Equity in income (loss) from unconsolidated entities	$	(154	)	$	149

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



	March 31,			December 31,
	2016			2015
Equity basis of hotel joint venture investments	$	(3,995	)	$	(4,216	)
Cost of hotel investments in excess of joint venture book value	7,232			7,329
Equity basis of land and condominium joint venture investments	5,934			6,462
Investment in unconsolidated entities	$	9,171		$	9,575

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



	Three Months Ended
	March 31,
	2016			2015
Hotel investments	$	375		$	748
Other investments	(529		)	(599		)
Equity in income (loss) from unconsolidated entities	$	(154	)	$	149