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FelCor LP's Consolidating Financial Information
 3 Months Ended
Mar. 31, 2016
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/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 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 St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; 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, 2016
(in thousands)

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

 
$
619,653

 
$
1,091,870

 
$
—

 
$
1,711,523

Equity investment in consolidated entities
1,220,693

 
—

 
—

 
(1,220,693
)
 
—

Investment in unconsolidated entities
4,253

 
3,665

 
1,253

 
—

 
9,171

Cash and cash equivalents
21,811

 
35,074

 
1,073

 
—

 
57,958

Restricted cash
—

 
17,069

 
4,028

 
—

 
21,097

Accounts receivable, net
253

 
33,281

 
1,285

 
—

 
34,819

Deferred expenses, net
—

 
—

 
5,932

 
—

 
5,932

Other assets
2,524

 
11,257

 
3,895

 
—

 
17,676

 
 
 
 
 
 
 
 
 
 
Total assets
$
1,249,534

 
$
719,999

 
$
1,109,336

 
$
(1,220,693
)
 
$
1,858,176

 
 
 
 
 
 
 
 
 
 
Debt, net
$
984,602

 
$
—

 
$
495,626

 
$
(39,436
)
 
$
1,440,792

Distributions payable
14,938

 
—

 
124

 
—

 
15,062

Accrued expenses and other liabilities
22,625

 
89,352

 
11,789

 
—

 
123,766

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,022,165

 
89,352

 
507,539

 
(39,436
)
 
1,579,620

 
 
 
 
 
 
 
 
 
 
Redeemable units, at redemption value
4,965

 
—

 
—

 
—

 
4,965

 
 
 
 
 
 
 
 
 
 
Preferred units
309,337

 
—

 
—

 
—

 
309,337

Common units
(86,933
)
 
631,765

 
549,492

 
(1,181,257
)
 
(86,933
)
Total FelCor LP partners’ capital
222,404

 
631,765

 
549,492

 
(1,181,257
)
 
222,404

Noncontrolling interests
—

 
(1,118
)
 
8,521

 
—

 
7,403

Preferred capital in consolidated joint venture
—

 
—

 
43,784

 
—

 
43,784

Total partners’ capital
222,404

 
630,647

 
601,797

 
(1,181,257
)
 
273,591

Total liabilities and partners’ capital
$
1,249,534

 
$
719,999

 
$
1,109,336

 
$
(1,220,693
)
 
$
1,858,176


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

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2015
(in thousands)

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

 
$
625,835

 
$
1,103,696

 
$
—

 
$
1,729,531

Equity investment in consolidated entities
1,260,779

 
—

 
—

 
(1,260,779
)
 
—

Investment in unconsolidated entities
4,440

 
3,871

 
1,264

 
—

 
9,575

Cash and cash equivalents
21,219

 
34,294

 
4,273

 
—

 
59,786

Restricted cash
—

 
15,442

 
2,260

 
—

 
17,702

Accounts receivable, net
644

 
25,575

 
1,917

 
—

 
28,136

Deferred expenses, net
—

 
—

 
6,390

 
—

 
6,390

Other assets
3,587

 
8,786

 
2,419

 
—

 
14,792

Total assets
$
1,290,669

 
$
713,803

 
$
1,122,219

 
$
(1,260,779
)
 
$
1,865,912

 
 
 
 
 
 
 
 
 
 
Debt, net
$
984,226

 
$
—

 
$
465,099

 
$
(39,436
)
 
$
1,409,889

Distributions payable
15,016

 
—

 
124

 
—

 
15,140

Accrued expenses and other liabilities
26,810

 
83,787

 
14,677

 
—

 
125,274

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,026,052

 
83,787

 
479,900

 
(39,436
)
 
1,550,303

 
 
 
 
 
 
 
 
 
 
Redeemable units, at redemption value
4,464

 
—

 
—

 
—

 
4,464

 
 
 
 
 
 
 
 
 
 
Preferred units
309,337

 
—

 
—

 
—

 
309,337

Common units
(49,184
)
 
630,833

 
590,510

 
(1,221,343
)
 
(49,184
)
Total FelCor LP partners’ capital
260,153

 
630,833

 
590,510

 
(1,221,343
)
 
260,153

Noncontrolling interests
—

 
(817
)
 
8,623

 
—

 
7,806

Preferred capital in consolidated joint venture
—

 
—

 
43,186

 
—

 
43,186

Total partners’ capital
260,153

 
630,016

 
642,319

 
(1,221,343
)
 
311,145

Total liabilities and partners’ capital
$
1,290,669

 
$
713,803

 
$
1,122,219

 
$
(1,260,779
)
 
$
1,865,912

.    FelCor LP’s Consolidating Financial Information — (continued)
FELCOR LODGING LIMITED PARTNERSHIP
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2016
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
209,457

 
$
—

 
$
—

 
$
209,457

Percentage lease revenue
—

 
—

 
43,545

 
(43,545
)
 
—

Other revenue
186

 
432

 
69

 
—

 
687

Total revenues
186

 
209,889

 
43,614

 
(43,545
)
 
210,144

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
142,229

 
—

 
—

 
142,229

Taxes, insurance and lease expense
27

 
51,484

 
5,616

 
(43,545
)
 
13,582

Corporate expenses
—

 
4,336

 
4,064

 
—

 
8,400

Depreciation and amortization
51

 
11,996

 
17,136

 
—

 
29,183

Other expenses
232

 
553

 
43

 
—

 
828

Total operating expenses
310

 
210,598

 
26,859

 
(43,545
)
 
194,222

Operating income
(124
)
 
(709
)
 
16,755

 
—

 
15,922

Interest expense, net
(14,661
)
 
9

 
(5,068
)
 
—

 
(19,720
)
Loss before equity in loss from unconsolidated entities
(14,785
)
 
(700
)
 
11,687

 
—

 
(3,798
)
Equity in income from consolidated entities
9,867

 
—

 
—

 
(9,867
)
 
—

Equity in loss from unconsolidated entities
64

 
(207
)
 
(11
)
 
—

 
(154
)
Loss from continuing operations before income tax expense
(4,854
)
 
(907
)
 
11,676

 
(9,867
)
 
(3,952
)
Income tax expense
(116
)
 
(299
)
 
—

 
—

 
(415
)
Loss from continuing operations before gain on sale of hotels
(4,970
)
 
(1,206
)
 
11,676

 
(9,867
)
 
(4,367
)
Loss on sale of hotels, net
—

 
(457
)
 
(257
)
 
—

 
(714
)
Net loss and comprehensive loss
(4,970
)
 
(1,663
)
 
11,419

 
(9,867
)
 
(5,081
)
Loss attributable to noncontrolling interests
—

 
369

 
102

 
—

 
471

Preferred distributions - consolidated joint venture
—

 
—

 
(360
)
 
—

 
(360
)
Net loss and comprehensive loss attributable to FelCor LP
(4,970
)
 
(1,294
)
 
11,161

 
(9,867
)
 
(4,970
)
Preferred distributions
(6,279
)
 
—

 
—

 
—

 
(6,279
)
Net loss attributable to FelCor LP common unitholders
$
(11,249
)
 
$
(1,294
)
 
$
11,161

 
$
(9,867
)
 
$
(11,249
)

14.    FelCor LP’s Consolidating Financial Information — (continued)
FELCOR LODGING LIMITED PARTNERSHIP
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
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
—

 
—

 
39,187

 
(39,187
)
 
—

Other revenue
1

 
348

 
61

 
—

 
410

Total revenues
1

 
213,633


39,248


(39,187
)
 
213,695

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
143,636

 
—

 
—

 
143,636

Taxes, insurance and lease expense
(200
)
 
49,071

 
5,123

 
(39,187
)
 
14,807

Corporate expenses
138

 
4,605

 
3,830

 
—

 
8,573

Depreciation and amortization
41

 
13,165

 
14,566

 
—

 
27,772

Other expenses
—

 
4,045

 
183

 
—

 
4,228

Total operating expenses
(21
)
 
214,522

 
23,702

 
(39,187
)
 
199,016

Operating income
22

 
(889
)
 
15,546

 
—

 
14,679

Interest expense, net
(13,740
)
 
3

 
(5,744
)
 
—

 
(19,481
)
Debt extinguishment
—

 
—

 
(73
)
 
—

 
(73
)
Loss before equity in income from unconsolidated entities
(13,718
)
 
(886
)

9,729


—


(4,875
)
Equity in income from consolidated entities
20,359

 
—

 
—

 
(20,359
)
 
—

Equity in income from unconsolidated entities
346

 
(186
)
 
(11
)
 
—

 
149

Loss from continuing operations before income tax expense
6,987

 
(1,072
)
 
9,718

 
(20,359
)
 
(4,726
)
Income tax expense
(47
)
 
(122
)
 
—

 
—

 
(169
)
Loss from continuing operations
6,940

 
(1,194
)
 
9,718

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

 
4

 
—

 
—

 
4

Loss before gain on sale of hotels
6,940

 
(1,190
)
 
9,718

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

 
—

 
16,887

Net income and comprehensive income
6,769

 
(1,200
)
 
26,786

 
(20,359
)
 
11,996

Income attributable to noncontrolling interests
—

 
258

 
(5,137
)
 
—

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

 
—

 
(348
)
 
—

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

 
(942
)
 
21,301

 
(20,359
)
 
6,769

Preferred distributions
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Net loss attributable to FelCor LP common unitholders
$
(2,909
)
 
$
(942
)
 
$
21,301

 
$
(20,359
)
 
$
(2,909
)
 
 
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, 2016
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Operating activities:
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
$
(16,847
)
 
$
7,399

 
$
29,101

 
$
—

 
$
19,653

Investing activities:
 
 
 
 
 
 
 
 
 
Improvements and additions to hotels
3

 
(6,104
)
 
(7,907
)
 
—

 
(14,008
)
Net proceeds from asset sales
(66
)
 
(278
)
 
(122
)
 
—

 
(466
)
Insurance proceeds
—

 
—

 
94

 
—

 
94

Change in restricted cash - investing
—

 
(1,627
)
 
(1,768
)
 
—

 
(3,395
)
Distributions from unconsolidated entities
136

 
—

 
—

 
—

 
136

Intercompany financing
51,999

 
—

 
—

 
(51,999
)
 
—

Cash flows from investing activities
52,072

 
(8,009
)
 
(9,703
)
 
(51,999
)
 
(17,639
)
Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
—

 
—

 
31,000

 
—

 
31,000

Repayment of borrowings
—

 
—

 
(496
)
 
—

 
(496
)
Payment of deferred financing fees
—

 
—

 
(10
)
 
—

 
(10
)
Contributions from noncontrolling interests
—

 
68

 
—

 
—

 
68

Repurchase of common stock
(19,218
)
 
—

 
—

 
—

 
(19,218
)
Distributions paid to preferred unitholders
(6,279
)
 
—

 
—

 
—

 
(6,279
)
Distributions paid to common unitholders
(8,508
)
 
—

 
—

 
—

 
(8,508
)
Net proceeds from issuance of preferred capital - consolidated joint venture
—

 
—

 
598

 
—

 
598

Intercompany financing
—

 
1,331

 
(53,330
)
 
51,999

 
—

Other
(628
)
 
—

 
(360
)
 
—

 
(988
)
Cash flows from financing activities
(34,633
)
 
1,399

 
(22,598
)
 
51,999

 
(3,833
)
Effect of exchange rate changes on cash
—

 
(9
)
 
—

 
—

 
(9
)
Change in cash and cash equivalents
592

 
780

 
(3,200
)
 
—

 
(1,828
)
Cash and cash equivalents at beginning of period
21,219

 
34,294

 
4,273

 
—

 
59,786

Cash and cash equivalents at end of period
$
21,811

 
$
35,074

 
$
1,073

 
$
—

 
$
57,958


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
$
(13,290
)
 
$
5,777

 
$
24,366

 
$
—

 
$
16,853

Investing activities:
 
 
 
 
 
 
 
 
 
Improvements and additions to hotels
(473
)
 
(7,551
)
 
(5,459
)
 
—

 
(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

 
(8,020
)
 
74,652

 
(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 preferred unitholders
(9,678
)
 
—

 
—

 
—

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

 
—

 
—

 
(5,034
)
Distributions paid to noncontrolling interests
—

 
(81
)
 
(15,745
)
 
—

 
(15,826
)
Contributions from noncontrolling interests
—

 
10

 
780

 
—

 
790

Net proceeds from issuance of preferred capital- consolidated joint venture
—

 
—

 
1,248

 
—

 
1,248

Intercompany financing
—

 
7,050

 
(49,442
)
 
42,392

 
—

Other
(31
)
 
—

 
(345
)
 
—

 
(376
)
Cash flows from financing activities
(14,743
)
 
6,979

 
(106,013
)
 
42,392

 
(71,385
)
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