(Mark One) | ||
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF | |
THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the quarterly period ended September 30, 2016 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF | |
THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the transition period from to |
Commission file number: 001-14236 | (FelCor Lodging Trust Incorporated) | ||
Commission file number: 333-39595-01 | (FelCor Lodging Limited Partnership) |
Maryland | (FelCor Lodging Trust Incorporated) | 75-2541756 | |||
Delaware | (FelCor Lodging Limited Partnership) | 75-2544994 | |||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||
545 E. John Carpenter Freeway, Suite 1300, Irving, Texas | 75062 | |||
(Address of Principal Executive Offices) | (Zip Code) |
FelCor Lodging Trust Incorporated | þ | Yes | ¨ | No | ||
FelCor Lodging Limited Partnership | (see Note) | ¨ | Yes | þ | No |
FelCor Lodging Trust Incorporated | þ | Yes | ¨ | No | ||
FelCor Lodging Limited Partnership | þ | Yes | ¨ | No |
FelCor Lodging Trust Incorporated: | ||
Large accelerated filer þ | Accelerated filer o | |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
FelCor Lodging Limited Partnership: | ||
Large accelerated filer o | Accelerated filer ¨ | |
Non-accelerated filer þ (Do not check if a smaller reporting company) | Smaller reporting company o |
FelCor Lodging Trust Incorporated | ¨ | Yes | þ | No | ||
FelCor Lodging Limited Partnership | ¨ | Yes | þ | No |
• | presents our business as a whole (the same way management views and operates the business); |
• | eliminates duplicative disclosure and provides a more streamlined presentation (a substantial portion of our disclosure applies to both FelCor and FelCor LP); and |
• | saves time and cost by preparing combined reports instead of separate reports. |
Page | |||
PART I – FINANCIAL INFORMATION | |||
Item 1. | Financial Statements | ||
FelCor Lodging Trust Incorporated: | |||
Consolidated Balance Sheets - September 30, 2016 and December 31, 2015 (unaudited) | |||
Consolidated Statements of Operations and Comprehensive Income (Loss) – For the Three and Nine Months Ended September 30, 2016 and 2015 (unaudited) | |||
Consolidated Statements of Changes in Equity – For the Nine Months Ended September 30, 2016 and 2015 (unaudited) | |||
Consolidated Statements of Cash Flows – For the Nine Months Ended September 30, 2016 and 2015 (unaudited) | |||
FelCor Lodging Limited Partnership: | |||
Consolidated Balance Sheets - September 30, 2016 and December 31, 2015 (unaudited) | |||
Consolidated Statements of Operations and Comprehensive Income (Loss) – For the Three and Nine Months Ended September 30, 2016 and 2015 (unaudited) | |||
Consolidated Statements of Partners’ Capital – For the Nine Months Ended September 30, 2016 and 2015 (unaudited) | |||
Consolidated Statements of Cash Flows – For the Nine Months Ended September 30, 2016 and 2015 (unaudited) | |||
Notes to Consolidated Financial Statements | |||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||
General | |||
Results of Operations | |||
Non-GAAP Financial Measures | |||
Pro Rata Share of Rooms Owned | |||
Hotel Operating Statistics | |||
Hotel Portfolio | |||
Liquidity and Capital Resources | |||
Inflation and Competition | |||
Seasonality | |||
Disclosure Regarding Forward-Looking Statements | |||
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | ||
Item 4. | Controls and Procedures | ||
PART II – OTHER INFORMATION | |||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | ||
Item 6. | Exhibits | ||
SIGNATURES |
Item 1. | Financial Statements. |
September 30, 2016 | December 31, 2015 | ||||||
Assets | |||||||
Investment in hotels, net of accumulated depreciation of $912,561 and $899,575 at September 30, 2016 and December 31, 2015, respectively | $ | 1,572,082 | $ | 1,729,531 | |||
Investment in unconsolidated entities | 9,405 | 9,575 | |||||
Cash and cash equivalents | 50,350 | 59,786 | |||||
Restricted cash | 22,130 | 17,702 | |||||
Accounts receivable, net of allowance for doubtful accounts of $182 and $204 at September 30, 2016 and December 31, 2015, respectively | 46,745 | 28,136 | |||||
Deferred expenses, net of accumulated amortization of $2,490 and $1,086 at September 30, 2016 and December 31, 2015, respectively | 4,996 | 6,390 | |||||
Other assets | 17,003 | 14,792 | |||||
Total assets | $ | 1,722,711 | $ | 1,865,912 | |||
Liabilities and Equity | |||||||
Debt, net of unamortized debt issuance costs of $16,540 and $18,065 at September 30, 2016 and December 31, 2015, respectively | $ | 1,324,425 | $ | 1,409,889 | |||
Distributions payable | 14,969 | 15,140 | |||||
Accrued expenses and other liabilities | 130,013 | 125,274 | |||||
Total liabilities | 1,469,407 | 1,550,303 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests in FelCor LP, 610 and 611 units issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 3,923 | 4,464 | |||||
Equity: | |||||||
Preferred stock, $0.01 par value, 20,000 shares authorized: | |||||||
Series A Cumulative Convertible Preferred Stock, 12,879 shares, liquidation value of $321,987, issued and outstanding at September 30, 2016 and December 31, 2015 | 309,337 | 309,337 | |||||
Common stock, $0.01 par value, 200,000 shares authorized; 137,774 and 141,808 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 1,378 | 1,418 | |||||
Additional paid-in capital | 2,576,895 | 2,567,515 | |||||
Accumulated deficit | (2,689,753 | ) | (2,618,117 | ) | |||
Total FelCor stockholders’ equity | 197,857 | 260,153 | |||||
Noncontrolling interests in other partnerships | 7,741 | 7,806 | |||||
Preferred equity in consolidated joint venture, liquidation value of $44,638 and $43,954 at September 30, 2016 and December 31, 2015, respectively | 43,783 | 43,186 | |||||
Total equity | 249,381 | 311,145 | |||||
Total liabilities and equity | $ | 1,722,711 | $ | 1,865,912 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | |||||||||||||||
Hotel operating revenue | $ | 221,172 | $ | 223,474 | $ | 667,390 | $ | 672,808 | |||||||
Other revenue | 1,809 | 1,678 | 3,641 | 7,142 | |||||||||||
Total revenues | 222,981 | 225,152 | 671,031 | 679,950 | |||||||||||
Expenses: | |||||||||||||||
Hotel departmental expenses | 76,079 | 78,514 | 234,896 | 236,202 | |||||||||||
Other property-related costs | 52,875 | 55,893 | 164,448 | 170,579 | |||||||||||
Management and franchise fees | 8,047 | 9,138 | 25,773 | 27,425 | |||||||||||
Taxes, insurance and lease expense | 15,142 | 12,716 | 43,588 | 43,933 | |||||||||||
Corporate expenses | 6,244 | 4,672 | 20,691 | 19,775 | |||||||||||
Depreciation and amortization | 28,280 | 28,988 | 86,640 | 85,510 | |||||||||||
Impairment | 20,126 | 20,861 | 26,459 | 20,861 | |||||||||||
Other expenses | 7,581 | 5,807 | 10,551 | 11,446 | |||||||||||
Total operating expenses | 214,374 | 216,589 | 613,046 | 615,731 | |||||||||||
Operating income | 8,607 | 8,563 | 57,985 | 64,219 | |||||||||||
Interest expense, net | (19,428 | ) | (19,602 | ) | (59,055 | ) | (59,361 | ) | |||||||
Debt extinguishment | — | (13 | ) | — | (30,909 | ) | |||||||||
Other gains, net | — | — | 100 | 166 | |||||||||||
Loss before equity in income from unconsolidated entities | (10,821 | ) | (11,052 | ) | (970 | ) | (25,885 | ) | |||||||
Equity in income from unconsolidated entities | 814 | 321 | 1,386 | 7,983 | |||||||||||
Income (loss) from continuing operations before income tax | (10,007 | ) | (10,731 | ) | 416 | (17,902 | ) | ||||||||
Income tax | 246 | (1,054 | ) | (144 | ) | (1,392 | ) | ||||||||
Income (loss) from continuing operations | (9,761 | ) | (11,785 | ) | 272 | (19,294 | ) | ||||||||
Income (loss) from discontinued operations | (3,131 | ) | 498 | (3,131 | ) | 419 | |||||||||
Loss before gain on sale of hotels | (12,892 | ) | (11,287 | ) | (2,859 | ) | (18,875 | ) | |||||||
Gain on sale of hotels, net | 7,998 | 3,154 | 6,654 | 19,491 | |||||||||||
Net income (loss) and comprehensive income (loss) | (4,894 | ) | (8,133 | ) | 3,795 | 616 | |||||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | 114 | 227 | 601 | (4,405 | ) | ||||||||||
Net loss attributable to redeemable noncontrolling interests in FelCor LP | 50 | 61 | 67 | 150 | |||||||||||
Preferred distributions - consolidated joint venture | (369 | ) | (363 | ) | (1,093 | ) | (1,070 | ) | |||||||
Net income (loss) and comprehensive income (loss) attributable to FelCor | (5,099 | ) | (8,208 | ) | 3,370 | (4,709 | ) | ||||||||
Preferred dividends | (6,279 | ) | (6,279 | ) | (18,837 | ) | (23,860 | ) | |||||||
Redemption of preferred stock | — | — | — | (6,096 | ) | ||||||||||
Net loss attributable to FelCor common stockholders | $ | (11,378 | ) | $ | (14,487 | ) | $ | (15,467 | ) | $ | (34,665 | ) | |||
Basic and diluted per common share data: | |||||||||||||||
Loss from continuing operations | $ | (0.06 | ) | $ | (0.10 | ) | $ | (0.09 | ) | $ | (0.26 | ) | |||
Net loss | $ | (0.08 | ) | $ | (0.10 | ) | $ | (0.11 | ) | $ | (0.26 | ) | |||
Basic and diluted weighted average common shares outstanding | 137,464 | 142,982 | 138,437 | 136,009 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Noncontrolling Interests in Other Partnerships | Preferred Equity in Consolidated Joint Venture | Total Equity | |||||||||||||||||||||||||||
Number of Shares | Amount | Number of Shares | Amount | ||||||||||||||||||||||||||||||
Balance at December 31, 2014 | 12,947 | $ | 478,749 | 124,605 | $ | 1,246 | $ | 2,353,666 | $ | (2,530,671 | ) | $ | 18,435 | $ | 41,442 | $ | 362,867 | ||||||||||||||||
Issuance of common stock | — | — | 18,400 | 184 | 198,467 | — | — | 198,651 | |||||||||||||||||||||||||
Issuance of stock awards | — | — | 379 | 4 | 690 | — | — | — | 694 | ||||||||||||||||||||||||
Stock awards - amortization and severance | — | — | — | — | 5,702 | — | — | — | 5,702 | ||||||||||||||||||||||||
Stock compensation shares withheld | — | — | (2 | ) | — | — | (8 | ) | — | — | (8 | ) | |||||||||||||||||||||
Redemption of Series C preferred stock | (68 | ) | (169,412 | ) | — | — | 5,522 | (6,096 | ) | — | — | (169,986 | ) | ||||||||||||||||||||
Allocation to redeemable noncontrolling interests | — | — | — | — | 2,076 | — | — | — | 2,076 | ||||||||||||||||||||||||
Contribution from noncontrolling interests | — | — | — | — | — | — | 2,544 | — | 2,544 | ||||||||||||||||||||||||
Distribution to noncontrolling interests | — | — | — | — | — | — | (16,294 | ) | — | (16,294 | ) | ||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||
$0.12 per common share | — | — | — | — | — | (17,382 | ) | — | — | (17,382 | ) | ||||||||||||||||||||||
$1.4625 per Series A preferred share | — | — | — | — | — | (18,837 | ) | — | — | (18,837 | ) | ||||||||||||||||||||||
$1.00 per Series C depositary preferred share | — | — | — | — | — | (5,023 | ) | — | — | (5,023 | ) | ||||||||||||||||||||||
Preferred distributions - consolidated joint venture | — | — | — | — | — | — | — | (1,070 | ) | (1,070 | ) | ||||||||||||||||||||||
Issuance of preferred equity - consolidated joint venture | — | — | — | — | — | — | — | 1,744 | 1,744 | ||||||||||||||||||||||||
Net income (loss) and comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships) | — | — | — | — | — | (4,709 | ) | 4,405 | 1,070 | 766 | |||||||||||||||||||||||
Balance at September 30, 2015 | 12,879 | $ | 309,337 | 143,382 | $ | 1,434 | $ | 2,566,123 | $ | (2,582,726 | ) | $ | 9,090 | $ | 43,186 | $ | 346,444 | ||||||||||||||||
Balance at December 31, 2015 | 12,879 | $ | 309,337 | 141,808 | $ | 1,418 | $ | 2,567,515 | $ | (2,618,117 | ) | $ | 7,806 | $ | 43,186 | $ | 311,145 | ||||||||||||||||
Repurchase of common stock | — | — | (4,610 | ) | (45 | ) | — | (30,417 | ) | — | — | (30,462 | ) | ||||||||||||||||||||
Issuance of stock awards | — | — | 673 | 6 | 823 | — | — | — | 829 | ||||||||||||||||||||||||
Cumulative effect of change in accounting for stock compensation forfeitures | — | — | — | — | 185 | (185 | ) | — | — | — | |||||||||||||||||||||||
Stock awards - amortization and severance | — | — | — | — | 8,008 | — | — | — | 8,008 | ||||||||||||||||||||||||
Stock compensation shares withheld | — | — | (98 | ) | (1 | ) | — | (591 | ) | — | — | (592 | ) | ||||||||||||||||||||
Conversion of operating partnership units into common shares | — | — | 1 | — | 9 | — | — | — | 9 | ||||||||||||||||||||||||
Allocation to redeemable noncontrolling interests | — | — | — | — | 355 | — | — | — | 355 | ||||||||||||||||||||||||
Contribution from noncontrolling interests | — | — | — | — | — | — | 552 | — | 552 | ||||||||||||||||||||||||
Distribution to noncontrolling interests | — | — | — | — | — | — | (16 | ) | — | (16 | ) | ||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||
$0.18 per common share | — | — | — | — | — | (24,976 | ) | — | — | (24,976 | ) | ||||||||||||||||||||||
$1.4625 per Series A preferred share | — | — | — | — | — | (18,837 | ) | — | — | (18,837 | ) | ||||||||||||||||||||||
Preferred distributions - consolidated joint venture | — | — | — | — | — | — | — | (1,093 | ) | (1,093 | ) | ||||||||||||||||||||||
Issuance of preferred equity - consolidated joint venture | — | — | — | — | — | — | — | 597 | 597 | ||||||||||||||||||||||||
Net income (loss) and comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships) | — | — | — | — | — | 3,370 | (601 | ) | 1,093 | 3,862 | |||||||||||||||||||||||
Balance at September 30, 2016 | 12,879 | $ | 309,337 | 137,774 | $ | 1,378 | $ | 2,576,895 | $ | (2,689,753 | ) | $ | 7,741 | $ | 43,783 | $ | 249,381 |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 3,795 | $ | 616 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 86,640 | 85,510 | |||||
Gain on sale of hotels and other assets, net | (3,623 | ) | (20,065 | ) | |||
Amortization of deferred financing fees | 2,932 | 4,085 | |||||
Amortization of fixed stock and directors’ compensation | 5,338 | 5,214 | |||||
Equity based severance | 2,891 | 1,352 | |||||
Equity in income from unconsolidated entities | (1,386 | ) | (7,983 | ) | |||
Distributions of income from unconsolidated entities | 769 | 5,680 | |||||
Debt extinguishment | — | 30,909 | |||||
Impairment | 26,459 | 20,861 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (13,538 | ) | (9,688 | ) | |||
Other assets | (2,973 | ) | 1,529 | ||||
Accrued expenses and other liabilities | 6,740 | (3,958 | ) | ||||
Net cash flow provided by operating activities | 114,044 | 114,062 | |||||
Cash flows from investing activities: | |||||||
Acquisition of land | (8,209 | ) | — | ||||
Improvements and additions to hotels | (51,328 | ) | (35,979 | ) | |||
Hotel development | — | (31,599 | ) | ||||
Net proceeds from asset sales | 101,721 | 190,035 | |||||
Change in restricted cash – investing | (4,428 | ) | (4,204 | ) | |||
Insurance proceeds | 94 | 274 | |||||
Distributions from unconsolidated entities in excess of earnings | 786 | 6,460 | |||||
Net cash flow provided by investing activities | 38,636 | 124,987 | |||||
Cash flows from financing activities: | |||||||
Proceeds from borrowings | 55,000 | 979,000 | |||||
Repayment of borrowings | (141,989 | ) | (1,166,693 | ) | |||
Payment of deferred financing fees | (12 | ) | (14,348 | ) | |||
Distributions paid to noncontrolling interests | (16 | ) | (16,294 | ) | |||
Contributions from noncontrolling interests | 552 | 2,544 | |||||
Distributions paid to FelCor LP limited partners | (110 | ) | (68 | ) | |||
Distributions paid to preferred stockholders | (18,837 | ) | (26,125 | ) | |||
Redemption of preferred stock | — | (169,986 | ) | ||||
Repurchase of common stock | (30,462 | ) | — | ||||
Stock compensation withholding | (592 | ) | (8 | ) | |||
Preferred distributions - consolidated joint venture | (1,097 | ) | (1,070 | ) | |||
Distributions paid to common stockholders | (25,141 | ) | (16,498 | ) | |||
Net proceeds from issuance of preferred equity - consolidated joint venture | 597 | 1,744 | |||||
Net proceeds from common stock issuance | — | 198,651 | |||||
Net cash flow used in financing activities | (162,107 | ) | (229,151 | ) | |||
Effect of exchange rate changes on cash | (9 | ) | (134 | ) | |||
Net change in cash and cash equivalents | (9,436 | ) | 9,764 | ||||
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 | |||||
Cash and cash equivalents at end of periods | $ | 50,350 | $ | 56,911 | |||
Supplemental cash flow information – interest paid, net of capitalized interest | $ | 56,853 | $ | 55,215 | |||
Supplemental cash flow information – income taxes paid | $ | 575 | $ | 1,483 |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
Assets | |||||||
Investment in hotels, net of accumulated depreciation of $912,561 and $899,575 at September 30, 2016 and December 31, 2015, respectively | $ | 1,572,082 | $ | 1,729,531 | |||
Investment in unconsolidated entities | 9,405 | 9,575 | |||||
Cash and cash equivalents | 50,350 | 59,786 | |||||
Restricted cash | 22,130 | 17,702 | |||||
Accounts receivable, net of allowance for doubtful accounts of $182 and $204 at September 30, 2016 and December 31, 2015, respectively | 46,745 | 28,136 | |||||
Deferred expenses, net of accumulated amortization of $2,490 and $1,086 at September 30, 2016 and December 31, 2015, respectively | 4,996 | 6,390 | |||||
Other assets | 17,003 | 14,792 | |||||
Total assets | $ | 1,722,711 | $ | 1,865,912 | |||
Liabilities and Partners’ Capital | |||||||
Debt, net of unamortized debt issuance costs of $16,540 and $18,065 at September 30, 2016 and December 31, 2015, respectively | $ | 1,324,425 | $ | 1,409,889 | |||
Distributions payable | 14,969 | 15,140 | |||||
Accrued expenses and other liabilities | 130,013 | 125,274 | |||||
Total liabilities | 1,469,407 | 1,550,303 | |||||
Commitments and contingencies | |||||||
Redeemable units, 610 and 611 units issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 3,923 | 4,464 | |||||
Capital: | |||||||
Preferred units: | |||||||
Series A Cumulative Convertible Preferred Units, 12,879 units issued and outstanding at September 30, 2016 and December 31, 2015 | 309,337 | 309,337 | |||||
Common units, 137,774 and 141,808 units issued and outstanding at September 30, 2016 and December 31, 2015, respectively | (111,480 | ) | (49,184 | ) | |||
Total FelCor LP partners’ capital | 197,857 | 260,153 | |||||
Noncontrolling interests | 7,741 | 7,806 | |||||
Preferred capital in consolidated joint venture | 43,783 | 43,186 | |||||
Total partners’ capital | 249,381 | 311,145 | |||||
Total liabilities and partners’ capital | $ | 1,722,711 | $ | 1,865,912 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues: | |||||||||||||||
Hotel operating revenue | $ | 221,172 | $ | 223,474 | $ | 667,390 | $ | 672,808 | |||||||
Other revenue | 1,809 | 1,678 | 3,641 | 7,142 | |||||||||||
Total revenues | 222,981 | 225,152 | 671,031 | 679,950 | |||||||||||
Expenses: | |||||||||||||||
Hotel departmental expenses | 76,079 | 78,514 | 234,896 | 236,202 | |||||||||||
Other property-related costs | 52,875 | 55,893 | 164,448 | 170,579 | |||||||||||
Management and franchise fees | 8,047 | 9,138 | 25,773 | 27,425 | |||||||||||
Taxes, insurance and lease expense | 15,142 | 12,716 | 43,588 | 43,933 | |||||||||||
Corporate expenses | 6,244 | 4,672 | 20,691 | 19,775 | |||||||||||
Depreciation and amortization | 28,280 | 28,988 | 86,640 | 85,510 | |||||||||||
Impairment | 20,126 | 20,861 | 26,459 | 20,861 | |||||||||||
Other expenses | 7,581 | 5,807 | 10,551 | 11,446 | |||||||||||
Total operating expenses | 214,374 | 216,589 | 613,046 | 615,731 | |||||||||||
Operating income | 8,607 | 8,563 | 57,985 | 64,219 | |||||||||||
Interest expense, net | (19,428 | ) | (19,602 | ) | (59,055 | ) | (59,361 | ) | |||||||
Debt extinguishment | — | (13 | ) | — | (30,909 | ) | |||||||||
Other gains, net | — | — | 100 | 166 | |||||||||||
Loss before equity in income from unconsolidated entities | (10,821 | ) | (11,052 | ) | (970 | ) | (25,885 | ) | |||||||
Equity in income from unconsolidated entities | 814 | 321 | 1,386 | 7,983 | |||||||||||
Income (loss) from continuing operations before income tax | (10,007 | ) | (10,731 | ) | 416 | (17,902 | ) | ||||||||
Income tax | 246 | (1,054 | ) | (144 | ) | (1,392 | ) | ||||||||
Income (loss) from continuing operations | (9,761 | ) | (11,785 | ) | 272 | (19,294 | ) | ||||||||
Income (loss) from discontinued operations | (3,131 | ) | 498 | (3,131 | ) | 419 | |||||||||
Loss before gain on sale of hotels | (12,892 | ) | (11,287 | ) | (2,859 | ) | (18,875 | ) | |||||||
Gain on sale of hotels, net | 7,998 | 3,154 | 6,654 | 19,491 | |||||||||||
Net income (loss) and comprehensive income (loss) | (4,894 | ) | (8,133 | ) | 3,795 | 616 | |||||||||
Net loss (income) attributable to noncontrolling interests | 114 | 227 | 601 | (4,405 | ) | ||||||||||
Preferred distributions - consolidated joint venture | (369 | ) | (363 | ) | (1,093 | ) | (1,070 | ) | |||||||
Net income (loss) and comprehensive income (loss) attributable to FelCor LP | (5,149 | ) | (8,269 | ) | 3,303 | (4,859 | ) | ||||||||
Preferred distributions | (6,279 | ) | (6,279 | ) | (18,837 | ) | (23,860 | ) | |||||||
Redemption of preferred units | — | — | — | (6,096 | ) | ||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (11,428 | ) | $ | (14,548 | ) | $ | (15,534 | ) | $ | (34,815 | ) | |||
Basic and diluted per common unit data: | |||||||||||||||
Loss from continuing operations | $ | (0.06 | ) | $ | (0.10 | ) | $ | (0.09 | ) | $ | (0.26 | ) | |||
Net loss | $ | (0.08 | ) | $ | (0.10 | ) | $ | (0.11 | ) | $ | (0.26 | ) | |||
Basic and diluted weighted average common units outstanding | 138,075 | 143,594 | 139,048 | 136,621 |
Preferred Units | Common Units | Noncontrolling Interests | Preferred Capital in Consolidated Joint Venture | Total Partners’ Capital | |||||||||||||||
Balance at December 31, 2014 | $ | 478,749 | $ | (175,759 | ) | $ | 18,435 | $ | 41,442 | $ | 362,867 | ||||||||
Issuance of common units | — | 198,651 | — | 198,651 | |||||||||||||||
FelCor restricted stock compensation | — | 6,388 | — | — | 6,388 | ||||||||||||||
Redemption of Series C preferred units | (169,412 | ) | (574 | ) | — | — | (169,986 | ) | |||||||||||
Contributions | — | — | 2,544 | — | 2,544 | ||||||||||||||
Distributions | — | (41,309 | ) | (16,294 | ) | (1,070 | ) | (58,673 | ) | ||||||||||
Allocation to redeemable units | — | 2,293 | — | — | 2,293 | ||||||||||||||
Issuance of preferred capital - consolidated joint venture | — | — | — | 1,744 | 1,744 | ||||||||||||||
Net income (loss) and comprehensive income (loss) | — | (4,859 | ) | 4,405 | 1,070 | 616 | |||||||||||||
Balance at September 30, 2015 | $ | 309,337 | $ | (15,169 | ) | $ | 9,090 | $ | 43,186 | $ | 346,444 | ||||||||
Balance at December 31, 2015 | $ | 309,337 | $ | (49,184 | ) | $ | 7,806 | $ | 43,186 | $ | 311,145 | ||||||||
Repurchase of common units | — | (30,462 | ) | — | — | (30,462 | ) | ||||||||||||
FelCor restricted stock compensation | — | 8,245 | — | — | 8,245 | ||||||||||||||
Contributions | — | — | 552 | — | 552 | ||||||||||||||
Distributions | — | (43,923 | ) | (16 | ) | (1,093 | ) | (45,032 | ) | ||||||||||
Allocation to redeemable units | — | 541 | — | — | 541 | ||||||||||||||
Issuance of preferred capital - consolidated joint venture | — | — | — | 597 | 597 | ||||||||||||||
Net income (loss) and comprehensive income (loss) | — | 3,303 | (601 | ) | 1,093 | 3,795 | |||||||||||||
Balance at September 30, 2016 | $ | 309,337 | $ | (111,480 | ) | $ | 7,741 | $ | 43,783 | $ | 249,381 |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 3,795 | $ | 616 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 86,640 | 85,510 | |||||
Gain on sale of hotels and other assets, net | (3,623 | ) | (20,065 | ) | |||
Amortization of deferred financing fees | 2,932 | 4,085 | |||||
Amortization of fixed stock and directors’ compensation | 5,338 | 5,214 | |||||
Equity based severance | 2,891 | 1,352 | |||||
Equity in income from unconsolidated entities | (1,386 | ) | (7,983 | ) | |||
Distributions of income from unconsolidated entities | 769 | 5,680 | |||||
Debt extinguishment | — | 30,909 | |||||
Impairment | 26,459 | 20,861 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | (13,538 | ) | (9,688 | ) | |||
Other assets | (2,973 | ) | 1,529 | ||||
Accrued expenses and other liabilities | 6,740 | (3,958 | ) | ||||
Net cash flow provided by operating activities | 114,044 | 114,062 | |||||
Cash flows from investing activities: | |||||||
Acquisition of land | (8,209 | ) | — | ||||
Improvements and additions to hotels | (51,328 | ) | (35,979 | ) | |||
Hotel development | — | (31,599 | ) | ||||
Net proceeds from asset sales | 101,721 | 190,035 | |||||
Change in restricted cash – investing | (4,428 | ) | (4,204 | ) | |||
Insurance proceeds | 94 | 274 | |||||
Distributions from unconsolidated entities in excess of earnings | 786 | 6,460 | |||||
Net cash flow provided by investing activities | 38,636 | 124,987 | |||||
Cash flows from financing activities: | |||||||
Proceeds from borrowings | 55,000 | 979,000 | |||||
Repayment of borrowings | (141,989 | ) | (1,166,693 | ) | |||
Payment of deferred financing fees | (12 | ) | (14,348 | ) | |||
Distributions paid to noncontrolling interests | (16 | ) | (16,294 | ) | |||
Contributions from noncontrolling interests | 552 | 2,544 | |||||
Distributions paid to FelCor LP limited partners | (110 | ) | (68 | ) | |||
Distributions paid to preferred unitholders | (18,837 | ) | (26,125 | ) | |||
Redemption of preferred units | — | (169,986 | ) | ||||
Repurchase of common units | (30,462 | ) | — | ||||
FelCor stock compensation withholding | (592 | ) | (8 | ) | |||
Preferred distributions - consolidated joint venture | (1,097 | ) | (1,070 | ) | |||
Distributions paid to common unitholders | (25,141 | ) | (16,498 | ) | |||
Net proceeds from issuance of preferred capital - consolidated joint venture | 597 | 1,744 | |||||
Net proceeds from common unit issuance | — | 198,651 | |||||
Net cash flow used in financing activities | (162,107 | ) | (229,151 | ) | |||
Effect of exchange rate changes on cash | (9 | ) | (134 | ) | |||
Net change in cash and cash equivalents | (9,436 | ) | 9,764 | ||||
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 | |||||
Cash and cash equivalents at end of periods | $ | 50,350 | $ | 56,911 | |||
Supplemental cash flow information – interest paid, net of capitalized interest | $ | 56,853 | $ | 55,215 | |||
Supplemental cash flow information – income taxes paid | $ | 575 | $ | 1,483 |
1. | Organization |
Brand | Hotels | Rooms | |||||
Embassy Suites by Hilton® | 18 | 4,982 | |||||
Wyndham® and Wyndham Grand® | 8 | 2,528 | |||||
Marriott® and Renaissance® | 2 | 761 | |||||
Holiday Inn® | 1 | 585 | |||||
DoubleTree by Hilton® and Hilton® | 3 | 802 | |||||
Sheraton® | 2 | 673 | |||||
Fairmont® | 1 | 383 | |||||
The Knickerbocker® | 1 | 330 | |||||
Morgans® and Royalton® | 2 | 285 | |||||
Total | 38 | 11,329 |
2. | Investment in Unconsolidated Entities |
September 30, | December 31, | ||||||||
2016 | 2015 | ||||||||
Investment in hotels and other properties, net of accumulated depreciation | $ | 21,677 | $ | 23,047 | |||||
Total assets | $ | 29,574 | $ | 29,033 | |||||
Debt, net of unamortized debt issuance costs | $ | 22,190 | $ | 22,563 | |||||
Total liabilities | $ | 24,841 | $ | 24,541 | |||||
Equity | $ | 4,733 | $ | 4,492 |
2. | Investment in Unconsolidated Entities — (continued) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Total revenues | $ | 12,214 | $ | 10,642 | $ | 27,891 | $ | 27,622 | |||||||
Net income | $ | 1,821 | $ | 836 | $ | 3,351 | $ | 22,906 | |||||||
Net income attributable to FelCor | $ | 911 | $ | 418 | $ | 1,676 | $ | 11,453 | |||||||
Cost in excess of joint venture book value of sold hotel | — | — | — | (3,140 | ) | ||||||||||
Depreciation of cost in excess of book value | (97 | ) | (97 | ) | (290 | ) | (330 | ) | |||||||
Equity in income from unconsolidated entities | $ | 814 | $ | 321 | $ | 1,386 | $ | 7,983 |
September 30, | December 31, | ||||||||
2016 | 2015 | ||||||||
Equity basis of hotel joint venture investments | $ | (4,076 | ) | $ | (4,216 | ) | |||
Cost of hotel investments in excess of joint venture book value | 7,039 | 7,329 | |||||||
Equity basis of land and condominium joint venture investments | 6,442 | 6,462 | |||||||
Investment in unconsolidated entities | $ | 9,405 | $ | 9,575 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Hotel investments | $ | 378 | $ | (63 | ) | $ | 1,405 | $ | 8,141 | ||||||
Other investments | 436 | 384 | (19 | ) | (158 | ) | |||||||||
Equity in income from unconsolidated entities | $ | 814 | $ | 321 | $ | 1,386 | $ | 7,983 |
3. | Debt |
Encumbered | Interest | Maturity | September 30, | December 31, | ||||||||||||
Hotels | Rate (%) | Date | 2016 | 2015 | ||||||||||||
Senior unsecured notes | — | 6.00 | June 2025 | $ | 475,000 | $ | 475,000 | |||||||||
Senior secured notes | 9 | 5.625 | March 2023 | 525,000 | 525,000 | |||||||||||
Mortgage debt(a) | 4 | 4.95 | October 2022 | 120,643 | 122,237 | |||||||||||
Mortgage debt | 1 | 4.94 | October 2022 | 30,322 | 30,717 | |||||||||||
Line of credit(b) | 7 | LIBOR + 2.75 | June 2019 | 105,000 | 190,000 | |||||||||||
Mortgage debt(c) | 1 | LIBOR + 3.00 | November 2017 | 85,000 | 85,000 | |||||||||||
Total | 22 | $ | 1,340,965 | $ | 1,427,954 | |||||||||||
Unamortized debt issuance costs | (16,540 | ) | (18,065 | ) | ||||||||||||
Debt, net of unamortized debt issuance costs | $ | 1,324,425 | $ | 1,409,889 |
(a) | This debt is comprised of separate non-cross-collateralized loans, each secured by a mortgage encumbering different hotels. |
(b) | Our line of credit can be extended for one year, subject to satisfying certain conditions. We may borrow up to $400 million under our line of credit. |
(c) | This loan can be extended for one year, subject to satisfying certain conditions. |
4. | FelCor Capital Stock/FelCor LP Partners’ Capital |
5. | Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Room revenue | $ | 174,169 | $ | 177,378 | $ | 514,563 | $ | 521,750 | |||||||
Food and beverage revenue | 34,260 | 34,370 | 117,489 | 116,365 | |||||||||||
Other operating departments | 12,743 | 11,726 | 35,338 | 34,693 | |||||||||||
Total hotel operating revenue | $ | 221,172 | $ | 223,474 | $ | 667,390 | $ | 672,808 |
5. | Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) |
Three Months Ended September 30, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | ||||||||||||
Room | $ | 44,032 | 19.9 | % | $ | 44,485 | 19.9 | % | |||||||
Food and beverage | 28,227 | 12.8 | 29,457 | 13.2 | |||||||||||
Other operating departments | 3,820 | 1.7 | 4,572 | 2.0 | |||||||||||
Total hotel departmental expenses | $ | 76,079 | 34.4 | % | $ | 78,514 | 35.1 | % |
Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | ||||||||||||
Room | $ | 131,479 | 19.7 | % | $ | 131,419 | 19.5 | % | |||||||
Food and beverage | 91,775 | 13.8 | 91,431 | 13.6 | |||||||||||
Other operating departments | 11,642 | 1.7 | 13,352 | 2.0 | |||||||||||
Total hotel departmental expenses | $ | 234,896 | 35.2 | % | $ | 236,202 | 35.1 | % |
Three Months Ended September 30, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | ||||||||||||
Hotel general and administrative expense | $ | 19,408 | 8.8 | % | $ | 19,493 | 8.7 | % | |||||||
Marketing | 17,388 | 7.9 | 18,595 | 8.3 | |||||||||||
Repair and maintenance | 8,677 | 3.9 | 9,724 | 4.4 | |||||||||||
Utilities | 7,402 | 3.3 | 8,081 | 3.6 | |||||||||||
Total other property-related costs | $ | 52,875 | 23.9 | % | $ | 55,893 | 25.0 | % |
5. | Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) |
Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | ||||||||||||
Hotel general and administrative expense | $ | 60,908 | 9.1 | % | $ | 59,388 | 8.8 | % | |||||||
Marketing | 55,418 | 8.3 | 58,295 | 8.7 | |||||||||||
Repair and maintenance | 27,773 | 4.2 | 29,816 | 4.4 | |||||||||||
Utilities | 20,349 | 3.0 | 23,080 | 3.5 | |||||||||||
Total other property-related costs | $ | 164,448 | 24.6 | % | $ | 170,579 | 25.4 | % |
6. | Taxes, Insurance and Lease Expense |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Hotel lease expense(a) | $ | 1,488 | $ | 1,524 | $ | 3,648 | $ | 5,762 | |||||||
Land lease expense(b) | 3,871 | 3,892 | 10,890 | 10,684 | |||||||||||
Real estate and other taxes | 7,884 | 5,691 | 23,243 | 22,048 | |||||||||||
Property insurance, general liability insurance and other | 1,899 | 1,609 | 5,807 | 5,439 | |||||||||||
Total taxes, insurance and lease expense | $ | 15,142 | $ | 12,716 | $ | 43,588 | $ | 43,933 |
(a) | We record hotel lease expense for the consolidated operating lessees of hotels owned by unconsolidated entities and partially offset this expense through noncontrolling interests in other partnerships (generally 49%). We record our 50% share of the corresponding lease income through equity in income from unconsolidated entities. We include in hotel lease expense percentage rent of $686,000 and $726,000 for the three months ended September 30, 2016 and 2015, respectively, and $1.2 million and $2.8 million for the nine months ended September 30, 2016 and 2015, respectively. |
(b) | We include in land lease expense percentage rent of $2.0 million and $1.9 million for the three months ended September 30, 2016 and 2015, respectively, and $4.6 million for the nine months ended September 30, 2016 and 2015. |
7. | Impairment Charges |
8. | Hotel Dispositions |
8. | Hotel Dispositions — (continued) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||
Hotel operating revenue | $ | 4,860 | $ | 12,520 | $ | 39,782 | $ | 73,637 | |||||||||||
Operating expenses | (5,400 | ) | (34,971 | ) | (39,922 | ) | (85,508 | ) | |||||||||||
Operating loss | (540 | ) | (22,451 | ) | (140 | ) | (11,871 | ) | |||||||||||
Interest expense, net | — | — | 1 | (1,031 | ) | ||||||||||||||
Debt extinguishment | — | — | — | (309 | ) | ||||||||||||||
Equity in income from unconsolidated entities | — | 14 | — | 7,111 | |||||||||||||||
Loss from continuing operations | (540 | ) | (22,437 | ) | (139 | ) | (6,100 | ) | |||||||||||
Gain on sale of hotels, net | 7,998 | 3,154 | 6,654 | 19,491 | |||||||||||||||
Net income (loss) | 7,458 | (19,283 | ) | 6,515 | 13,391 | ||||||||||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | — | 45 | — | (5,147 | ) | ||||||||||||||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (32 | ) | 81 | (28 | ) | (34 | ) | ||||||||||||
Net income (loss) attributable to FelCor | $ | 7,426 | $ | (19,157 | ) | $ | 6,487 | $ | 8,210 |
9. | Loss Per Share/Unit |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Numerator: | |||||||||||||||
Net income (loss) attributable to FelCor | $ | (5,099 | ) | $ | (8,208 | ) | $ | 3,370 | $ | (4,709 | ) | ||||
Discontinued operations attributable to FelCor | 3,118 | (496 | ) | 3,118 | (425 | ) | |||||||||
Income (loss) from continuing operations attributable to FelCor | (1,981 | ) | (8,704 | ) | 6,488 | (5,134 | ) | ||||||||
Less: Preferred dividends | (6,279 | ) | (6,279 | ) | (18,837 | ) | (23,860 | ) | |||||||
Less: Redemption of preferred stock | — | — | — | (6,096 | ) | ||||||||||
Less: Dividends declared on unvested restricted stock | (36 | ) | (13 | ) | (109 | ) | (40 | ) | |||||||
Numerator for continuing operations attributable to FelCor common stockholders | (8,296 | ) | (14,996 | ) | (12,458 | ) | (35,130 | ) | |||||||
Discontinued operations attributable to FelCor | (3,118 | ) | 496 | (3,118 | ) | 425 | |||||||||
Numerator for basic and diluted loss attributable to FelCor common stockholders | $ | (11,414 | ) | $ | (14,500 | ) | $ | (15,576 | ) | $ | (34,705 | ) | |||
Denominator: | |||||||||||||||
Denominator for basic and diluted loss per share | 137,464 | 142,982 | 138,437 | 136,009 | |||||||||||
Basic and diluted loss per share data: | |||||||||||||||
Loss from continuing operations | $ | (0.06 | ) | $ | (0.10 | ) | $ | (0.09 | ) | $ | (0.26 | ) | |||
Discontinued operations | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | — | |||||
Net loss | $ | (0.08 | ) | $ | (0.10 | ) | $ | (0.11 | ) | $ | (0.26 | ) |
9. | Loss Per Share/Unit — (continued) |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Numerator: | |||||||||||||||
Net income (loss) attributable to FelCor LP | $ | (5,149 | ) | $ | (8,269 | ) | $ | 3,303 | $ | (4,859 | ) | ||||
Discontinued operations attributable to FelCor LP | 3,131 | (498 | ) | 3,131 | (427 | ) | |||||||||
Income (loss) from continuing operations attributable to FelCor LP | (2,018 | ) | (8,767 | ) | 6,434 | (5,286 | ) | ||||||||
Less: Preferred distributions | (6,279 | ) | (6,279 | ) | (18,837 | ) | (23,860 | ) | |||||||
Less: Redemption of preferred units | — | — | — | (6,096 | ) | ||||||||||
Less: Distributions declared on FelCor unvested restricted stock | (36 | ) | (13 | ) | (109 | ) | (40 | ) | |||||||
Numerator for continuing operations attributable to FelCor LP common unitholders | (8,333 | ) | (15,059 | ) | (12,512 | ) | (35,282 | ) | |||||||
Discontinued operations attributable to FelCor LP | (3,131 | ) | 498 | (3,131 | ) | 427 | |||||||||
Numerator for basic and diluted loss attributable to FelCor common unitholders | $ | (11,464 | ) | $ | (14,561 | ) | $ | (15,643 | ) | $ | (34,855 | ) | |||
Denominator: | |||||||||||||||
Denominator for basic and diluted loss per unit | 138,075 | 143,594 | 139,048 | 136,621 | |||||||||||
Basic and diluted loss per unit data: | |||||||||||||||
Loss from continuing operations | $ | (0.06 | ) | $ | (0.10 | ) | $ | (0.09 | ) | $ | (0.26 | ) | |||
Discontinued operations | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | — | |||||
Net loss | $ | (0.08 | ) | $ | (0.10 | ) | $ | (0.11 | ) | $ | (0.26 | ) |
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
2016 | 2015 | 2016 | 2015 | |||||||
Series A convertible preferred shares/units | 9,984 | 9,984 | 9,984 | 9,984 | ||||||
FelCor restricted stock units | 504 | 1,173 | 436 | 1,136 |
9. | Loss Per Share/Unit — (continued) |
10. | Fair Value of Financial Instruments |
11. | Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units |
11. | Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units — (continued) |
Nine Months Ended | |||||||||
September 30, | |||||||||
2016 | 2015 | ||||||||
Balance at beginning of period | $ | 4,464 | $ | 6,616 | |||||
Conversion of units | (9 | ) | — | ||||||
Redemption value allocation | (355 | ) | (2,076 | ) | |||||
Distributions paid to unitholders | (110 | ) | (67 | ) | |||||
Net loss | (67 | ) | (150 | ) | |||||
Balance at end of period | $ | 3,923 | $ | 4,323 |
17. | FelCor LP’s Consolidating Financial Information |
17. | FelCor LP’s Consolidating Financial Information — (continued) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Net investment in hotels | $ | — | $ | 492,022 | $ | 1,080,060 | $ | — | $ | 1,572,082 | |||||||||
Equity investment in consolidated entities | 1,204,612 | — | — | (1,204,612 | ) | — | |||||||||||||
Investment in unconsolidated entities | 2,962 | 5,213 | 1,230 | — | 9,405 | ||||||||||||||
Cash and cash equivalents | 18,989 | 30,623 | 738 | — | 50,350 | ||||||||||||||
Restricted cash | — | 16,897 | 5,233 | — | 22,130 | ||||||||||||||
Accounts receivable, net | 1,741 | 38,124 | 6,880 | — | 46,745 | ||||||||||||||
Deferred expenses, net | — | — | 4,996 | — | 4,996 | ||||||||||||||
Other assets | 5,284 | 8,346 | 3,373 | — | 17,003 | ||||||||||||||
Total assets | $ | 1,233,588 | $ | 591,225 | $ | 1,102,510 | $ | (1,204,612 | ) | $ | 1,722,711 | ||||||||
Debt, net | $ | 985,372 | $ | — | $ | 378,489 | $ | (39,436 | ) | $ | 1,324,425 | ||||||||
Distributions payable | 14,849 | — | 120 | — | 14,969 | ||||||||||||||
Accrued expenses and other liabilities | 31,587 | 86,095 | 12,331 | — | 130,013 | ||||||||||||||
Total liabilities | 1,031,808 | 86,095 | 390,940 | (39,436 | ) | 1,469,407 | |||||||||||||
Redeemable units, at redemption value | 3,923 | — | — | — | 3,923 | ||||||||||||||
Preferred units | 309,337 | — | — | — | 309,337 | ||||||||||||||
Common units | (111,480 | ) | 506,062 | 659,114 | (1,165,176 | ) | (111,480 | ) | |||||||||||
Total FelCor LP partners’ capital | 197,857 | 506,062 | 659,114 | (1,165,176 | ) | 197,857 | |||||||||||||
Noncontrolling interests | — | (932 | ) | 8,673 | — | 7,741 | |||||||||||||
Preferred capital in consolidated joint venture | — | — | 43,783 | — | 43,783 | ||||||||||||||
Total partners’ capital | 197,857 | 505,130 | 711,570 | (1,165,176 | ) | 249,381 | |||||||||||||
Total liabilities and partners’ capital | $ | 1,233,588 | $ | 591,225 | $ | 1,102,510 | $ | (1,204,612 | ) | $ | 1,722,711 |
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 | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Hotel operating revenue | $ | — | $ | 221,172 | $ | — | $ | — | $ | 221,172 | |||||||||
Percentage lease revenue | — | — | 45,242 | (45,242 | ) | — | |||||||||||||
Other revenue | 15 | 1,622 | 172 | — | 1,809 | ||||||||||||||
Total revenues | 15 | 222,794 | 45,414 | (45,242 | ) | 222,981 | |||||||||||||
Expenses: | |||||||||||||||||||
Hotel operating expenses | — | 137,001 | — | — | 137,001 | ||||||||||||||
Taxes, insurance and lease expense | 26 | 54,293 | 6,065 | (45,242 | ) | 15,142 | |||||||||||||
Corporate expenses | — | 3,517 | 2,727 | — | 6,244 | ||||||||||||||
Depreciation and amortization | 49 | 11,285 | 16,946 | — | 28,280 | ||||||||||||||
Impairment | — | 20,126 | — | — | 20,126 | ||||||||||||||
Other expenses | 6,124 | 1,309 | 148 | — | 7,581 | ||||||||||||||
Total operating expenses | 6,199 | 227,531 | 25,886 | (45,242 | ) | 214,374 | |||||||||||||
Operating income | (6,184 | ) | (4,737 | ) | 19,528 | — | 8,607 | ||||||||||||
Interest expense, net | (14,513 | ) | 6 | (4,921 | ) | — | (19,428 | ) | |||||||||||
Loss before equity in income from unconsolidated entities | (20,697 | ) | (4,731 | ) | 14,607 | — | (10,821 | ) | |||||||||||
Equity in income from consolidated entities | 17,088 | — | — | (17,088 | ) | — | |||||||||||||
Equity in income from unconsolidated entities | 378 | 447 | (11 | ) | — | 814 | |||||||||||||
Loss from continuing operations before income tax | (3,231 | ) | (4,284 | ) | 14,596 | (17,088 | ) | (10,007 | ) | ||||||||||
Income tax | 576 | (484 | ) | 154 | — | 246 | |||||||||||||
Loss from continuing operations | (2,655 | ) | (4,768 | ) | 14,750 | (17,088 | ) | (9,761 | ) | ||||||||||
Loss from discontinued operations | (3,131 | ) | — | — | — | (3,131 | ) | ||||||||||||
Loss before gain on sale of hotels | (5,786 | ) | (4,768 | ) | 14,750 | (17,088 | ) | (12,892 | ) | ||||||||||
Gain on sale of hotels, net | 637 | 7,445 | (84 | ) | — | 7,998 | |||||||||||||
Net loss and comprehensive loss | (5,149 | ) | 2,677 | 14,666 | (17,088 | ) | (4,894 | ) | |||||||||||
Loss attributable to noncontrolling interests | — | 100 | 14 | — | 114 | ||||||||||||||
Preferred distributions - consolidated joint venture | — | — | (369 | ) | — | (369 | ) | ||||||||||||
Net loss and comprehensive loss attributable to FelCor LP | (5,149 | ) | 2,777 | 14,311 | (17,088 | ) | (5,149 | ) | |||||||||||
Preferred distributions | (6,279 | ) | — | — | — | (6,279 | ) | ||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (11,428 | ) | $ | 2,777 | $ | 14,311 | $ | (17,088 | ) | $ | (11,428 | ) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Hotel operating revenue | $ | — | $ | 223,474 | $ | — | $ | — | $ | 223,474 | |||||||||
Percentage lease revenue | — | — | 44,523 | (44,523 | ) | — | |||||||||||||
Other revenue | 3 | 1,497 | 178 | — | 1,678 | ||||||||||||||
Total revenues | 3 | 224,971 | 44,701 | (44,523 | ) | 225,152 | |||||||||||||
Expenses: | |||||||||||||||||||
Hotel operating expenses | — | 143,545 | — | — | 143,545 | ||||||||||||||
Taxes, insurance and lease expense | 533 | 53,272 | 3,434 | (44,523 | ) | 12,716 | |||||||||||||
Corporate expenses | — | 2,718 | 1,954 | — | 4,672 | ||||||||||||||
Depreciation and amortization | 49 | 11,876 | 17,063 | — | 28,988 | ||||||||||||||
Impairment | — | 20,861 | — | — | 20,861 | ||||||||||||||
Other expenses | 3,626 | 1,311 | 870 | — | 5,807 | ||||||||||||||
Total operating expenses | 4,208 | 233,583 | 23,321 | (44,523 | ) | 216,589 | |||||||||||||
Operating income | (4,205 | ) | (8,612 | ) | 21,380 | — | 8,563 | ||||||||||||
Interest expense, net | (14,302 | ) | 3 | (5,303 | ) | — | (19,602 | ) | |||||||||||
Debt extinguishment | (13 | ) | — | — | — | (13 | ) | ||||||||||||
Loss before equity in income from unconsolidated entities | (18,520 | ) | (8,609 | ) | 16,077 | — | (11,052 | ) | |||||||||||
Equity in income from consolidated entities | 10,069 | — | — | (10,069 | ) | — | |||||||||||||
Equity in income from unconsolidated entities | 417 | (85 | ) | (11 | ) | — | 321 | ||||||||||||
Loss from continuing operations before income tax | (8,034 | ) | (8,694 | ) | 16,066 | (10,069 | ) | (10,731 | ) | ||||||||||
Income tax | (194 | ) | (860 | ) | — | — | (1,054 | ) | |||||||||||
Loss from continuing operations | (8,228 | ) | (9,554 | ) | 16,066 | (10,069 | ) | (11,785 | ) | ||||||||||
Income from discontinued operations | — | (2 | ) | 500 | — | 498 | |||||||||||||
Loss before gain on sale of hotels | (8,228 | ) | (9,556 | ) | 16,566 | (10,069 | ) | (11,287 | ) | ||||||||||
Gain on sale of hotels, net | (41 | ) | (31 | ) | 3,226 | — | 3,154 | ||||||||||||
Net loss and comprehensive loss | (8,269 | ) | (9,587 | ) | 19,792 | (10,069 | ) | (8,133 | ) | ||||||||||
Loss attributable to noncontrolling interests | — | 81 | 146 | — | 227 | ||||||||||||||
Preferred distributions - consolidated joint venture | — | — | (363 | ) | — | (363 | ) | ||||||||||||
Net loss and comprehensive loss attributable to FelCor LP | (8,269 | ) | (9,506 | ) | 19,575 | (10,069 | ) | (8,269 | ) | ||||||||||
Preferred distributions | (6,279 | ) | — | — | — | (6,279 | ) | ||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (14,548 | ) | $ | (9,506 | ) | $ | 19,575 | $ | (10,069 | ) | $ | (14,548 | ) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Hotel operating revenue | $ | — | $ | 667,390 | $ | — | $ | — | $ | 667,390 | |||||||||
Percentage lease revenue | — | — | 135,740 | (135,740 | ) | — | |||||||||||||
Other revenue | 202 | 3,076 | 363 | — | 3,641 | ||||||||||||||
Total revenues | 202 | 670,466 | 136,103 | (135,740 | ) | 671,031 | |||||||||||||
Expenses: | |||||||||||||||||||
Hotel operating expenses | — | 425,117 | — | — | 425,117 | ||||||||||||||
Taxes, insurance and lease expense | 79 | 161,889 | 17,360 | (135,740 | ) | 43,588 | |||||||||||||
Corporate expenses | — | 11,212 | 9,479 | — | 20,691 | ||||||||||||||
Depreciation and amortization | 193 | 35,312 | 51,135 | — | 86,640 | ||||||||||||||
Impairment | — | 26,459 | — | — | 26,459 | ||||||||||||||
Other expenses | 6,543 | 3,522 | 486 | — | 10,551 | ||||||||||||||
Total operating expenses | 6,815 | 663,511 | 78,460 | (135,740 | ) | 613,046 | |||||||||||||
Operating income | (6,613 | ) | 6,955 | 57,643 | — | 57,985 | |||||||||||||
Interest expense, net | (43,775 | ) | 24 | (15,304 | ) | — | (59,055 | ) | |||||||||||
Other gains, net | — | — | 100 | — | 100 | ||||||||||||||
Loss before equity in income from unconsolidated entities | (50,388 | ) | 6,979 | 42,439 | — | (970 | ) | ||||||||||||
Equity in income from consolidated entities | 54,930 | — | — | (54,930 | ) | — | |||||||||||||
Equity in income from unconsolidated entities | 1,094 | 326 | (34 | ) | — | 1,386 | |||||||||||||
Income from continuing operations before income tax | 5,636 | 7,305 | 42,405 | (54,930 | ) | 416 | |||||||||||||
Income tax | 411 | (709 | ) | 154 | — | (144 | ) | ||||||||||||
Income from continuing operations | 6,047 | 6,596 | 42,559 | (54,930 | ) | 272 | |||||||||||||
Loss from discontinued operations | (3,131 | ) | — | — | — | (3,131 | ) | ||||||||||||
Loss before gain on sale of hotels | 2,916 | 6,596 | 42,559 | (54,930 | ) | (2,859 | ) | ||||||||||||
Gain on sale of hotels, net | 387 | 6,688 | (421 | ) | — | 6,654 | |||||||||||||
Net income and comprehensive income | 3,303 | 13,284 | 42,138 | (54,930 | ) | 3,795 | |||||||||||||
Loss attributable to noncontrolling interests | — | 413 | 188 | — | 601 | ||||||||||||||
Preferred distributions - consolidated joint venture | — | — | (1,093 | ) | — | (1,093 | ) | ||||||||||||
Net income and comprehensive income attributable to FelCor LP | 3,303 | 13,697 | 41,233 | (54,930 | ) | 3,303 | |||||||||||||
Preferred distributions | (18,837 | ) | — | — | — | (18,837 | ) | ||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (15,534 | ) | $ | 13,697 | $ | 41,233 | $ | (54,930 | ) | $ | (15,534 | ) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 672,808 | $ | — | $ | — | $ | 672,808 | ||||||||||
Percentage lease revenue | — | — | 130,397 | (130,397 | ) | — | ||||||||||||||
Other revenue | 111 | 6,645 | 386 | — | 7,142 | |||||||||||||||
Total revenues | 111 | 679,453 | 130,783 | (130,397 | ) | 679,950 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 434,206 | — | — | 434,206 | |||||||||||||||
Taxes, insurance and lease expense | 422 | 159,103 | 14,805 | (130,397 | ) | 43,933 | ||||||||||||||
Corporate expenses | — | 11,010 | 8,765 | — | 19,775 | |||||||||||||||
Depreciation and amortization | 138 | 37,770 | 47,602 | — | 85,510 | |||||||||||||||
Impairment | — | 20,861 | — | — | 20,861 | |||||||||||||||
Other expenses | 3,629 | 6,820 | 997 | — | 11,446 | |||||||||||||||
Total operating expenses | 4,189 | 669,770 | 72,169 | (130,397 | ) | 615,731 | ||||||||||||||
Operating income | (4,078 | ) | 9,683 | 58,614 | — | 64,219 | ||||||||||||||
Interest expense, net | (42,613 | ) | 8 | (16,756 | ) | — | (59,361 | ) | ||||||||||||
Debt extinguishment | (28,459 | ) | — | (2,450 | ) | — | (30,909 | ) | ||||||||||||
Other gains, net | — | — | 166 | — | 166 | |||||||||||||||
Loss before equity in income from unconsolidated entities | (75,150 | ) | 9,691 | 39,574 | — | (25,885 | ) | |||||||||||||
Equity in income from consolidated entities | 62,807 | — | — | (62,807 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 8,060 | (43 | ) | (34 | ) | — | 7,983 | |||||||||||||
Loss from continuing operations before income tax | (4,283 | ) | 9,648 | 39,540 | (62,807 | ) | (17,902 | ) | ||||||||||||
Income tax | (256 | ) | (1,136 | ) | — | — | (1,392 | ) | ||||||||||||
Loss from continuing operations | (4,539 | ) | 8,512 | 39,540 | (62,807 | ) | (19,294 | ) | ||||||||||||
Income from discontinued operations | — | 2 | 417 | — | 419 | |||||||||||||||
Loss before gain on sale of hotels | (4,539 | ) | 8,514 | 39,957 | (62,807 | ) | (18,875 | ) | ||||||||||||
Gain on sale of hotels, net | (320 | ) | (44 | ) | 19,855 | — | 19,491 | |||||||||||||
Net income and comprehensive income | (4,859 | ) | 8,470 | 59,812 | (62,807 | ) | 616 | |||||||||||||
Income attributable to noncontrolling interests | — | 591 | (4,996 | ) | — | (4,405 | ) | |||||||||||||
Preferred distributions - consolidated joint venture | — | — | (1,070 | ) | — | (1,070 | ) | |||||||||||||
Net loss and comprehensive loss attributable to FelCor LP | (4,859 | ) | 9,061 | 53,746 | (62,807 | ) | (4,859 | ) | ||||||||||||
Preferred distributions | (23,860 | ) | — | — | — | (23,860 | ) | |||||||||||||
Redemption of preferred units | (6,096 | ) | — | — | — | — | (6,096 | ) | ||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (34,815 | ) | $ | 9,061 | $ | 53,746 | $ | (62,807 | ) | $ | (34,815 | ) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Operating activities: | |||||||||||||||||||
Cash flows from operating activities | $ | (47,665 | ) | $ | 60,960 | $ | 100,749 | $ | — | $ | 114,044 | ||||||||
Investing activities: | |||||||||||||||||||
Acquisition of land | — | — | (8,209 | ) | — | (8,209 | ) | ||||||||||||
Improvements and additions to hotels | (2 | ) | (23,936 | ) | (27,390 | ) | — | (51,328 | ) | ||||||||||
Net proceeds from asset sales | (1,104 | ) | 103,077 | (252 | ) | — | 101,721 | ||||||||||||
Insurance proceeds | — | — | 94 | — | 94 | ||||||||||||||
Change in restricted cash - investing | — | (1,456 | ) | (2,972 | ) | — | (4,428 | ) | |||||||||||
Distributions from unconsolidated entities | 786 | — | — | — | 786 | ||||||||||||||
Intercompany financing | 120,897 | — | — | (120,897 | ) | — | |||||||||||||
Cash flows from investing activities | 120,577 | 77,685 | (38,729 | ) | (120,897 | ) | 38,636 | ||||||||||||
Financing activities: | |||||||||||||||||||
Proceeds from borrowings | — | — | 55,000 | — | 55,000 | ||||||||||||||
Repayment of borrowings | — | — | (141,989 | ) | — | (141,989 | ) | ||||||||||||
Payment of deferred financing fees | — | — | (12 | ) | — | (12 | ) | ||||||||||||
Distributions paid to noncontrolling interests | — | (14 | ) | (2 | ) | — | (16 | ) | |||||||||||
Contributions from noncontrolling interests | — | 313 | 239 | — | 552 | ||||||||||||||
Repurchase of common units | (30,462 | ) | — | — | — | (30,462 | ) | ||||||||||||
Distributions paid to preferred unitholders | (18,837 | ) | — | — | — | (18,837 | ) | ||||||||||||
Distributions paid to common unitholders | (25,141 | ) | — | — | — | (25,141 | ) | ||||||||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | — | — | 597 | — | 597 | ||||||||||||||
Intercompany financing | — | (142,606 | ) | 21,709 | 120,897 | — | |||||||||||||
Other | (702 | ) | — | (1,097 | ) | — | (1,799 | ) | |||||||||||
Cash flows from financing activities | (75,142 | ) | (142,307 | ) | (65,555 | ) | 120,897 | (162,107 | ) | ||||||||||
Effect of exchange rate changes on cash | — | (9 | ) | — | — | (9 | ) | ||||||||||||
Change in cash and cash equivalents | (2,230 | ) | (3,671 | ) | (3,535 | ) | — | (9,436 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 21,219 | 34,294 | 4,273 | — | 59,786 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 18,989 | $ | 30,623 | $ | 738 | $ | — | $ | 50,350 |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Operating activities: | |||||||||||||||||||
Cash flows from operating activities | $ | (40,093 | ) | $ | 59,884 | $ | 94,271 | $ | — | $ | 114,062 | ||||||||
Investing activities: | |||||||||||||||||||
Improvements and additions to hotels | (13 | ) | (21,664 | ) | (14,302 | ) | — | (35,979 | ) | ||||||||||
Hotel development | — | — | (31,599 | ) | — | (31,599 | ) | ||||||||||||
Net proceeds from asset sales | (429 | ) | 10 | 190,454 | — | 190,035 | |||||||||||||
Insurance proceeds | 274 | — | — | — | 274 | ||||||||||||||
Change in restricted cash - investing | — | (1,964 | ) | (2,240 | ) | — | (4,204 | ) | |||||||||||
Distributions from unconsolidated entities | 6,460 | — | — | — | 6,460 | ||||||||||||||
Intercompany financing | 139,524 | — | — | (139,524 | ) | — | |||||||||||||
Cash flows from investing activities | 145,816 | (23,618 | ) | 142,313 | (139,524 | ) | 124,987 | ||||||||||||
Financing activities: | |||||||||||||||||||
Proceeds from borrowings | 475,000 | — | 504,000 | — | 979,000 | ||||||||||||||
Repayment of borrowings | (545,453 | ) | — | (621,240 | ) | — | (1,166,693 | ) | |||||||||||
Payment of deferred financing fees | (8,500 | ) | — | (5,848 | ) | — | (14,348 | ) | |||||||||||
Distributions paid to preferred unitholders | (26,125 | ) | — | — | — | (26,125 | ) | ||||||||||||
Distributions paid to common unitholders | (16,498 | ) | — | — | — | (16,498 | ) | ||||||||||||
Net proceeds from common unit issuance | 198,651 | — | — | — | 198,651 | ||||||||||||||
Distributions paid to noncontrolling interests | — | (401 | ) | (15,893 | ) | — | (16,294 | ) | |||||||||||
Contributions from noncontrolling interests | — | 513 | 2,031 | — | 2,544 | ||||||||||||||
Redemption of preferred units | (169,986 | ) | — | — | — | (169,986 | ) | ||||||||||||
Net proceeds from issuance of preferred capital- consolidated joint venture | — | — | 1,744 | — | 1,744 | ||||||||||||||
Intercompany financing | — | (32,703 | ) | (106,821 | ) | 139,524 | — | ||||||||||||
Other | (76 | ) | — | (1,070 | ) | — | (1,146 | ) | |||||||||||
Cash flows from financing activities | (92,987 | ) | (32,591 | ) | (243,097 | ) | 139,524 | (229,151 | ) | ||||||||||
Effect of exchange rate changes on cash | — | (134 | ) | — | — | (134 | ) | ||||||||||||
Change in cash and cash equivalents | 12,736 | 3,541 | (6,513 | ) | — | 9,764 | |||||||||||||
Cash and cash equivalents at beginning of period | 5,717 | 32,923 | 8,507 | — | 47,147 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 18,453 | $ | 36,464 | $ | 1,994 | $ | — | $ | 56,911 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
• | Hotel operating revenue decreased $2.3 million, which includes a $4.0 million net reduction in revenue for hotels that have been disposed of or recently opened. Excluding these hotels, hotel operating revenue increased $1.7 million from last year. We attribute this increase primarily to improved food and beverage operations, primarily in the banquet and catering department, and an increase in revenue from other sources such as parking and resort fees. This increase is partially offset by a reduction in room revenue as a result of a 0.7% decrease in same-store RevPAR. |
• | Hotel departmental expenses decreased $2.4 million, which includes a $2.9 million net reduction in expense for hotels that have been disposed of or recently opened. Excluding these hotels, hotel departmental expenses represented 33.4% of hotel operating revenue for both periods. |
• | Other property-related costs decreased $3.0 million, including a $2.1 million net reduction in expense for hotels that have been disposed of or recently opened. Excluding these hotels, other |
• | Management and franchise fees decreased $1.1 million, including a $496,000 net reduction in expense for hotels that have been disposed of or recently opened. Excluding these hotels, these costs decreased slightly to 3.8% of hotel operating revenue from 4.1% last year, primarily attributable to a decline in Wyndham management fees resulting from its guaranty. |
• | Taxes, insurance and lease expense increased $2.4 million, including a $434,000 net reduction in expense for hotels that have been disposed of or recently opened. Excluding these hotels, these expenses increased to 7.2% of hotel operating revenue from 5.8% last year. We attribute this increase primarily to the successful resolution of property tax appeals last year. |
• | Corporate expenses increased $1.6 million, resulting primarily from a change in stock compensation expense associated with variable stock awards. Our stock price increased slightly within the current year period compared to a decline during the same period last year. |
• | Depreciation and amortization expense decreased $708,000, primarily attributable to depreciation for hotels sold in 2016 and 2015. |
• | Impairment was $20.1 million as compared to $20.9 million in 2015. The 2016 charge was based on a reduction in the fair value of one hotel resulting from third-party offers to purchase the hotel and observable market data for hotels in similar locations. Our 2015 impairment charge resulted from a reduced estimated hold period for a hotel subsequently sold in 2016. |
• | Other expenses increased $1.8 million from the same period last year. We attribute this change primarily to a higher severance expense incurred in the current period compared to last year, offset by a decline in pre-opening charges primarily related to The Knickerbocker. |
• | Net interest expense decreased $174,000. We completed certain renovation and redevelopment projects, including The Knickerbocker, in 2015, resulting in less capitalized interest in the current year as compared to the same period last year. Excluding the change in capitalized interest, interest expense declined by $446,000. |
• | Equity in income from unconsolidated entities increased $493,000, resulting primarily from completing renovations at one of our unconsolidated joint ventures, which experienced a displacement-related reduction in revenue during renovations in 2015. |
• | Income tax decreased $1.3 million. Taxes in the same period last year were higher due to changes in state apportionment factors. |
• | Discontinued operations for both periods includes adjustments to gains and losses for hotels sold prior to December 31, 2013. |
• | Hotel operating revenue decreased $5.4 million, including an $18.3 million net reduction in revenue for hotels that have been disposed of or recently opened. Excluding these hotels, hotel operating revenue increased 2.2% from last year. We attribute the increase primarily to the 1.7% increase in same-store RevPAR, reflecting a 2.0% increase in ADR offset by a 0.2% decrease in occupancy. In the current period, certain hotels also experienced improved food and beverage operations, primarily in the banquet and catering department, and an increase in revenue for other hotel departments. |
• | Other revenue decreased $3.5 million, resulting primarily from a favorable $3.7 million net settlement of a commercial dispute in 2015. |
• | Hotel departmental expenses decreased $1.3 million, which includes a $5.8 million net reduction in expense for hotels that have been disposed of or recently opened. Excluding these hotels, hotel departmental expenses represented 34.0% of hotel operating revenue for both periods. |
• | Other property-related costs decreased $6.1 million, including an $8.1 million net reduction in expense for hotels that have been disposed of or recently opened. Excluding these hotels, other property-related costs decreased slightly to 24.3% of hotel operating revenue from 24.5% for the same period last year. |
• | Management and franchise fees decreased $1.7 million, including a $1.6 million net reduction in expense for hotels that have been disposed of or recently opened. Excluding these hotels, these costs are 3.9% of hotel operating revenue compared to 4.0% for the same period last year. |
• | Taxes, insurance and lease expense decreased $345,000, including a $3.4 million net reduction in expense for hotels that have been disposed of or recently opened. Excluding these hotels, these expenses increased to 6.9% of hotel operating revenue from 6.6% last year. We attribute this increase primarily to the successful resolution of property tax appeals last year. |
• | Corporate expenses increased $916,000, resulting primarily from professional recruiting fees for directors and a company officer in the current year and a change in stock compensation expense associated with variable stock awards. Our stock price decreased slightly within the current year period compared to a more significant decline during the same period last year. |
• | Depreciation and amortization expense increased $1.1 million, resulting primarily from depreciation of The Knickerbocker after the hotel was placed in service during 2015, partially offset by depreciation of hotels sold in 2015 and 2016. |
• | Impairment was $26.5 million compared to $20.9 million in the same period in the prior year. The 2016 charge is comprised of a reduction in the fair value of one hotel resulting from third-party offers to purchase the hotel and observable market data for hotels in similar locations, in addition to a charge resulting from an accepted third-party offer to purchase a hotel sold in the current year. The 2015 charge resulted from reducing the estimated hold period for a hotel subsequently sold in 2016. |
• | Other expenses decreased $895,000 from the same period last year. We attribute this change primarily to pre-opening costs incurred in 2015 for The Knickerbocker, partially offset by an increase in expense for a litigation settlement, an increase in abandoned project charges and higher severance expense incurred in the current year compared to the prior year. |
• | Net interest expense decreased $306,000. We completed certain renovation and redevelopment projects, including The Knickerbocker, in 2015 resulting in lower capitalized interest in the current year as compared to the same period last year. Excluding the change in capitalized interest, interest expense declined by $5.3 million. |
• | Debt extinguishment charges were zero, compared to $30.9 million in 2015 (which included a $10.5 million write-off of deferred loan costs), primarily related to redeeming our 6.75% senior secured notes. |
• | Equity in income from unconsolidated entities decreased $6.6 million, primarily reflecting the 2015 gain on sale of a hotel owned by one of our unconsolidated joint ventures, partially offset by improved operations at one of our unconsolidated joint ventures resulting from completing renovations which experienced a displacement-related reduction in 2015. |
• | Income tax decreased $1.2 million. Taxes in the same period last year were higher due to changes in state apportionment factors. |
• | Discontinued operations for both periods includes adjustments to gains and losses for hotels sold prior to December 31, 2013. |
Three Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Dollars | Shares | Per Share Amount | Dollars | Shares | Per Share Amount | ||||||||||||||||
Net loss | $ | (4,894 | ) | $ | (8,133 | ) | |||||||||||||||
Noncontrolling interests | 164 | 288 | |||||||||||||||||||
Preferred dividends | (6,279 | ) | (6,279 | ) | |||||||||||||||||
Preferred distributions - consolidated joint venture | (369 | ) | (363 | ) | |||||||||||||||||
Net loss attributable to FelCor common stockholders | (11,378 | ) | (14,487 | ) | |||||||||||||||||
Less: Dividends declared on unvested restricted stock | (36 | ) | (13 | ) | |||||||||||||||||
Basic and diluted earnings per share data | (11,414 | ) | 137,464 | (0.08 | ) | (14,500 | ) | 142,982 | (0.10 | ) | |||||||||||
Depreciation and amortization | 28,280 | — | 0.21 | 28,988 | — | 0.21 | |||||||||||||||
Depreciation, unconsolidated entities and other partnerships | 456 | — | — | 471 | — | — | |||||||||||||||
Impairment | 20,126 | — | 0.15 | 20,861 | — | 0.15 | |||||||||||||||
Gain on sale of hotels, net of noncontrolling interests in other partnerships | (4,867 | ) | — | (0.04 | ) | (3,682 | ) | — | (0.03 | ) | |||||||||||
Noncontrolling interests in FelCor LP | (50 | ) | 611 | (0.01 | ) | (61 | ) | 611 | (0.01 | ) | |||||||||||
Dividends declared on unvested restricted stock | 36 | 85 | — | 13 | 32 | — | |||||||||||||||
Conversion of unvested restricted stock units | — | 504 | — | — | 1,173 | — | |||||||||||||||
FFO* | 32,567 | 138,664 | 0.23 | 32,090 | 144,798 | 0.22 | |||||||||||||||
Hurricane loss | 52 | — | — | — | — | — | |||||||||||||||
Debt extinguishment | — | — | — | 14 | — | — | |||||||||||||||
Severance costs | 6,124 | — | 0.05 | 3,624 | — | 0.03 | |||||||||||||||
Variable stock compensation | 394 | — | — | (1,086 | ) | — | (0.01 | ) | |||||||||||||
Abandoned projects | 5 | — | — | — | — | — | |||||||||||||||
Litigation settlement | 203 | — | — | — | — | — | |||||||||||||||
Pre-opening costs, net of noncontrolling interests | 125 | — | — | 1,079 | — | 0.01 | |||||||||||||||
Adjusted FFO* | $ | 39,470 | 138,664 | $ | 0.28 | $ | 35,721 | 144,798 | $ | 0.25 |
Nine Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Dollars | Shares | Per Share Amount | Dollars | Shares | Per Share Amount | ||||||||||||||||
Net income | $ | 3,795 | $ | 616 | |||||||||||||||||
Noncontrolling interests | 668 | (4,255 | ) | ||||||||||||||||||
Preferred dividends | (18,837 | ) | (23,860 | ) | |||||||||||||||||
Preferred distributions - consolidated joint venture | (1,093 | ) | (1,070 | ) | |||||||||||||||||
Redemption of preferred stock | — | (6,096 | ) | ||||||||||||||||||
Net loss attributable to FelCor common stockholders | (15,467 | ) | (34,665 | ) | |||||||||||||||||
Less: Dividends declared on unvested restricted stock | (109 | ) | (40 | ) | |||||||||||||||||
Basic and diluted earnings per share data | (15,576 | ) | 138,437 | $ | (0.11 | ) | (34,705 | ) | 136,009 | $ | (0.26 | ) | |||||||||
Depreciation and amortization | 86,640 | — | 0.63 | 85,510 | — | 0.63 | |||||||||||||||
Depreciation, unconsolidated entities and other partnerships | 1,392 | — | 0.01 | 1,730 | — | 0.01 | |||||||||||||||
Impairment | 26,459 | — | 0.19 | 20,861 | — | 0.15 | |||||||||||||||
Gain on sale of hotel in unconsolidated entity | — | — | — | (7,113 | ) | — | (0.05 | ) | |||||||||||||
Gain on sale of hotels, net of noncontrolling interests in other partnerships | (3,523 | ) | — | (0.04 | ) | (14,931 | ) | — | (0.11 | ) | |||||||||||
Other gains | (100 | ) | — | — | (100 | ) | — | — | |||||||||||||
Noncontrolling interests in FelCor LP | (67 | ) | 611 | — | (150 | ) | 611 | — | |||||||||||||
Dividends declared on unvested restricted stock | 109 | 35 | — | 40 | 37 | — | |||||||||||||||
Conversion of unvested restricted stock units | — | 436 | — | — | 1,136 | — | |||||||||||||||
FFO* | 95,334 | 139,519 | 0.68 | 51,142 | 137,793 | 0.37 | |||||||||||||||
Hurricane loss | 52 | — | — | — | — | — | |||||||||||||||
Debt extinguishment | — | — | — | 30,909 | — | 0.22 | |||||||||||||||
Debt extinguishment, unconsolidated entities | — | — | — | 330 | — | — | |||||||||||||||
Severance costs | 6,151 | — | 0.05 | 3,624 | — | 0.03 | |||||||||||||||
Variable stock compensation | 366 | — | — | (161 | ) | — | — | ||||||||||||||
Redemption of preferred stock | — | — | — | 6,096 | — | 0.04 | |||||||||||||||
Contract dispute recovery | — | — | — | (3,717 | ) | — | (0.03 | ) | |||||||||||||
Litigation settlement | 853 | — | 0.01 | — | — | — | |||||||||||||||
Abandoned projects | 620 | — | — | — | — | — | |||||||||||||||
Pre-opening costs, net of noncontrolling interests | 371 | — | — | 5,125 | — | 0.05 | |||||||||||||||
Adjusted FFO* | $ | 103,747 | 139,519 | $ | 0.74 | $ | 93,348 | 137,793 | $ | 0.68 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income (loss) | $ | (4,894 | ) | $ | (8,133 | ) | $ | 3,795 | $ | 616 | |||||
Depreciation and amortization | 28,280 | 28,988 | 86,640 | 85,510 | |||||||||||
Depreciation, unconsolidated entities and other partnerships | 456 | 471 | 1,392 | 1,730 | |||||||||||
Interest expense | 19,446 | 19,608 | 59,101 | 59,379 | |||||||||||
Interest expense, unconsolidated entities and other partnerships | 90 | 96 | 280 | 439 | |||||||||||
Income taxes | (246 | ) | 1,392 | 144 | 1,392 | ||||||||||
Noncontrolling interests in preferred distributions, consolidated joint venture | (18 | ) | — | (55 | ) | — | |||||||||
Noncontrolling interests in other partnerships | 114 | 227 | 601 | (4,405 | ) | ||||||||||
EBITDA* | 43,228 | 42,649 | 151,898 | 144,661 | |||||||||||
Impairment | 20,126 | 20,861 | 26,459 | 20,861 | |||||||||||
Hurricane loss | 52 | — | 52 | — | |||||||||||
Debt extinguishment | — | 14 | — | 30,909 | |||||||||||
Debt extinguishment, unconsolidated entities | — | — | — | 330 | |||||||||||
Gain on sale of hotel in unconsolidated entity | — | — | — | (7,113 | ) | ||||||||||
Gain on sale of hotels, net of noncontrolling interests in other partnerships | (4,867 | ) | (3,682 | ) | (3,523 | ) | (14,931 | ) | |||||||
Other gains | — | — | (100 | ) | (100 | ) | |||||||||
Amortization of fixed stock and directors’ compensation | 1,711 | 1,652 | 5,338 | 5,214 | |||||||||||
Severance costs | 6,124 | 3,624 | 6,151 | 3,624 | |||||||||||
Abandoned projects | 5 | — | 620 | — | |||||||||||
Variable stock compensation | 394 | (1,086 | ) | 366 | (161 | ) | |||||||||
Contract dispute recovery | — | — | — | (3,717 | ) | ||||||||||
Litigation settlement | 203 | — | 853 | — | |||||||||||
Pre-opening costs, net of noncontrolling interests | 125 | 1,079 | 371 | 5,125 | |||||||||||
Adjusted EBITDA* | 67,101 | 65,111 | 188,485 | 184,702 | |||||||||||
Adjusted EBITDA from hotels disposed or recently opened | (2,936 | ) | (1,153 | ) | (14,088 | ) | (14,482 | ) | |||||||
Same-store Adjusted EBITDA* | $ | 64,165 | $ | 63,958 | $ | 174,397 | $ | 170,220 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Same-store operating revenue: | |||||||||||||||
Room | $ | 161,682 | $ | 162,871 | $ | 467,631 | $ | 457,925 | |||||||
Food and beverage | 30,727 | 29,257 | 97,526 | 95,997 | |||||||||||
Other operating departments | 12,413 | 11,014 | 33,272 | 31,643 | |||||||||||
Same-store operating revenue | 204,822 | 203,142 | 598,429 | 585,565 | |||||||||||
Same-store operating expense: | |||||||||||||||
Room | 40,191 | 39,975 | 117,910 | 113,902 | |||||||||||
Food and beverage | 24,441 | 23,776 | 74,882 | 73,547 | |||||||||||
Other operating departments | 3,678 | 4,139 | 10,853 | 11,766 | |||||||||||
Other property related costs | 48,113 | 49,035 | 145,333 | 143,409 | |||||||||||
Management and franchise fees | 7,748 | 8,344 | 23,608 | 23,681 | |||||||||||
Taxes, insurance and lease expense | 13,730 | 10,483 | 39,287 | 35,796 | |||||||||||
Same-store operating expense | 137,901 | 135,752 | 411,873 | 402,101 | |||||||||||
Hotel EBITDA | $ | 66,921 | $ | 67,390 | $ | 186,556 | $ | 183,464 | |||||||
Hotel EBITDA Margin | 32.7 | % | 33.2 | % | 31.2 | % | 31.3 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Same-store operating revenue | $ | 204,822 | $ | 203,142 | $ | 598,429 | $ | 585,565 | |||||||
Other revenue | 1,809 | 1,678 | 3,641 | 7,142 | |||||||||||
Revenue from hotels disposed and recently opened(a) | 16,350 | 20,332 | 68,961 | 87,243 | |||||||||||
Total revenue | 222,981 | 225,152 | 671,031 | 679,950 | |||||||||||
Same-store operating expense | 137,901 | 135,752 | 411,873 | 402,101 | |||||||||||
Consolidated hotel lease expense(b) | 1,488 | 1,524 | 3,648 | 5,762 | |||||||||||
Unconsolidated taxes, insurance and lease expense | (517 | ) | (168 | ) | (1,486 | ) | (1,681 | ) | |||||||
Corporate expenses | 6,244 | 4,672 | 20,691 | 19,775 | |||||||||||
Depreciation and amortization | 28,280 | 28,988 | 86,640 | 85,510 | |||||||||||
Impairment | 20,126 | 20,861 | 26,459 | 20,861 | |||||||||||
Expenses from hotels disposed and recently opened(a) | 13,271 | 19,153 | 54,670 | 71,957 | |||||||||||
Other expenses | 7,581 | 5,807 | 10,551 | 11,446 | |||||||||||
Total operating expense | 214,374 | 216,589 | 613,046 | 615,731 | |||||||||||
Operating income | $ | 8,607 | $ | 8,563 | $ | 57,985 | $ | 64,219 |
(a) | Under GAAP, we include the operating performance for disposed, held for sale and recently-opened hotels in continuing operations in our statements of operations. However, for purposes of our Non-GAAP reporting metrics, we have excluded the results of these hotels to provide a meaningful same-store comparison. |
(b) | Consolidated hotel lease expense represents the lease expense of our 51% owned operating lessees. The offsetting lease revenue is included in equity in income from unconsolidated entities. |
• | Gains and losses related to extinguishment of debt and interest rate swaps - We exclude gains and losses related to extinguishment of debt and interest rate swaps from Adjusted FFO and Adjusted EBITDA because we believe that it is not indicative of ongoing operating performance of our hotel assets. This also represents an acceleration of interest expense or a reduction of interest expense, and interest expense is excluded from EBITDA. |
• | Cumulative effect of a change in accounting principle - Infrequently, the Financial Accounting Standards Board promulgates new accounting standards that require the consolidated statements of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments in computing Adjusted FFO and Adjusted EBITDA because they do not reflect our actual performance for that period. |
• | Other expenses and costs - From time to time, we periodically incur expenses or transaction costs that are not indicative of ongoing operating performance. Such costs include, but are not limited to, conversion costs, acquisition costs, pre-opening costs, severance costs and certain non-cash adjustments. We exclude these costs from the calculation of Adjusted FFO and Adjusted EBITDA. |
• | Variable stock compensation - We exclude the cost associated with our variable stock compensation. This cost is subject to volatility related to the price and dividends of our common stock that does not necessarily correspond to our operating performance. |
Hotels | Room Count at September 30, 2016 | ||||||
Consolidated Hotels(a) | 38 | 11,329 | |||||
Unconsolidated hotel operations | 1 | 171 | |||||
Total hotels | 39 | 11,500 | |||||
50% joint ventures | 2 | (216 | ) | ||||
95% joint venture | 1 | (17 | ) | ||||
Pro rata rooms attributed to joint venture partners | (233 | ) | |||||
Pro rata share of rooms owned | 11,267 |
Occupancy (%) | ADR ($) | RevPAR ($) | |||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||
Same-store Hotels | 2016 | 2015 | %Change | 2016 | 2015 | %Change | 2016 | 2015 | %Change | ||||||||||||||||
Embassy Suites Atlanta-Buckhead | 77.3 | 79.9 | (3.3 | ) | 157.93 | 149.95 | 5.3 | 122.02 | 119.77 | 1.9 | |||||||||||||||
DoubleTree Suites by Hilton Austin | 78.0 | 86.6 | (10.0 | ) | 196.91 | 191.69 | 2.7 | 153.55 | 166.04 | (7.5 | ) | ||||||||||||||
Embassy Suites Birmingham | 76.4 | 82.1 | (6.9 | ) | 135.07 | 128.34 | 5.2 | 103.19 | 105.36 | (2.1 | ) | ||||||||||||||
The Fairmont Copley Plaza, Boston | 86.5 | 86.7 | (0.3 | ) | 336.67 | 337.92 | (0.4 | ) | 291.26 | 293.13 | (0.6 | ) | |||||||||||||
Wyndham Boston Beacon Hill | 86.8 | 91.6 | (5.2 | ) | 257.67 | 265.91 | (3.1 | ) | 223.66 | 243.54 | (8.2 | ) | |||||||||||||
Embassy Suites Boston-Marlborough | 73.6 | 78.8 | (6.7 | ) | 175.01 | 176.47 | (0.8 | ) | 128.76 | 139.11 | (7.4 | ) | |||||||||||||
Sheraton Burlington Hotel & Conference Center | 83.3 | 82.6 | 0.8 | 144.65 | 129.75 | 11.5 | 120.49 | 107.18 | 12.4 | ||||||||||||||||
The Mills House Wyndham Grand Hotel, Charleston | 84.9 | 80.7 | 5.2 | 214.95 | 212.46 | 1.2 | 182.45 | 171.38 | 6.5 | ||||||||||||||||
Embassy Suites Dallas-Love Field(1) | 66.7 | 89.4 | (25.4 | ) | 140.10 | 129.57 | 8.1 | 93.41 | 115.88 | (19.4 | ) | ||||||||||||||
Embassy Suites Deerfield Beach-Resort & Spa | 69.7 | 68.8 | 1.3 | 152.95 | 160.32 | (4.6 | ) | 106.60 | 110.29 | (3.3 | ) | ||||||||||||||
Embassy Suites Fort Lauderdale 17th Street | 79.4 | 80.4 | (1.3 | ) | 129.31 | 125.27 | 3.2 | 102.63 | 100.69 | 1.9 | |||||||||||||||
Wyndham Houston-Medical Center Hotel & Suites | 72.1 | 85.2 | (15.4 | ) | 129.25 | 142.32 | (9.2 | ) | 93.15 | 121.20 | (23.1 | ) | |||||||||||||
Embassy Suites Los Angeles-International Airport/South | 88.0 | 84.1 | 4.7 | 183.81 | 178.79 | 2.8 | 161.84 | 150.35 | 7.6 | ||||||||||||||||
Embassy Suites Mandalay Beach-Hotel & Resort | 84.6 | 83.6 | 1.2 | 270.37 | 265.30 | 1.9 | 228.75 | 221.70 | 3.2 | ||||||||||||||||
Embassy Suites Miami-International Airport | 84.4 | 86.2 | (2.1 | ) | 117.02 | 118.33 | (1.1 | ) | 98.72 | 102.00 | (3.2 | ) | |||||||||||||
Embassy Suites Milpitas-Silicon Valley | 84.0 | 85.2 | (1.5 | ) | 198.65 | 197.57 | 0.5 | 166.78 | 168.38 | (1.0 | ) | ||||||||||||||
Embassy Suites Minneapolis-Airport | 83.9 | 84.5 | (0.7 | ) | 170.49 | 162.14 | 5.1 | 143.04 | 137.04 | 4.4 | |||||||||||||||
Embassy Suites Myrtle Beach-Oceanfront Resort | 91.1 | 89.2 | 2.1 | 230.26 | 222.64 | 3.4 | 209.67 | 198.53 | 5.6 | ||||||||||||||||
Hilton Myrtle Beach Resort | 84.1 | 86.9 | (3.2 | ) | 177.60 | 170.92 | 3.9 | 149.36 | 148.47 | 0.6 | |||||||||||||||
Embassy Suites Napa Valley | 85.3 | 88.4 | (3.5 | ) | 279.76 | 280.07 | (0.1 | ) | 238.66 | 247.66 | (3.6 | ) | |||||||||||||
Wyndham New Orleans-French Quarter | 62.8 | 61.2 | 2.6 | 129.55 | 123.69 | 4.7 | 81.37 | 75.75 | 7.4 | ||||||||||||||||
Morgans New York | 87.9 | 90.6 | (3.0 | ) | 265.77 | 277.94 | (4.4 | ) | 233.64 | 251.88 | (7.2 | ) | |||||||||||||
Royalton New York | 84.8 | 88.7 | (4.4 | ) | 286.41 | 299.78 | (4.5 | ) | 242.75 | 265.85 | (8.7 | ) | |||||||||||||
Embassy Suites Orlando-International Drive South/Convention Center(1) | 57.8 | 80.5 | (28.2 | ) | 119.46 | 127.38 | (6.2 | ) | 69.11 | 102.58 | (32.6 | ) | |||||||||||||
DoubleTree Suites by Hilton Orlando-Lake Buena Vista | 84.2 | 80.6 | 4.5 | 113.85 | 120.06 | (5.2 | ) | 95.91 | 96.74 | (0.9 | ) | ||||||||||||||
Wyndham Philadelphia Historic District | 84.3 | 74.0 | 13.9 | 170.85 | 159.84 | 6.9 | 143.97 | 118.21 | 21.8 | ||||||||||||||||
Sheraton Philadelphia Society Hill Hotel | 79.2 | 72.5 | 9.3 | 196.49 | 173.30 | 13.4 | 155.65 | 125.61 | 23.9 | ||||||||||||||||
Embassy Suites Phoenix-Biltmore | 62.5 | 64.4 | (2.9 | ) | 134.26 | 128.93 | 4.1 | 83.86 | 82.97 | 1.1 | |||||||||||||||
Wyndham Pittsburgh University Center | 78.8 | 83.8 | (6.0 | ) | 148.42 | 149.07 | (0.4 | ) | 116.91 | 124.86 | (6.4 | ) | |||||||||||||
Wyndham San Diego Bayside | 85.9 | 80.2 | 7.1 | 155.35 | 159.56 | (2.6 | ) | 133.40 | 127.97 | 4.2 | |||||||||||||||
Embassy Suites San Francisco Airport-South San Francisco | 90.7 | 90.4 | 0.4 | 216.84 | 232.00 | (6.5 | ) | 196.75 | 209.63 | (6.1 | ) | ||||||||||||||
Embassy Suites San Francisco Airport-Waterfront | 92.3 | 89.6 | 3.0 | 222.35 | 224.85 | (1.1 | ) | 205.24 | 201.53 | 1.8 | |||||||||||||||
Holiday Inn San Francisco-Fisherman’s Wharf | 92.7 | 92.7 | 0.1 | 243.12 | 253.91 | (4.2 | ) | 225.47 | 235.30 | (4.2 | ) | ||||||||||||||
San Francisco Marriott Union Square | 93.0 | 92.5 | 0.5 | 288.54 | 308.87 | (6.6 | ) | 268.32 | 285.69 | (6.1 | ) | ||||||||||||||
Wyndham Santa Monica At the Pier | 91.5 | 90.8 | 0.8 | 314.90 | 295.60 | 6.5 | 288.03 | 268.29 | 7.4 | ||||||||||||||||
Embassy Suites Secaucus-Meadowlands | 81.5 | 81.0 | 0.6 | 180.94 | 184.79 | (2.1 | ) | 147.39 | 149.60 | (1.5 | ) | ||||||||||||||
The Vinoy Renaissance St. Petersburg Resort & Golf Club | 76.2 | 77.3 | (1.5 | ) | 183.78 | 173.53 | 5.9 | 140.05 | 134.20 | 4.4 | |||||||||||||||
Same-store Hotels | 81.8 | 82.9 | (1.3 | ) | 195.33 | 194.22 | 0.6 | 159.78 | 160.95 | (0.7 | ) |
Occupancy (%) | ADR ($) | RevPAR ($) | |||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
Same-store Hotels | 2016 | 2015 | %Change | 2016 | 2015 | %Change | 2016 | 2015 | %Change | ||||||||||||||||
Embassy Suites Atlanta-Buckhead | 79.6 | 80.1 | (0.5 | ) | 157.15 | 149.55 | 5.1 | 125.14 | 119.74 | 4.5 | |||||||||||||||
DoubleTree Suites by Hilton Austin | 83.1 | 83.3 | (0.2 | ) | 218.56 | 220.31 | (0.8 | ) | 181.71 | 183.60 | (1.0 | ) | |||||||||||||
Embassy Suites Birmingham | 79.1 | 79.4 | (0.4 | ) | 137.36 | 134.08 | 2.4 | 108.64 | 106.50 | 2.0 | |||||||||||||||
The Fairmont Copley Plaza, Boston | 77.9 | 77.6 | 0.4 | 324.04 | 323.51 | 0.2 | 252.54 | 251.11 | 0.6 | ||||||||||||||||
Wyndham Boston Beacon Hill | 79.2 | 81.8 | (3.2 | ) | 232.98 | 237.02 | (1.7 | ) | 184.52 | 193.91 | (4.8 | ) | |||||||||||||
Embassy Suites Boston-Marlborough | 71.8 | 76.7 | (6.4 | ) | 173.00 | 170.70 | 1.3 | 124.30 | 130.97 | (5.1 | ) | ||||||||||||||
Sheraton Burlington Hotel & Conference Center | 74.6 | 73.9 | 1.0 | 122.15 | 119.38 | 2.3 | 91.18 | 88.23 | 3.3 | ||||||||||||||||
The Mills House Wyndham Grand Hotel, Charleston | 84.9 | 83.3 | 1.9 | 229.19 | 224.94 | 1.9 | 194.54 | 187.45 | 3.8 | ||||||||||||||||
Embassy Suites Dallas-Love Field(1) | 76.8 | 90.7 | (15.4 | ) | 142.00 | 131.42 | 8.0 | 109.04 | 119.23 | (8.5 | ) | ||||||||||||||
Embassy Suites Deerfield Beach-Resort & Spa | 79.7 | 81.1 | (1.7 | ) | 203.24 | 205.36 | (1.0 | ) | 161.99 | 166.46 | (2.7 | ) | |||||||||||||
Embassy Suites Fort Lauderdale 17th Street | 84.2 | 85.1 | (1.0 | ) | 175.62 | 166.26 | 5.6 | 147.88 | 141.42 | 4.6 | |||||||||||||||
Wyndham Houston-Medical Center Hotel & Suites | 79.4 | 81.7 | (2.7 | ) | 148.06 | 152.13 | (2.7 | ) | 117.63 | 124.23 | (5.3 | ) | |||||||||||||
Embassy Suites Los Angeles-International Airport/South | 87.9 | 82.6 | 6.4 | 173.37 | 162.85 | 6.5 | 152.33 | 134.45 | 13.3 | ||||||||||||||||
Embassy Suites Mandalay Beach-Hotel & Resort | 82.6 | 80.4 | 2.7 | 238.09 | 220.77 | 7.8 | 196.56 | 177.43 | 10.8 | ||||||||||||||||
Embassy Suites Miami-International Airport | 86.8 | 89.2 | (2.7 | ) | 149.36 | 151.76 | (1.6 | ) | 129.61 | 135.36 | (4.2 | ) | |||||||||||||
Embassy Suites Milpitas-Silicon Valley | 83.2 | 83.6 | (0.5 | ) | 204.36 | 196.20 | 4.2 | 169.96 | 163.96 | 3.7 | |||||||||||||||
Embassy Suites Minneapolis-Airport | 77.1 | 78.0 | (1.1 | ) | 158.20 | 152.98 | 3.4 | 121.99 | 119.30 | 2.3 | |||||||||||||||
Embassy Suites Myrtle Beach-Oceanfront Resort | 79.6 | 77.1 | 3.2 | 190.36 | 188.35 | 1.1 | 151.53 | 145.29 | 4.3 | ||||||||||||||||
Hilton Myrtle Beach Resort | 68.9 | 70.7 | (2.5 | ) | 154.49 | 149.12 | 3.6 | 106.47 | 105.44 | 1.0 | |||||||||||||||
Embassy Suites Napa Valley | 82.9 | 83.5 | (0.7 | ) | 241.13 | 235.96 | 2.2 | 200.01 | 197.01 | 1.5 | |||||||||||||||
Wyndham New Orleans-French Quarter | 72.5 | 67.1 | 8.1 | 146.47 | 151.79 | (3.5 | ) | 106.26 | 101.89 | 4.3 | |||||||||||||||
Morgans New York | 83.3 | 81.1 | 2.8 | 256.36 | 269.72 | (5.0 | ) | 213.66 | 218.69 | (2.3 | ) | ||||||||||||||
Royalton New York | 82.8 | 85.7 | (3.3 | ) | 279.79 | 289.25 | (3.3 | ) | 231.73 | 247.79 | (6.5 | ) | |||||||||||||
Embassy Suites Orlando-International Drive South/Convention Center(1) | 73.0 | 84.6 | (13.7 | ) | 148.50 | 148.24 | 0.2 | 108.46 | 125.41 | (13.5 | ) | ||||||||||||||
DoubleTree Suites by Hilton Orlando-Lake Buena Vista | 89.4 | 89.0 | 0.4 | 140.09 | 137.19 | 2.1 | 125.19 | 122.14 | 2.5 | ||||||||||||||||
Wyndham Philadelphia Historic District | 74.9 | 64.7 | 15.7 | 157.00 | 159.89 | (1.8 | ) | 117.59 | 103.49 | 13.6 | |||||||||||||||
Sheraton Philadelphia Society Hill Hotel | 71.9 | 68.9 | 4.4 | 183.69 | 173.67 | 5.8 | 132.10 | 119.64 | 10.4 | ||||||||||||||||
Embassy Suites Phoenix-Biltmore | 70.3 | 72.8 | (3.4 | ) | 182.93 | 175.70 | 4.1 | 128.61 | 127.86 | 0.6 | |||||||||||||||
Wyndham Pittsburgh University Center | 70.7 | 73.9 | (4.4 | ) | 146.09 | 145.99 | 0.1 | 103.23 | 107.95 | (4.4 | ) | ||||||||||||||
Wyndham San Diego Bayside | 80.5 | 80.8 | (0.4 | ) | 151.67 | 149.51 | 1.4 | 122.03 | 120.76 | 1.0 | |||||||||||||||
Embassy Suites San Francisco Airport-South San Francisco | 88.5 | 89.2 | (0.8 | ) | 207.70 | 203.06 | 2.3 | 183.84 | 181.21 | 1.5 | |||||||||||||||
Embassy Suites San Francisco Airport-Waterfront | 89.8 | 86.8 | 3.5 | 211.62 | 211.38 | 0.1 | 190.14 | 183.43 | 3.7 | ||||||||||||||||
Holiday Inn San Francisco-Fisherman’s Wharf | 88.2 | 87.6 | 0.7 | 216.01 | 214.53 | 0.7 | 190.52 | 187.98 | 1.3 | ||||||||||||||||
San Francisco Marriott Union Square | 90.8 | 88.1 | 3.1 | 299.42 | 290.28 | 3.1 | 271.86 | 255.72 | 6.3 | ||||||||||||||||
Wyndham Santa Monica At the Pier | 88.8 | 86.9 | 2.2 | 282.99 | 260.64 | 8.6 | 251.24 | 226.46 | 10.9 | ||||||||||||||||
Embassy Suites Secaucus-Meadowlands | 71.9 | 76.3 | (5.8 | ) | 181.29 | 185.30 | (2.2 | ) | 130.31 | 141.43 | (7.9 | ) | |||||||||||||
The Vinoy Renaissance St. Petersburg Resort & Golf Club | 82.7 | 83.4 | (0.8 | ) | 221.93 | 213.32 | 4.0 | 183.63 | 177.95 | 3.2 | |||||||||||||||
Same-store Hotels | 80.3 | 80.5 | (0.2 | ) | 193.19 | 189.49 | 2.0 | 155.17 | 152.50 | 1.7 |
Consolidated Hotels | Rooms | |||
Embassy Suites Atlanta-Buckhead | 316 | |||
DoubleTree Suites by Hilton Austin | 188 | |||
Embassy Suites Birmingham | 242 | |||
The Fairmont Copley Plaza, Boston | 383 | |||
Wyndham Boston Beacon Hill | 304 | |||
Embassy Suites Boston-Marlborough | 229 | |||
Sheraton Burlington Hotel & Conference Center | 309 | |||
The Mills House Wyndham Grand Hotel, Charleston | 216 | |||
Embassy Suites Dallas-Love Field | 248 | |||
Embassy Suites Deerfield Beach-Resort & Spa | 244 | |||
Embassy Suites Fort Lauderdale 17th Street | 361 | |||
Wyndham Houston-Medical Center Hotel & Suites | 287 | |||
Embassy Suites Los Angeles-International Airport/South | 349 | |||
Embassy Suites Mandalay Beach-Hotel & Resort | 250 | |||
Embassy Suites Miami-International Airport | 318 | |||
Embassy Suites Milpitas-Silicon Valley | 266 | |||
Embassy Suites Minneapolis-Airport | 310 | |||
Embassy Suites Myrtle Beach-Oceanfront Resort | 255 | |||
Hilton Myrtle Beach Resort | 385 | |||
Embassy Suites Napa Valley | 205 | |||
Wyndham New Orleans-French Quarter | 374 | |||
The Knickerbocker New York | 330 | |||
Morgans New York | 117 | |||
Royalton New York | 168 | |||
Embassy Suites Orlando-International Drive South/Convention Center | 244 | |||
DoubleTree Suites by Hilton Orlando-Lake Buena Vista | 229 | |||
Wyndham Philadelphia Historic District | 364 | |||
Sheraton Philadelphia Society Hill Hotel | 364 | |||
Embassy Suites Phoenix-Biltmore | 232 | |||
Wyndham Pittsburgh University Center | 251 | |||
Wyndham San Diego Bayside | 600 | |||
Embassy Suites San Francisco Airport-South San Francisco | 312 | |||
Embassy Suites San Francisco Airport-Waterfront | 340 | |||
Holiday Inn San Francisco-Fisherman’s Wharf | 585 | |||
San Francisco Marriott Union Square | 400 | |||
Wyndham Santa Monica At the Pier | 132 | |||
Embassy Suites Secaucus-Meadowlands(a) | 261 | |||
The Vinoy Renaissance St. Petersburg Resort & Golf Club | 361 | |||
11,329 | ||||
Unconsolidated Hotel | ||||
Chateau LeMoyne-French Quarter, New Orleans(a) | 171 |
(a) | We own a 50% interest in this property. |
• | We issued our $475 million 6% senior notes (resulting in deferred financing fees of $8.5 million) and used the proceeds, in addition to cash on hand, to repurchase and redeem our $525 million (face value) 6.75% senior notes; |
• | We amended and restated our line of credit (resulting in deferred financing fees of $5.8 million) and used funds drawn on the line of credit to repay a $140 million secured loan; |
• | We repaid $62.1 million of secured debt using sale proceeds; |
• | We issued 18.4 million shares of our common stock for net proceeds of approximately $199 million; |
• | We used proceeds from selling our common stock to redeem all of our outstanding shares of 8% Series C preferred stock for an aggregate redemption price of $170.4 million (including $491,000 of accrued dividends); |
• | We received $1.7 million of additional net proceeds from selling preferred equity interests pursuant to the EB-5 Immigrant Investor Program by The Knickerbocker consolidated joint venture; and |
• | We increased our distributions to noncontrolling interest holders to $16.3 million primarily due to selling a hotel in a consolidated joint venture. |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk. |
Expected Maturity Date | |||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Fixed-rate: | |||||||||||||||||||||||||||||||
Debt | $ | 671 | $ | 2,637 | $ | 2,954 | $ | 3,106 | $ | 3,245 | $ | 1,138,352 | $ | 1,150,965 | $ | 1,198,364 | |||||||||||||||
Average interest rate | 4.95 | % | 4.95 | % | 4.95 | % | 4.95 | % | 4.95 | % | 5.70 | % | 5.69 | % | |||||||||||||||||
Floating-rate: | |||||||||||||||||||||||||||||||
Debt | — | 85,000 | — | 105,000 | — | — | 190,000 | 190,333 | |||||||||||||||||||||||
Average interest rate (a) | — | 3.97 | % | — | 3.94 | % | — | — | 3.95 | % | |||||||||||||||||||||
Total debt | $ | 671 | $ | 87,637 | $ | 2,954 | $ | 108,106 | $ | 3,245 | $ | 1,138,352 | $ | 1,340,965 | |||||||||||||||||
Average interest rate | 4.95 | % | 4.00 | % | 4.95 | % | 3.97 | % | 4.95 | % | 5.70 | % | 5.44 | % | |||||||||||||||||
Unamortized debt issuance costs | (16,540 | ) | |||||||||||||||||||||||||||||
Debt, net of unamortized debt issuance costs | $ | 1,324,425 |
(a) | The average floating interest rate considers the implied forward rates in the yield curve at September 30, 2016. |
Item 4. | Controls and Procedures. |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plan | ||||||||||
July 1, 2016 - July 31, 2016 | 25,500 | $ | 5.88 | 25,500 | $ | 58,241,661 | ||||||||
August 1, 2016 - August 31, 2016 | 228,206 | $ | 6.37 | 228,206 | $ | 56,787,363 | ||||||||
September 1, 2016 - September 30, 2016 | 223,361 | $ | 6.34 | 223,361 | $ | 55,370,315 | ||||||||
Total | 477,067 | $ | 6.33 | 477,067 | ||||||||||
Exhibit Number | Description of Exhibit | |
10.1 | Equity Grant Agreement, dated as of September 19, 2016, by and between FelCor Lodging Trust Incorporated (“FelCor”) and Troy A. Pentecost (filed as Exhibit 10.1 to FelCor’s Form 8-K, dated September 19, 2016, and incorporated herein by reference). | |
10.2 | Incentive Compensation Program for Executive Officers, as amended (filed as Exhibit 10.2 to FelCor’s Form 8-K, dated September 19, 2016, and incorporated herein by reference). | |
10.3 | Retirement, Severance and Release Agreement, dated as of September 16, 2016, by and between FelCor and Richard A. Smith (filed as Exhibit 10.3 to FelCor’s Form 8-K, dated September 19, 2016, and incorporated herein by reference). | |
31.1* | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor. | |
31.2* | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor. | |
31.3* | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor LP. | |
31.4* | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor LP. | |
32.1†* | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for FelCor. | |
32.2†* | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for FelCor LP. |
101.INS | XBRL Instance Document. Submitted electronically with this report. | |
101.SCH | XBRL Taxonomy Extension Schema Document. Submitted electronically with this report. | |
101.CAL | XBRL Taxonomy Calculation Linkbase Document. Submitted electronically with this report. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. Submitted electronically with this report. | |
101.LAB | XBRL Taxonomy Label Linkbase Document. Submitted electronically with this report. | |
101.PRE | XBRL Taxonomy Presentation Linkbase Document. Submitted electronically with this report. |
† | This certificate is being furnished solely to accompany the report pursuant to 18 U.S.C. 1350 and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing. |
FELCOR LODGING TRUST INCORPORATED | |||
a Maryland corporation | |||
Date: November 1, 2016 | By: | /s/ Jeffrey D. Symes | |
Name: | Jeffrey D. Symes | ||
Title: | Senior Vice President, Chief Accounting Officer and Treasurer |
FELCOR LODGING LIMITED PARTNERSHIP | |||
a Delaware limited partnership | |||
By: | FelCor Lodging Trust Incorporated | ||
Its General Partner | |||
Date: November 1, 2016 | By: | /s/ Jeffrey D. Symes | |
Name: | Jeffrey D. Symes | ||
Title: | Senior Vice President, Chief Accounting Officer and Treasurer |
1. | I have reviewed this Quarterly Report on Form 10-Q of FelCor Lodging Trust Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: November 1, 2016 | /s/ Troy A. Pentecost | |
Troy A. Pentecost President and Interim Senior Executive Officer (Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of FelCor Lodging Trust Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: November 1, 2016 | /s/ Michael C. Hughes | |
Michael C. Hughes Chief Financial Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of FelCor Lodging Limited Partnership; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: November 1, 2016 | /s/ Troy A. Pentecost | |
Troy A. Pentecost President and Interim Senior Executive Officer (Principal Executive Officer) of FelCor Lodging Trust Incorporated, as general partner of FelCor Lodging Limited Partnership |
1. | I have reviewed this Quarterly Report on Form 10-Q of FelCor Lodging Limited Partnership; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: November 1, 2016 | /s/ Michael C. Hughes | |
Michael C. Hughes Chief Financial Officer of FelCor Lodging Trust Incorporated, as general partner of FelCor Lodging Limited Partnership |
/s/ Troy A. Pentecost | |
Troy A. Pentecost | |
President and Interim Senior Executive Officer (Principal Executive Officer) | |
/s/ Michael C. Hughes | |
Michael C. Hughes | |
Chief Financial Officer |
/s/ Troy A. Pentecost | |
Troy A. Pentecost | |
President and Interim Senior Executive Officer (Principal Executive Officer) of FelCor Lodging Trust Incorporated, as general partner of FelCor Lodging Limited Partnership | |
/s/ Michael C. Hughes | |
Michael C. Hughes | |
Chief Financial Officer of FelCor Lodging Trust Incorporated, as general partner of FelCor Lodging Limited Partnership |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 27, 2016 |
|
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FCH | |
Entity Registrant Name | FelCor Lodging Trust Incorporated | |
Entity Central Index Key | 0000923603 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 137,788,455 | |
FelCor Lodging LP [Member] | ||
Document and Entity Information [Line Items] | ||
Entity Registrant Name | FelCor Lodging LP | |
Entity Central Index Key | 0001048789 | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Common Stock, Dividends, Per Share, Declared | $ 0.18 | $ 0.12 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 1.4625 | 1.4625 |
$1.00 per Series C depositary preferred share | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 0.00 | $ 1.00 |
Consolidated Statements of Partners' Capital - USD ($) $ in Thousands |
Total |
FelCor Lodging LP [Member] |
FelCor Lodging LP [Member]
Preferred Units
|
FelCor Lodging LP [Member]
Common Units
|
FelCor Lodging LP [Member]
Noncontrolling Interests
|
FelCor Lodging LP [Member]
Preferred Capital in Consolidated Joint Venture
|
Preferred Equity in Consolidated Joint Venture |
Common Stock |
Series C Preferred Units [Member]
FelCor Lodging LP [Member]
|
Series C Preferred Units [Member]
FelCor Lodging LP [Member]
Preferred Units
|
Series C Preferred Units [Member]
FelCor Lodging LP [Member]
Common Units
|
---|---|---|---|---|---|---|---|---|---|---|---|
Partners' Capital, Beginning Balance at Dec. 31, 2014 | $ 362,867 | $ 478,749 | $ (175,759) | $ 18,435 | $ 41,442 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Partners' Capital Account, Sale of Units | 198,651 | 198,651 | |||||||||
FelCor restricted stock compensation | 6,388 | 6,388 | |||||||||
Redemption of Preferred Stock, Value | $ (6,096) | (6,096) | $ (169,986) | $ (169,412) | $ (574) | ||||||
Contributions | 2,544 | 2,544 | |||||||||
Distributions | (58,673) | (41,309) | (16,294) | (1,070) | |||||||
Allocation to redeemable units | 2,293 | 2,293 | |||||||||
Issuance of preferred equity - consolidated joint venture | 1,744 | 1,744 | 1,744 | $ 1,744 | |||||||
Net income (loss) and comprehensive income (loss) | 616 | 616 | (4,859) | 4,405 | 1,070 | ||||||
Partners' Capital, Ending Balance at Sep. 30, 2015 | 346,444 | 309,337 | (15,169) | 9,090 | 43,186 | ||||||
Partners' Capital, Beginning Balance at Dec. 31, 2015 | 311,145 | 309,337 | (49,184) | 7,806 | 43,186 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Stock Repurchased During Period, Value | (30,462) | (30,462) | (30,462) | 0 | $ (45) | ||||||
FelCor restricted stock compensation | 8,245 | 8,245 | |||||||||
Redemption of Preferred Stock, Value | 0 | 0 | |||||||||
Contributions | 552 | 552 | |||||||||
Distributions | (45,032) | (43,923) | (16) | (1,093) | |||||||
Allocation to redeemable units | 541 | 541 | |||||||||
Issuance of preferred equity - consolidated joint venture | 597 | 597 | 597 | $ 597 | |||||||
Net income (loss) and comprehensive income (loss) | $ 3,795 | 3,795 | 3,303 | (601) | 1,093 | ||||||
Partners' Capital, Ending Balance at Sep. 30, 2016 | $ 249,381 | $ 309,337 | $ (111,480) | $ 7,741 | $ 43,783 |
Organization |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization | Organization FelCor Lodging Trust Incorporated (NYSE:FCH), or FelCor, is a Maryland corporation operating as a real estate investment trust, or REIT. FelCor is the sole general partner of, and the owner of a greater than 99.5% partnership interest in, FelCor Lodging Limited Partnership, or FelCor LP, through which we held ownership interests in 39 hotels as of September 30, 2016. At September 30, 2016, we had an aggregate of 138,384,179 shares and units outstanding, consisting of 137,773,996 shares of FelCor common stock and 610,183 FelCor LP units not owned by FelCor. Of our 39 hotels, as of September 30, 2016, we owned 100% interests in 36 hotels, a 95% interest in one hotel (The Knickerbocker) and 50% interests in entities owning two hotels. We consolidate our real estate interests in the 37 hotels in which we hold majority interests, and we record the real estate interests of the two hotels in which we hold indirect 50% interests using the equity method. We lease 38 of the 39 hotels to our taxable REIT subsidiaries, of which we own a controlling interest. We operate one 50%‑owned hotel without a lease. Because we own controlling interests in our operating lessees, we consolidate our interests in all 38 leased hotels (which we refer to as our Consolidated Hotels) and reflect their operating revenues and expenses in our statements of operations and comprehensive income (loss). We own 50% of the real estate interest in one Consolidated Hotel (we account for our real estate interest in this hotel by the equity method) and majority real estate interests in our remaining 37 Consolidated Hotels (we consolidate our real estate interests in these hotels). The following table illustrates the distribution by brand of our 38 Consolidated Hotels at September 30, 2016:
At September 30, 2016, our Consolidated Hotels were located in 14 states, with concentrations in California (10 hotels), Florida (six hotels) and Massachusetts (three hotels). We generated approximately 56% of our revenue from hotels in these three states during the first nine months of 2016. At September 30, 2016, of our Consolidated Hotels: (i) subsidiaries of Hilton Worldwide managed 20 hotels; (ii) subsidiaries of Wyndham Worldwide managed eight hotels; (iii) subsidiaries of Marriott International managed four hotels; (iv) subsidiaries of InterContinental Hotels Group managed one hotel; (v) Fairmont, a subsidiary of AccorHotels Group, managed one hotel; (vi) a subsidiary of Highgate Hotels managed one hotel; (vii) a subsidiary of Morgans Hotel Group Corporation managed two hotels; and (viii) Aimbridge Hospitality managed one hotel. 1. Organization — (continued) On January 1, 2016, we adopted accounting guidance under Accounting Standards Update (“ASU”) 2015-2, modifying the analysis performed to determine whether we should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities “VIEs” or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, FelCor LP is a variable interest entity of FelCor. As FelCor LP is already consolidated in the balance sheets of FelCor, the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of FelCor. There were no other legal entities under the scope of the revised guidance that were consolidated as a result of the adoption. The information in our consolidated financial statements for the three and nine months ended September 30, 2016 and 2015 is unaudited. Preparing financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The accompanying financial statements for the three and nine months ended September 30, 2016 and 2015, include adjustments based on management’s estimates (consisting of normal and recurring accruals), which we consider necessary for a fair statement of the results for the periods. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2015, included in our Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2016 are not necessarily indicative of actual operating results for the entire year. |
Investment in Unconsolidated Entities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities At September 30, 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 at these locations. 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. The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands):
Our unconsolidated entities’ debt at September 30, 2016 and December 31, 2015 consisted entirely of non-recourse mortgage debt.
In May 2015, one of our joint ventures sold a hotel, resulting in a $7.1 million gain that we included in our equity in income from unconsolidated entities. The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands):
The following table summarizes the components of our investments in unconsolidated entities (in thousands):
The following table summarizes the components of our equity in income from unconsolidated entities (in thousands):
|
Debt |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Consolidated debt consisted of the following (dollars in thousands):
Since adoption of ASU 2015-03, we classify deferred financing costs of $16.5 million and $18.1 million as of September 30, 2016 and December 31, 2015, respectively, within the debt on our consolidated balance sheets. We previously classified deferred financing costs of $18.1 million at December 31, 2015 as an asset on our consolidated balance sheets. In accordance with ASU 2015-15, we continue classifying deferred financing costs associated with our line of credit as an asset on our consolidated balance sheets. We reported $19.4 million and $19.6 million of interest expense for the three months ended September 30, 2016 and 2015, respectively, which is net of: (i) interest income of $18,000 and $6,000 and (ii) capitalized interest of $293,000 and $565,000, respectively. We reported $59.1 million and $59.4 million of interest expense for the nine months ended September 30, 2016 and 2015, respectively, which is net of: (i) interest income of $46,000 and $18,000 and (ii) capitalized interest of $640,000 and $5.6 million, respectively. |
FelCor Capital Stock/FelCor LP Partners' Capital |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
FelCor Capital Stock/FelCor LP Partners' Capital [Abstract] | |
FelCor Capital Stock/FelCor LP Partners' Capital | FelCor Capital Stock/FelCor LP Partners’ Capital FelCor repurchased and retired 4.6 million shares of common stock for $30.5 million (including commissions) for an average price of $6.58 per share during the first nine months of 2016. Since FelCor’s Board of Directors authorized the current $100 million repurchase program, FelCor has repurchased 6.6 million shares of common stock for $44.8 million (including commissions) for an average price of $6.78 per share. In April 2015, FelCor issued 18.4 million shares of its common stock at $11.25 per share in a public offering. FelCor contributed the net proceeds from the offering ($199 million) to FelCor LP in exchange for 18.4 million common units of limited partnership interests. In April 2015, FelCor called for redemption of all of its outstanding shares of 8% Series C Cumulative Redeemable Preferred Stock, or the Series C Preferred Stock, and all depositary shares representing the Series C Preferred Stock. FelCor redeemed those shares of Series C Preferred Stock and the depositary shares, and FelCor LP concurrently redeemed its Series C Preferred Units, on May 14, 2015 using proceeds from the equity offering. Including dividends of $491,000, the total redemption price was $170.4 million. We reduced income available to common stockholders (unitholders) by $6.1 million for the nine months ended September 30, 2015, primarily representing the original issuance costs ($5.5 million) and discount ($538,000) of the redeemed Series C Preferred Stock (Units). |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs | Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs Hotel operating revenue was comprised of the following (in thousands):
Nearly all of our revenue is comprised of hotel operating revenue. This revenue is recorded net of any sales or occupancy taxes collected from our guests. We record all rebates or discounts, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. We make appropriate allowances for doubtful accounts, which we record as bad debt expense. We derive the remainder of our revenue from condominium management fee income and other sources.
Hotel departmental expenses were comprised of the following (in thousands, except for percentages):
Other property-related costs were comprised of the following amounts (in thousands, except for percentages):
Wyndham guarantees minimum levels of annual net operating income at each of the hotels it manages for us. We recorded $3.3 million and $1.3 million with respect to the pro rata portions of the projected aggregate full-year guaranties for the nine months ended September 30, 2016 and 2015, respectively (of which $1.8 million and $258,000 is attributable to the three months ended September 30, 2016 and September 30, 2015, respectively). We record these amounts as a reduction of Wyndham's contractual management and other fees. |
Taxes, Insurance and Lease Expense |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes, Insurance and Lease Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes, Insurance and Lease Expense | Taxes, Insurance and Lease Expense Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands):
In the third quarter of 2016, we acquired land previously leased for one of our hotels for $8.0 million.
|
Impairment |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Impairment Charges [Abstract] | |
Asset Impairment Charges [Text Block] | Impairment Charges Our hotels are comprised of operations and cash flows that can clearly be distinguished, operationally, and for financial reporting purposes, from the remainder of our operations. Accordingly, we consider our hotels to be components for purposes of determining impairment charges. We test for impairment whenever changes in circumstances indicate a hotel’s carrying value may not be recoverable. We conduct the test using undiscounted cash flows for the shorter of the hotel’s estimated hold period or its remaining useful life. When testing for recoverability of hotels held for investment, we use projected cash flows over its expected hold period. Those hotels held for investment that fail the impairment test are written down to their then current estimated fair value, before any selling expense, and we continue to depreciate the hotels over their remaining useful lives. In September 2016, we recorded a $20.1 million impairment charge for a hotel. The impairment charge was primarily based on both third-party offers to purchase the hotel and observable market data on a price per room basis from transactions involving hotels in similar locations (a Level 2 input under authoritative guidance for fair value measurements). In June 2016, we recorded a $6.3 million impairment charge for a hotel subsequently sold in the third quarter of 2016. The impairment charge was based on an accepted third-party offer to purchase the hotel (a Level 2 input under authoritative guidance for fair value measurements) at a price below our previously estimated fair market value for the property. In the third quarter of 2015, we determined that this hotel no longer met our investment criteria, and we recorded a $20.9 million impairment charge for this hotel at that time. The 2015 impairment charge was determined using Level 3 input under authoritative guidance for fair value measurements. For this estimate, we used a discounted cash flow analysis with an estimated stabilized growth rate of 3%, a discounted cash flow term of 5 years, a terminal capitalization rate of 8%, and a discount rate of 11%. We may record additional impairment charges if operating results of individual hotels are materially different from our forecasts, the economy and lodging industry weakens, or we shorten our contemplated holding period for additional hotels. |
Hotel Dispositions |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Dispositions | Hotel Dispositions During the nine months ended September 30, 2016, we sold two hotels (both of which were sold in the third quarter), and during the nine months ended September 30, 2015, we sold eight hotels. We included operations for the sold hotels in income (loss) from continuing operations as shown in the statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2016 and 2015, as disposition of these hotels did not represent a strategic shift in our business. Additionally, we included selling costs, which we expense as they are incurred, in the gain (loss) on the sale of hotels. We designate a hotel as held for sale when the sale is probable within the next twelve months. Generally, we consider a sale to be probable when a buyer completes its due diligence review, we have an executed contract for sale and we have received a substantial non-refundable deposit. There were no hotels held for sale at September 30, 2016 or December 31, 2015.
The following table includes condensed financial information primarily related to hotels sold in 2016 and 2015 included in continuing operations (in thousands):
Discontinued operations for all periods presented in the statements of operations and comprehensive income (loss) includes adjustments to gains and losses for hotels sold prior to December 31, 2013. |
Income (Loss) Per Share/Unit |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) Per Share/Unit | Loss Per Share/Unit The following tables set forth the computation of basic and diluted loss per share/unit (in thousands, except per share/unit data): FelCor Loss Per Share
FelCor LP Loss Per Unit
The income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations includes the net gain on sale of hotels attributable to FelCor/FelCor LP. We do not include the following securities because they would have been antidilutive for the periods presented (in thousands):
Series A preferred dividends (distributions) that would be excluded from net income (loss) attributable to FelCor common stockholders (or FelCor LP common unitholders), if these preferred shares/units were dilutive, were $6.3 million for the three months ended September 30, 2016 and 2015, and $18.8 million for the nine months ended September 30, 2016 and 2015. We grant our executive officers restricted stock units each year, which provides them with the potential to earn shares of our common stock in three increments over three to four years. A portion of the actual number of shares that vest is determined based on total stockholder return relative to a group of ten lodging REIT peers, and a portion is related to service. We amortize the fixed cost of these grants over the vesting periods. We calculate the potential dilutive impact of these awards on our earnings per share using the treasury stock method. |
Fair Value of Financial Instruments |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We base disclosures about fair value of our financial instruments on pertinent information available to management as of September 30, 2016 and December 31, 2015. We exercise considerable judgment when interpreting market data and developing estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize on disposition of the financial instruments. Different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts. We base our estimates of the fair value of: (i) cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses on their carrying values due to their relatively short maturity; (ii) our debt for which trading prices are publicly available on observable market data (a Level 2 input) (that debt had an estimated fair value of $1.0 billion at September 30, 2016 and December 31, 2015); and (iii) our debt for which trading prices are not publicly available on a discounted cash flow model using effective borrowing rates for debt with similar terms, loan to estimated fair value of collateral and remaining maturities (a Level 3 input) (that debt had an estimated fair value of $354.3 million and $438.8 million at September 30, 2016 and December 31, 2015, respectively). The estimated fair value of all our debt was $1.4 billion and $1.5 billion at September 30, 2016 and December 31, 2015, respectively. The carrying value of our debt was $1.3 billion and $1.4 billion at September 30, 2016 and December 31, 2015, respectively. |
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units | Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units We record redeemable noncontrolling interests in FelCor LP, in the case of FelCor, and redeemable units, in the case of FelCor LP, in the mezzanine section (between liabilities and equity or partners’ capital) of our consolidated balance sheets because of the redemption feature of these units. Additionally, FelCor’s consolidated statements of operations and comprehensive income (loss) separately present earnings attributable to redeemable noncontrolling interests. We adjust redeemable noncontrolling interests in FelCor LP (or redeemable units) each period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. We base the historical cost on the proportionate relationship between the carrying value of equity associated with FelCor’s common stockholders relative to that of FelCor LP’s unitholders. We base redemption value on the closing price of FelCor’s common stock at period end. FelCor allocates net income (loss) to FelCor LP’s noncontrolling partners based on their weighted average ownership percentage during the period.
At September 30, 2016, we carried 610,183 outstanding limited partnership units at $3.9 million. We base the value of these outstanding units on the closing price of FelCor’s common stock at September 30, 2016 ($6.43 per share). Changes in redeemable noncontrolling interests (or redeemable units) for the nine months ended September 30, 2016 and 2015 are shown below (in thousands):
|
Consolidated Joint Venture Preferred Equity/Capital Consolidated Joint Venture Preferred Equity/Capital |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Equity [Abstract] | |
Consolidated Joint Venture Preferred Equity/Capital | Consolidated Joint Venture Preferred Equity/Capital Our joint venture that redeveloped The Knickerbocker raised $45 million through the sale of redeemable preferred equity under the EB-5 Immigrant Investor Program. The purchasers receive a 3.25% current annual return (which increases to 8% if we do not redeem this equity interest before the fifth anniversary of its issuance), plus a 0.25% non-compounding annual return payable at redemption. To date, the venture has received $44.4 million in gross proceeds ($43.8 million net of issuance costs), including $600,000 and $1.8 million in gross proceeds received in the first nine months of 2016 and 2015, respectively. The venture will receive the remaining $600,000 as investors’ visas are approved. |
Commercial Dispute |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Commercial Dispute [Abstract] | |
Contingencies Disclosure [Text Block] | Commercial Dispute One of our consolidated subsidiaries was engaged in a commercial dispute with a third party. Under generally accepted accounting principles, we recorded $5.9 million in other expenses during the third quarter of 2014 to establish a provision for our estimate of our maximum exposure for this contingency. We paid the disputed amount in January 2015 but continued asserting our contractual rights. In June 2015, we settled the commercial dispute and recovered $3.7 million (net of legal costs), which we have recorded in other revenue for the nine months ended September 30, 2015. |
Contingency |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Contingency [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Contingency In April 2016, an affiliate of InterContinental Hotels Group PLC, or IHG, which had formerly operated three hotels on our behalf (two of which we sold in 2006, and one of which we converted to Wyndham operation and brand in 2013), notified us that the pension fund in which the employees at those hotels had participated has assessed $8.3 million in withdrawal liability in connection with the termination of IHG’s operation of those hotels. Under our hotel management agreements with IHG, we may be obligated to indemnify and hold IHG harmless for some or all of any amount ultimately contributed to the pension fund with respect to these hotels. Because of the rules and regulations governing the pension trust, we have paid $854,000 to the pension trust for the last three calendar quarters and expect to continue making such payments, on a quarterly basis, while the dispute is ongoing, subject to an overall contribution limit corresponding to the amount sought by the pension trust. While we aggressively oppose the pension trust’s position, we believe that resolution of this matter may take as long as two more years. Accordingly, we have recorded the payments made to date ($854,000, in total) and accrued for eight more quarterly payments that would be made if the dispute remains unresolved for another two years (approximately $2.3 million) as a loss on the sale of hotels included in discontinued operations because it primarily relates to hotels sold prior to 2013. Despite these payments and accruals, we believe that (i) the pension trust was in error in assessing the withdrawal liability in this situation and (ii) even if the pension trust was not in error, we are not responsible for a significant portion (or perhaps any) of the withdrawal liability assessed by the pension trust for other reasons and that we are likely to recover a significant portion (if not all) of what we have paid, and may pay in the future, to the pension trust with respect to its claim. Consequently, we are vigorously disputing the underlying claims and, if appropriate, IHG’s demand for indemnification. The matter involves significant legal, actuarial and factual analysis with respect to each hotel, and we have not determined whether any loss to us is probable or that any such loss is estimable (other than the payments and accrual noted in the previous paragraph, for which we intend to seek recovery). |
Severance |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Severance [Abstract] | |
Restructuring and Related Costs [Table Text Block] | Severance During the three and nine months ended September 30, 2016 and 2015, we recorded severance charges of $6.1 million and $3.6 million, respectively. The charges are included in other expenses and primarily relate to FelCor’s former Chief Executive Officer for 2016 and certain other officers for 2015. |
Recently Issue Accounting Standards |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted but not before the original effective date (for annual reporting periods beginning after December 15, 2016). We are evaluating what impact (if any) ASU 2014-09 will have on our financial position or results of operations. 16. Recently Issued Accounting Standards — (continued) In February 2016, the FASB issued ASU 2016-02 - Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is expected to impact our consolidated financial statements as we have certain operating lease arrangements. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. We are in the process of evaluating the impact of this new guidance. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which is intended to improve the accounting for share-based payment transactions. Under the new standard, companies can withhold shares up to the maximum individual statutory tax rate in the applicable jurisdiction as participants vest in stock and maintain equity classification of the entire award. Also under the new standard, forfeitures for stock awards may be recorded when they occur (the prior guidance required estimating forfeitures when recording stock compensation costs). Finally, the standard requires classifying cash paid when remitting cash to the tax authorities for stock compensation withholding as financing activity in the statement of cash flows. We adopted this standard effective January 1, 2016. Upon adoption, we revised our policy to account for stock compensation forfeitures as they occur, which resulted in a $185,000 increase in our accumulated deficit for the cumulative effect of change in accounting principle. In addition, in our statement of cash flows, we will reclassify $2.1 million and $3.1 million of cash paid to taxing authorities for shares withheld from operating activities to financing activities for the years ended December 31, 2015 and 2014, respectively. |
FelCor LP's Consolidating Financial Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 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.
The following tables present consolidating information for the Subsidiary Guarantors. FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2016 (in thousands)
17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands)
. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS For the Three Months Ended September 30, 2016 (in thousands)
17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS For the Three Months Ended September 30, 2015 (in thousands)
17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2016 (in thousands)
17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2015 (in thousands)
17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2016 (in thousands)
17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2015 (in thousands)
|
Organization (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Distribution of Consolidated Hotels | The following table illustrates the distribution by brand of our 38 Consolidated Hotels at September 30, 2016:
|
Investment in Unconsolidated Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Combined Balance Sheet Information of Unconsolidated Entities | The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Combined Statement of Operations Information of Unconsolidated Entities | The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of our investments in unconsolidated entities (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities | The following table summarizes the components of our equity in income from unconsolidated entities (in thousands):
|
Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Consolidated debt consisted of the following (dollars in thousands):
|
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Hotel Operating Revenue | Hotel operating revenue was comprised of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Hotel Departmental Expenses | Hotel departmental expenses were comprised of the following (in thousands, except for percentages):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Property-Related Costs | Other property-related costs were comprised of the following amounts (in thousands, except for percentages):
|
Taxes, Insurance and Lease Expense (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes, Insurance and Lease Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Taxes, Insurance and Lease Expense | Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands):
In the third quarter of 2016, we acquired land previously leased for one of our hotels for $8.0 million.
|
Hotel Dispositions (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups | The following table includes condensed financial information primarily related to hotels sold in 2016 and 2015 included in continuing operations (in thousands):
Discontinued operations for all periods presented in the statements of operations and comprehensive income (loss) includes adjustments to gains and losses for hotels sold prior to December 31, 2013. |
Income (Loss) Per Share/Unit (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share/Unit [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | The following tables set forth the computation of basic and diluted loss per share/unit (in thousands, except per share/unit data): FelCor Loss Per Share
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Securities Excluded from Computation of Earnings Per Share | We do not include the following securities because they would have been antidilutive for the periods presented (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FelCor Lodging LP [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share/Unit [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | FelCor LP Loss Per Unit
|
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests (or redeemable units) for the nine months ended September 30, 2016 and 2015 are shown below (in thousands):
|
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Investment in Unconsolidated Entities [Abstract] | ||
Investment in hotels and other properties, net of accumulated depreciation | $ 21,677 | $ 23,047 |
Total assets | 29,574 | 29,033 |
Debt, net of unamortized debt issuance costs | 22,190 | 22,563 |
Total liabilities | 24,841 | 24,541 |
Equity | $ 4,733 | $ 4,492 |
Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Real Estate Properties [Line Items] | ||||
Total revenues | $ 12,214 | $ 10,642 | $ 27,891 | $ 27,622 |
Net income | 1,821 | 836 | 3,351 | 22,906 |
Net income attributable to FelCor | 911 | 418 | 1,676 | 11,453 |
Cost in excess of joint venture book value of sold hotel | 0 | 0 | 0 | (3,140) |
Depreciation of cost in excess of book value | (97) | (97) | (290) | (330) |
Equity in income from unconsolidated entities | $ 814 | $ 321 | $ 1,386 | $ 7,983 |
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | $ 9,405 | $ 9,575 |
Equity basis of hotel joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | (4,076) | (4,216) |
Cost of hotel investments in excess of joint venture book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 7,039 | 7,329 |
Equity basis of land and condominium joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 6,442 | $ 6,462 |
Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | $ 814 | $ 321 | $ 1,386 | $ 7,983 |
Hotel investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | 378 | (63) | 1,405 | 8,141 |
Other investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | $ 436 | $ 384 | $ (19) | $ (158) |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Operating Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||
Room revenue | $ 174,169 | $ 177,378 | $ 514,563 | $ 521,750 |
Food and beverage revenue | 34,260 | 34,370 | 117,489 | 116,365 |
Other operating departments | 12,743 | 11,726 | 35,338 | 34,693 |
Total hotel operating revenue | $ 221,172 | $ 223,474 | $ 667,390 | $ 672,808 |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Departmental Expenses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||
Room | $ 44,032 | $ 44,485 | $ 131,479 | $ 131,419 |
Room as a percent of total hotel operating revenue | 19.90% | 19.90% | 19.70% | 19.50% |
Food and beverage | $ 28,227 | $ 29,457 | $ 91,775 | $ 91,431 |
Food and beverage as a percent of total hotel operating revenue | 12.80% | 13.20% | 13.80% | 13.60% |
Other operating departments | $ 3,820 | $ 4,572 | $ 11,642 | $ 13,352 |
Other operating departments as a percent of total hotel operating revenue | 1.70% | 2.00% | 1.70% | 2.00% |
Hotel departmental expenses | $ 76,079 | $ 78,514 | $ 234,896 | $ 236,202 |
Hotel departmental expenses as a percent of total hotel operating revenue | 34.40% | 35.10% | 35.20% | 35.10% |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs Wyndham Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Management Company NOI Guaranty, Amount Recorded | $ 1,800,000 | $ 258,000 | $ 3,300,000 | $ 1,300,000 |
Impairment (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment | $ 20,126 | $ 20,861 | $ 26,459 | $ 20,861 | ||
Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment | $ 20,100 | $ 6,300 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment | $ 20,900 | |||||
Discounted Cash Flow Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | |||||
Fair Value Assumptions, Expected Term | 5 years | |||||
Fair Value Inputs, Terminal Capitalization Rate | 8.00% | |||||
Fair Value Inputs, Discount Rate | 11.00% |
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 1,324,425 | $ 1,409,889 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 1,400,000 | 1,500,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 1,000,000 | 1,000,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $ 354,300 | $ 438,800 |
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 610,000 | 611,000 | ||
Redeemable units | $ 3,923 | $ 4,464 | $ 4,323 | $ 6,616 |
FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable units | $ 3,923 | $ 4,464 | ||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 610,183 | |||
Redeemable units | $ 3,900 | |||
Closing price of common stock | $ 6.43 |
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Schedule of Changes in Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at beginning of period | $ 4,464 | $ 6,616 | ||
Conversion of Operating Partnership Units Into Common Shares, Value | (9) | 0 | ||
Redemption value allocation | (355) | (2,076) | ||
Distributions paid to unitholders | (110) | (67) | ||
Net loss attributable to redeemable noncontrolling interests in FelCor LP | $ (50) | $ (61) | (67) | (150) |
Balance at end of period | 3,923 | $ 4,323 | 3,923 | $ 4,323 |
FelCor Lodging LP [Member] | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at beginning of period | 4,464 | |||
Balance at end of period | 3,923 | 3,923 | ||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at end of period | $ 3,900 | $ 3,900 |
Consolidated Joint Venture Preferred Equity/Capital (Details) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Schedule of Equity Method Investments [Line Items] | |||
Preferred capital in consolidated joint venture | $ 43,783,000 | $ 43,186,000 | |
The Knickerbocker® | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Proceeds from Sale of Preferred Equity Under the EB5 Immigrant Investor Program | $ 45,000,000 | ||
Current Annual Return | 3.25% | ||
Non-compounding Annual Return | 0.25% | ||
Total gross proceeds received to date from sale of preferred equity under the Immigrant Investor Program | $ 44,400,000 | ||
Current Return Increase | 8.00% | ||
Gross Proceeds received from sale of preferred equity under the Immigrant Investor Program | $ 600,000 | $ 1,800,000 | |
Gross Proceeds Net of Issuance Costs from Sale of Preferred Equity Under the Immigrant Investor Program | 43,800,000 | ||
Proceeds not yet received from Immigrant Investor Program | $ 600,000 |
Commercial Dispute (Details) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2014
USD ($)
|
Sep. 30, 2016
USD ($)
Rooms
|
Sep. 30, 2015
USD ($)
|
|
Loss Contingencies [Line Items] | |||
Loss Contingency, Loss in Period | $ 854,000 | ||
Gain (Loss) Related to Litigation Settlement | $ 3,700,000 | ||
Other Expense [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Loss in Period | $ 5,900,000 | ||
Consolidated Properties [Member] | |||
Loss Contingencies [Line Items] | |||
Number of hotels | 1 | 38 |
Contingency (Details) |
1 Months Ended | 9 Months Ended |
---|---|---|
Apr. 30, 2016
USD ($)
Hotels
|
Sep. 30, 2016
USD ($)
increment
|
|
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Sought, Value | $ | $ 8,300,000 | |
Loss Contingency, Loss in Period | $ | $ 854,000 | |
Estimated Number of Quarterly Payments | increment | 8 | |
Expected Resolution Term | 2 years | |
Loss Contingency Accrual | $ | $ 2,300,000 | |
InterContinental Hotels Group [Member] | ||
Loss Contingencies [Line Items] | ||
Number of hotels | Hotels | 3 | |
InterContinental Hotels Group [Member] | Disposal Group, Disposed of by Sale | ||
Loss Contingencies [Line Items] | ||
Number of hotels | Hotels | 2 | |
Wyndham Hotel Group [Member] | ||
Loss Contingencies [Line Items] | ||
Number of hotels | Hotels | 1 |
Severance (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Severance [Abstract] | ||||
Severance Costs | $ 6.1 | $ 3.6 | $ 6.1 | $ 3.6 |
Recently Issue Accounting Standards Recently Issued Accounting Standards (Details) - USD ($) |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of change in accounting for stock compensation forfeitures | $ 0 | |||
Stock compensation withheld - value | 592,000 | $ 8,000 | $ 2,100,000 | $ 3,100,000 |
Retained Earnings [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative effect of change in accounting for stock compensation forfeitures | 185,000 | |||
Stock compensation withheld - value | $ 591,000 | $ 8,000 |
A\BW$;C++26Y=E&>EXB-3..YTSR%&(W#A/
MXZY#G%1&6 3 &
ML/,9=Q0F 'Q'VU+QV*"R=]>LBDE>(+,(2IP8(\=X:P@*E$@FSY32(E+.3--I;U&@1('/
MF.D0U&<).6]!H-C!"+N4,1"X,J[)S@64%D#&3&%D7HPL%"C@>!/8YI3X#!Z
M4@