Investment in Unconsolidated Entities

12 Months Ended

Dec. 31, 2016

Investment in Unconsolidated Entities [Abstract]

At December 31, 2016 and 2015, we owned 50% interests in joint ventures that owned two hotels. We also own 50% interests in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services there. We account for our investments in these unconsolidated entities under the equity method. We consolidate all of our majority-owned subsidiaries in our financial statements. We make adjustments to our equity in income from unconsolidated entities related to the difference between our basis in investment in unconsolidated entities compared to the historical basis of the assets recorded by the joint ventures.

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



	December 31,
	2016		2015
Investment in hotels and other properties, net of accumulated depreciation	$	20,898	$	23,047
Total assets	$	27,052	$	29,033
Debt, net of unamortized debt issuance costs	$	22,065	$	22,563
Total liabilities	$	24,311	$	24,541
Equity	$	2,741	$	4,492

Our unconsolidated entities’ debt at December 31, 2016 and 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. In connection with selling this hotel, the joint venture repaid the outstanding $10.5 million mortgage loan encumbering this hotel.

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



	Year Ended December 31,
	2016			2015			2014
Total revenues	$	33,615		$	32,591		$	59,453
Net income	$	3,839		$	22,799		$	12,561
Net income attributable to FelCor	$	1,920		$	11,400		$	6,281
Cost in excess of joint venture book value of sold hotel	—			(3,140		)	—
Depreciation of cost in excess of book value	(387		)	(427		)	(1,271		)
Equity in income from unconsolidated entities	$	1,533		$	7,833		$	5,010


8.	Investment in Unconsolidated Entities — (continued)

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



	December 31,
	2016			2015
Equity basis of hotel joint venture investments	$	(4,533	)	$	(4,216	)
Cost of hotel investments in excess of joint venture book value	6,942			7,329
Equity basis of land and condominium joint venture investments	5,903			6,462
Investment in unconsolidated entities	$	8,312		$	9,575

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



	Year Ended December 31,
	2016			2015			2014
Hotel investments	$	2,092		$	8,535		$	5,784
Other investments	(559		)	(702		)	(774		)
Equity in income from unconsolidated entities	$	1,533		$	7,833		$	5,010