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FelCor LP's Consolidating Financial Information
 3 Months Ended
Mar. 31, 2017
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 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.

16.
FelCor LP’s Consolidating Financial Information — (continued)
The following tables present consolidating information for the Subsidiary Guarantors.
FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET
March 31, 2017
(in thousands)

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

 
$
459,587

 
$
1,076,131

 
$
—

 
$
1,535,718

Equity investment in consolidated entities
1,136,432

 
—

 
—

 
(1,136,432
)
 
—

Investment in unconsolidated entities
2,200

 
4,125

 
1,207

 
—

 
7,532

Cash and cash equivalents
18,723

 
27,586

 
3,926

 
—

 
50,235

Restricted cash
—

 
17,436

 
4,883

 
—

 
22,319

Accounts receivable, net
1,934

 
33,171

 
5,871

 
—

 
40,976

Deferred expenses, net
—

 
—

 
4,059

 
—

 
4,059

Other assets
4,610

 
11,104

 
3,612

 
—

 
19,326

Total assets
$
1,163,899

 
$
553,009

 
$
1,099,689

 
$
(1,136,432
)
 
$
1,680,165

 
 
 
 
 
 
 
 
 
 
Debt, net
$
986,166

 
$
—

 
$
407,457

 
$
(39,436
)
 
$
1,354,187

Distributions payable
14,729

 
—

 
124

 
—

 
14,853

Accrued expenses and other liabilities
26,366

 
89,012

 
8,127

 
—

 
123,505

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,027,261

 
89,012

 
415,708

 
(39,436
)
 
1,492,545

 
 
 
 
 
 
 
 
 
 
Redeemable units, at redemption value
4,583

 
—

 
—

 
—

 
4,583

 
 
 
 
 
 
 
 
 
 
Preferred units
309,337

 
—

 
—

 
—

 
309,337

Common units
(177,282
)
 
465,118

 
631,878

 
(1,096,996
)
 
(177,282
)
Total FelCor LP partners’ capital
132,055

 
465,118

 
631,878

 
(1,096,996
)
 
132,055

Noncontrolling interests
—

 
(1,121
)
 
8,320

 
—

 
7,199

Preferred capital in consolidated joint venture
—

 
—

 
43,783

 
—

 
43,783

Total partners’ capital
132,055

 
463,997

 
683,981

 
(1,096,996
)
 
183,037

Total liabilities and partners’ capital
$
1,163,899

 
$
553,009

 
$
1,099,689

 
$
(1,136,432
)
 
$
1,680,165


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

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2016
(in thousands)

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

 
$
488,528

 
$
1,078,295

 
$
—

 
$
1,566,823

Equity investment in consolidated entities
1,190,737

 
—

 
—

 
(1,190,737
)
 
—

Investment in unconsolidated entities
2,410

 
4,800

 
1,102

 
—

 
8,312

Cash and cash equivalents
13,532

 
29,141

 
4,644

 
—

 
47,317

Restricted cash
—

 
16,433

 
3,058

 
—

 
19,491

Accounts receivable, net
2,804

 
33,338

 
5,938

 
—

 
42,080

Deferred expenses, net
—

 
—

 
4,527

 
—

 
4,527

Other assets
5,634

 
10,009

 
2,899

 
—

 
18,542

Total assets
$
1,215,117

 
$
582,249

 
$
1,100,463

 
$
(1,190,737
)
 
$
1,707,092

 
 
 
 
 
 
 
 
 
 
Debt, net
$
985,767

 
$
—

 
$
391,995

 
$
(39,436
)
 
$
1,338,326

Distributions payable
14,734

 
—

 
124

 
—

 
14,858

Accrued expenses and other liabilities
28,431

 
79,439

 
8,567

 
—

 
116,437

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,028,932

 
79,439

 
400,686

 
(39,436
)
 
1,469,621

 
 
 
 
 
 
 
 
 
 
Redeemable units, at redemption value
4,888

 
—

 
—

 
—

 
4,888

 
 
 
 
 
 
 
 
 
 
Preferred units
309,337

 
—

 
—

 
—

 
309,337

Common units
(128,040
)
 
503,765

 
647,536

 
(1,151,301
)
 
(128,040
)
Total FelCor LP partners’ capital
181,297

 
503,765

 
647,536

 
(1,151,301
)
 
181,297

Noncontrolling interests
—

 
(955
)
 
8,458

 
—

 
7,503

Preferred capital in consolidated joint venture
—

 
—

 
43,783

 
—

 
43,783

Total partners’ capital
181,297

 
502,810

 
699,777

 
(1,151,301
)
 
232,583

Total liabilities and partners’ capital
$
1,215,117

 
$
582,249

 
$
1,100,463

 
$
(1,190,737
)
 
$
1,707,092

.    FelCor LP’s Consolidating Financial Information — (continued)
 
 
FELCOR LODGING LIMITED PARTNERSHIP
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2017
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
187,696

 
$
—

 
$
—

 
$
187,696

Percentage lease revenue
—

 
—

 
38,044

 
(38,044
)
 
—

Other revenue
4

 
343

 
61

 
—

 
408

Total revenues
4

 
188,039

 
38,105

 
(38,044
)
 
188,104

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
128,838

 
—

 
—

 
128,838

Taxes, insurance and lease expense
40

 
45,952

 
5,954

 
(38,044
)
 
13,902

Corporate expenses
—

 
3,630

 
3,310

 
—

 
6,940

Depreciation and amortization
115

 
10,858

 
16,865

 
—

 
27,838

Impairment
—

 
24,838

 
—

 
—

 
24,838

Other expenses
473

 
741

 
46

 
—

 
1,260

Total operating expenses
628

 
214,857

 
26,175

 
(38,044
)
 
203,616

Operating loss
(624
)
 
(26,818
)
 
11,930

 
—

 
(15,512
)
Interest expense, net
(14,453
)
 
15

 
(4,848
)
 
—

 
(19,286
)
Loss before equity in loss from unconsolidated entities
(15,077
)
 
(26,803
)
 
7,082

 
—

 
(34,798
)
Equity in loss from consolidated entities
(21,435
)
 
—

 
—

 
21,435

 
—

Equity in loss from unconsolidated entities
441

 
(560
)
 
(11
)
 
—

 
(130
)
Loss from continuing operations before income tax
(36,071
)
 
(27,363
)
 
7,071

 
21,435

 
(34,928
)
Income tax
(26
)
 
(521
)
 
—

 
—

 
(547
)
Loss from continuing operations before loss on sale of hotels
(36,097
)
 
(27,884
)
 
7,071

 
21,435

 
(35,475
)
Loss on sale of hotels
—

 
(526
)
 
(140
)
 
—

 
(666
)
Net loss and comprehensive loss
(36,097
)
 
(28,410
)
 
6,931

 
21,435

 
(36,141
)
Loss attributable to noncontrolling interests
—

 
266

 
138

 
—

 
404

Preferred distributions - consolidated joint venture
—

 
—

 
(360
)
 
—

 
(360
)
Net loss and comprehensive loss attributable to FelCor LP
(36,097
)
 
(28,144
)
 
6,709

 
21,435

 
(36,097
)
Preferred distributions
(6,279
)
 
—

 
—

 
—

 
(6,279
)
Net loss attributable to FelCor LP common unitholders
$
(42,376
)
 
$
(28,144
)
 
$
6,709

 
$
21,435

 
$
(42,376
)
16.    FelCor LP’s Consolidating Financial Information — (continued)

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

 
$
209,457

 
$
—

 
$
—

 
$
209,457

Percentage lease revenue
—

 
—

 
43,545

 
(43,545
)
 
—

Other revenue
186

 
432

 
69

 
—

 
687

Total revenues
186

 
209,889

 
43,614

 
(43,545
)
 
210,144

 
 
 
 
 
 
 
 
 

Expenses:
 
 
 
 
 
 
 
 

Hotel operating expenses
—

 
142,229

 
—

 
—

 
142,229

Taxes, insurance and lease expense
27

 
51,484

 
5,616

 
(43,545
)
 
13,582

Corporate expenses
—

 
4,335

 
4,065

 
—

 
8,400

Depreciation and amortization
51

 
11,997

 
17,135

 
—

 
29,183

Other expenses
232

 
553

 
43

 
—

 
828

Total operating expenses
310

 
210,598

 
26,859

 
(43,545
)
 
194,222

Operating income
(124
)
 
(709
)
 
16,755

 
—

 
15,922

Interest expense, net
(14,661
)
 
9

 
(5,068
)
 
—

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

 
—

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

 
—

 
—

 
(9,867
)
 
—

Equity in loss from unconsolidated entities
64

 
(207
)
 
(11
)
 
—

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

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

 
—

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

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

 
(457
)
 
(257
)
 
—

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

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

 
369

 
102

 
—

 
471

Preferred distributions - consolidated joint venture
—

 
—

 
(360
)
 
—

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

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

 
—

 
—

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

 
$
(9,867
)
 
$
(11,249
)
16.    FelCor LP’s Consolidating Financial Information — (continued)
FELCOR LODGING LIMITED PARTNERSHIP
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2017
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Operating activities:
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
$
(16,563
)
 
$
17,875

 
$
24,652

 
$
—

 
$
25,964

Investing activities:
 
 
 
 
 
 
 
 
 
Improvements and additions to hotels
2

 
(5,719
)
 
(13,745
)
 
—

 
(19,462
)
Net payments related to asset sales
(306
)
 
(406
)
 
(100
)
 
—

 
(812
)
Change in restricted cash - investing
—

 
(1,002
)
 
(1,826
)
 
—

 
(2,828
)
Distributions from unconsolidated entities
490

 
—

 
—

 
—

 
490

Intercompany financing
37,025

 
—

 
—

 
(37,025
)
 
—

Cash flows from investing activities
37,211

 
(7,127
)
 
(15,671
)
 
(37,025
)
 
(22,612
)
Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from borrowings
—

 
—

 
29,000

 
—

 
29,000

Repayment of borrowings
—

 
—

 
(13,717
)
 
—

 
(13,717
)
Contributions from noncontrolling interests
—

 
100

 
—

 
—

 
100

Distributions paid to preferred unitholders
(6,279
)
 
—

 
—

 
—

 
(6,279
)
Distributions paid to common unitholders
(8,326
)
 
—

 
—

 
—

 
(8,326
)
Intercompany financing
—

 
(12,403
)
 
(24,622
)
 
37,025

 
—

Other
(852
)
 
—

 
(360
)
 
—

 
(1,212
)
Cash flows from financing activities
(15,457
)
 
(12,303
)
 
(9,699
)
 
37,025

 
(434
)
Change in cash and cash equivalents
5,191

 
(1,555
)
 
(718
)
 
—

 
2,918

Cash and cash equivalents at beginning of period
13,532

 
29,141

 
4,644

 
—

 
47,317

Cash and cash equivalents at end of period
$
18,723

 
$
27,586

 
$
3,926

 
$
—

 
$
50,235


16.    FelCor LP’s Consolidating Financial Information — (continued)
FELCOR LODGING LIMITED PARTNERSHIP
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2016
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Operating activities:
 
 
 
 
 
 
 
 
 
Cash flows from operating activities
$
(16,847
)
 
$
7,399

 
$
29,101

 
$
—

 
$
19,653

Investing activities:
 
 
 
 
 
 
 
 
 
Improvements and additions to hotels
3

 
(6,104
)
 
(7,907
)
 
—

 
(14,008
)
Net payments related to asset sales
(66
)
 
(278
)
 
(122
)
 
—

 
(466
)
Insurance proceeds
—

 
—

 
94

 
—

 
94

Change in restricted cash - investing
—

 
(1,627
)
 
(1,768
)
 
—

 
(3,395
)
Distributions from unconsolidated entities
136

 
—

 
—

 
—

 
136

Intercompany financing
51,999

 
—

 
—

 
(51,999
)
 
—

Cash flows from investing activities
52,072

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

 
—

 
31,000

 
—

 
31,000

Repayment of borrowings
—

 
—

 
(496
)
 
—

 
(496
)
Payment of deferred financing fees
—

 
—

 
(10
)
 
—

 
(10
)
Distributions paid to preferred unitholders
(6,279
)
 
—

 
—

 
—

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

 
—

 
—

 
(8,508
)
Repurchase of common units
(19,218
)
 
—

 
—

 
—

 
(19,218
)
Contributions from noncontrolling interests
—

 
68

 
—

 
—

 
68

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

 
—

 
598

 
—

 
598

Intercompany financing
—

 
1,743

 
(53,742
)
 
51,999

 
—

Other
(628
)
 
—

 
(360
)
 
—

 
(988
)
Cash flows from financing activities
(34,633
)
 
1,811

 
(23,010
)
 
51,999

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

 
—

 
(9
)
 
—

 
(9
)
Change in cash and cash equivalents
592

 
1,201

 
(3,621
)
 
—

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

 
33,873

 
4,694

 
—

 
59,786

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

 
$
35,074

 
$
1,073

 
$
—

 
$
57,958