Consolidating Financial Information

6 Months Ended

Jun. 30, 2011

Consolidating Financial Information [Abstract]

Consolidating Financial Information [Text Block]

Consolidating Financial Information

Certain of our wholly-owned subsidiaries (FelCor/CSS Holdings, L.P.; FelCor Lodging Holding Company, L.L.C.; FelCor TRS Borrower 1, L.P.; FelCor TRS Borrower 4, L.L.C.; FelCor TRS Holdings, L.L.C.; FelCor Canada Co.; FelCor/St. Paul Holdings, L.P.; FelCor Hotel Asset Company, L.L.C.; FelCor Copley Plaza, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; Los Angeles International Airport Hotel Associates, a Texas L.P.; Madison 237 Hotel, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively, “Subsidiary Guarantors”), together with FelCor, guarantee, fully and unconditionally, and jointly and severally, our senior debt.  The following tables present consolidating information for the Subsidiary Guarantors.

Consolidating Financial Information

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2011

(in thousands)

	FelCor LP		Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net investment in hotel properties	$	62,059	$	844,727		$	1,091,446	$	—		$	1,998,232
Equity investment in consolidated     entities	1,370,598		—			—		(1,370,598		)	—
Investment in unconsolidated     entities	59,034		12,229			1,470		—			72,733
Hotel held for sale	13,228		273			30,345		—			43,846
Cash and cash equivalents	180,388		48,697			1,964		—			231,049
Restricted cash	—		8,325			33,284		—			41,609
Accounts receivable, net	351		38,856			59		—			39,266
Deferred expenses, net	26,186		—			5,625		—			31,811
Other assets	14,792		13,910			5,579		—			34,281
Total assets	$	1,726,636	$	967,017		$	1,169,772	$	(1,370,598	)	$	2,492,827
Debt, net	$	980,260	$	—		$	631,846	$	—		$	1,612,106
Distributions payable	76,293		—			—		—			76,293
Accrued expenses and other     liabilities	28,652		104,738			9,577		—			142,967
Total liabilities	1,085,205		104,738			641,423		—			1,831,366
Redeemable units	3,887		—			—		—			3,887
Preferred units	478,774		—			—		—			478,774
Common units	158,770		835,390			507,156		(1,370,598		)	130,718
Accumulated other comprehensive     income	—		28,052			—		—			28,052
Total FelCor LP partners’     capital	637,544		863,442			507,156		(1,370,598		)	637,544
Noncontrolling interests	—		(1,163		)	21,193		—			20,030
Total partners' capital	637,544		862,279			528,349		(1,370,598		)	657,574
Total liabilities and    partners' capital	$	1,726,636	$	967,017		$	1,169,772	$	(1,370,598	)	$	2,492,827

15. Consolidating Financial Information – (continued)

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2010

(in thousands)

	FelCor LP		Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Net investment in hotel properties	$	76,763	$	720,093		$	1,188,923	$	—		$	1,985,779
Equity investment in consolidated     entities	1,025,818		—			—		(1,025,818		)	—
Investment in unconsolidated     entities	61,833		12,594			1,493		—			75,920
Cash and cash equivalents	155,350		43,647			1,975		—			200,972
Restricted cash	—		6,347			10,355		—			16,702
Accounts receivable, net	642		27,190			19		—			27,851
Deferred expenses, net	11,366		—			8,574		—			19,940
Other assets	7,112		20,325			4,834		—			32,271
Total assets	$	1,338,884	$	830,196		$	1,216,173	$	(1,025,818	)	$	2,359,435
Debt, net	$	658,168	$	—		$	890,141	$	—		$	1,548,309
Distributions payable	76,293		—			—		—			76,293
Accrued expenses and other     liabilities	33,836		100,007			10,608		—			144,451
Total liabilities	768,297		100,007			900,749		—			1,769,053
Redeemable units	2,004		—			—		—			2,004
Preferred units	478,774		—			—		—			478,774
Common units	89,809		704,117			295,127		(1,025,818		)	63,235
Accumulated other comprehensive     income	—		26,574			—		—			26,574
Total FelCor LP partners’     capital	568,583		730,691			295,127		(1,025,818		)	568,583
Noncontrolling interests	—		(502		)	20,297		—			19,795
Total partners' capital	568,583		730,189			315,424		(1,025,818		)	588,378
Total liabilities and    partners' capital	$	1,338,884	$	830,196		$	1,216,173	$	(1,025,818	)	$	2,359,435

Consolidating Financial Information – (continued)

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended June 30, 2011

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	256,355		$	—		$	—		$	256,355
Percentage lease revenue	1,629			—			47,387			(49,016		)	—
Other revenue	2			904			105			—			1,011
Total revenues	1,631			257,259			47,492			(49,016		)	257,366
Expenses:
Hotel operating expenses	—			170,113			—			—			170,113
Taxes, insurance and lease expense	537			66,205			5,837			(49,016		)	23,563
Corporate expenses	127			3,790			2,993			—			6,910
Depreciation and amortization	1,154			12,496			20,361			—			34,011
Impairment loss	—			9,018			2,688			—			11,706
Other expenses	(92		)	1,641			67			—			1,616
Total operating expenses	1,726			263,263			31,946			(49,016		)	247,919
Operating income (loss)	(95		)	(6,004		)	15,546			—			9,447
Interest expense, net	(24,121		)	(608		)	(10,146		)	—			(34,875		)
Debt extinguishment	(27,354		)	—			3,694			—			(23,660		)
Gain on involuntary conversion, net	(21		)	57			(15		)	—			21
Income (loss) before equity in    income (loss) from    unconsolidated entities	(51,591		)	(6,555		)	9,079			—			(49,067		)
Equity in income from    consolidated entities	9,272			—			—			(9,272		)	—
Equity in income (loss) from    unconsolidated entities	(112		)	154			(11		)	—			31
Income (loss) from continuing     operations	(42,431		)	(6,401		)	9,068			(9,272		)	(49,036		)
Discontinued operations	(17		)	(478		)	7,134			—			6,639
Net income (loss)	(42,448		)	(6,879		)	16,202			(9,272		)	(42,397		)
Net loss (income) attributable    to noncontrolling interests	—			(75		)	24			—			(51		)
Net income (loss) attributable    to FelCor LP	(42,448		)	(6,954		)	16,226			(9,272		)	(42,448		)
Preferred distributions	(9,678		)	—			—			—			(9,678		)
Net income (loss) attributable to    FelCor LP common unitholders	$	(52,126	)	$	(6,954	)	$	16,226		$	(9,272	)	$	(52,126	)

15. Consolidating Financial Information – (continued)

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Three Months Ended June 30, 2010

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	227,704		$	—		$	—		$	227,704
Percentage lease revenue	2,329			—			43,411			(45,740		)	—
Other revenue	—			912			95			—			1,007
Total revenues	2,329			228,616			43,506			(45,740		)	228,711
Expenses:
Hotel operating expenses	—			151,179			—			—			151,179
Taxes, insurance and lease expense	481			62,831			6,023			(45,740		)	23,595
Corporate expenses	(323		)	3,691			3,142			—			6,510
Depreciation and amortization	1,587			11,316			21,255			—			34,158
Other expenses	16			1,058			(273		)	—			801
Total operating expenses	1,761			230,075			30,147			(45,740		)	216,243
Operating income (loss)	568			(1,459		)	13,359			—			12,468
Interest expense, net	(20,509		)	(1,592		)	(13,755		)	—			(35,856		)
Debt extinguishment	—			46,600			(414		)	—			46,186
Income (loss) before equity in    income from unconsolidated    entities	(19,941		)	43,549			(810		)	—			22,798
Equity in income from    consolidated entities	41,690			—			—			(41,690		)	—
Equity in income from    unconsolidated entities	32			32			222			—			286
Income (loss) from continuing     operations	21,781			43,581			(588		)	(41,690		)	23,084
Discontinued operations	(116		)	(511		)	(467		)	—			(1,094		)
Net income (loss)	21,665			43,070			(1,055		)	(41,690		)	21,990
Net income attributable    to noncontrolling interests	—			(195		)	(130		)	—			(325		)
Net income (loss) attributable    to FelCor LP	21,665			42,875			(1,185		)	(41,690		)	21,665
Preferred distributions	(9,678		)	—			—			—			(9,678		)
Net income (loss) attributable to    FelCor LP common unitholders	$	11,987		$	42,875		$	(1,185	)	$	(41,690	)	$	11,987

15. Consolidating Financial Information – (continued)

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2011

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	481,848		$	—		$	—		$	481,848
Percentage lease revenue	2,875			—			91,848			(94,723		)	—
Other revenue	9			1,092			135			—			1,236
Total revenues	2,884			482,940			91,983			(94,723		)	483,084
Expenses:
Hotel operating expenses	—			329,152			—			—			329,152
Taxes, insurance and lease expense	816			125,650			11,878			(94,723		)	43,621
Corporate expenses	295			8,950			7,202			—			16,447
Depreciation and amortization	2,319			24,749			40,793			—			67,861
Impairment loss	—			9,018			2,688			—			11,706
Other expenses	23			2,124			100			—			2,247
Total operating expenses	3,453			499,643			62,661			(94,723		)	471,034
Operating income (loss)	(569		)	(16,703		)	29,322			—			12,050
Interest expense, net	(43,965		)	(1,293		)	(23,090		)	—			(68,348		)
Debt extinguishment	(27,354		)	—			3,449			—			(23,905		)
Gain on involuntary conversion,    net	(21		)	207			(15		)	—			171
Income (loss) before equity in    loss from unconsolidated entities	(71,909		)	(17,789		)	9,666			—			(80,032		)
Equity in loss from consolidated     entities	(1,259		)	—			—			1,259			—
Equity in loss from unconsolidated     entities	(1,264		)	(265		)	(23		)	—			(1,552		)
Income (loss) from continuing    operations	(74,432		)	(18,054		)	9,643			1,259			(81,584		)
Discontinued operations	200			(1,545		)	8,806			—			7,461
Net income (loss)	(74,232		)	(19,599		)	18,449			1,259			(74,123		)
Net loss (income) attributable to     noncontrolling interests	—			153			(262		)	—			(109		)
Net income (loss) attributable to    FelCor LP	(74,232		)	(19,446		)	18,187			1,259			(74,232		)
Preferred distributions	(19,356		)	—			—			—			(19,356		)
Net income (loss) attributable to    FelCor LP common unitholders	$	(93,588	)	$	(19,446	)	$	18,187		$	1,259		$	(93,588	)

15. Consolidating Financial Information – (continued)

CONDENSEDCONSOLIDATING STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2010

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues:
Hotel operating revenue	$	—		$	435,764		$	—		$	—		$	435,764
Percentage lease revenue	4,090			—			85,761			(89,851		)	—
Other revenue	—			1,233			139			—			1,372
Total revenues	4,090			436,997			85,900			(89,851		)	437,136
Expenses:
Hotel operating expenses	—			295,259			—			—			295,259
Taxes, insurance and lease expense	933			121,778			12,385			(89,851		)	45,245
Corporate expenses	377			8,573			7,407			—			16,357
Depreciation and amortization	3,175			22,647			42,817			—			68,639
Other expenses	16			1,582			(236		)	—			1,362
Total operating expenses	4,501			449,839			62,373			(89,851		)	426,862
Operating income (loss)	(411		)	(12,842		)	23,527			—			10,274
Interest expense, net	(40,838		)	(3,275		)	(26,469		)	—			(70,582		)
Debt extinguishment	—			46,600			(414		)				46,186
Income (loss) before equity in    income (loss) from    unconsolidated entities	(41,249		)	30,483			(3,356		)	—			(14,122		)
Equity in income from    consolidated entities	1,344			—			—			(1,344		)	—
Equity in income (loss) from    unconsolidated entities	(967		)	(425		)	204			—			(1,188		)
Income (loss) from continuing    operations	(40,872		)	30,058			(3,152		)	(1,344		)	(15,310		)
Discontinued operations	(176		)	(3,107		)	(22,359		)	—			(25,642		)
Net income (loss)	(41,048		)	26,951			(25,511		)	(1,344		)	(40,952		)
Net loss (income) attributable to     noncontrolling interests	—			(109		)	13			—			(96		)
Net income (loss) attributable to    FelCor LP	(41,048		)	26,842			(25,498		)	(1,344		)	(41,048		)
Preferred distributions	(19,356		)	—			—			—			(19,356		)
Net income (loss) attributable to    FelCor LP common unitholders	$	(60,404	)	$	26,842		$	(25,498	)	$	(1,344	)	$	(60,404	)

Consolidating Financial Information – (continued)

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2011

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Total Consolidated
Cash flows from (used in) operating activities	$	(49,446	)	$	4,892		$	59,080		$	14,526
Cash flows from (used in) investing activities	406			(151,109		)	29,944			(120,759		)
Cash flows from (used in) financing activities	74,078			151,174			(89,035		)	136,217
Effect of exchange rates changes on cash	—			93			—			93
Change in cash and cash equivalents	25,038			5,050			(11		)	30,077
Cash and cash equivalents at beginning of period	155,350			43,647			1,975			200,972
Cash and equivalents at end of period	$	180,388		$	48,697		$	1,964		$	231,049

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2010

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Total Consolidated
Cash flows from (used in) operating activities	$	(38,153	)	$	25,734		$	53,659		$	41,240
Cash flows from (used in) investing activities	(25,104		)	(7,427		)	(13,233		)	(45,764		)
Cash flows from (used in) financing activities	69,049			(5,394		)	(41,102		)	22,553
Effect of exchange rates changes on cash	—			(86		)	—			(86		)
Change in cash and cash equivalents	5,792			12,827			(676		)	17,943
Cash and cash equivalents at beginning of period	224,526			36,834			2,171			263,531
Cash and equivalents at end of period	$	230,318		$	49,661		$	1,495		$	281,474