FelCor LP's Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidating Balance Sheet

The following tables present the consolidating financial information for the Subsidiary Guarantors:

FelCor Lodging Limited Partnership

Condensed Consolidating Balance Sheet

December 31, 2018 (Successor)

(in thousands)

	FelCor LP		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Equity investment in consolidated entities	$	1,913,418	$	—	$	—	$	(1,913,418	)	$	—
Investment in hotel properties, net	—		656,570		1,466,853		—			2,123,423
Investment in unconsolidated joint ventures	15,716		—		—		—			15,716
Cash and cash equivalents	10,778		—		10,573		—			21,351
Restricted cash reserves	441		—		2,770		—			3,211
Related party rent receivable	—		3,666		12,835		—			16,501
Intangible assets, net	—		46,260		—		—			46,260
Prepaid expense and other assets	1,819		1,297		3,436		—			6,552
Related party prepaid interest	—		—		180		—			180
Total assets	$	1,942,172	$	707,793	$	1,496,647	$	(1,913,418	)	$	2,233,194
Debt, net	$	505,322	$	—	$	154,015	$	(32,709	)	$	626,628
Related party debt	—		—		85,000		—			85,000
Accounts payable and other liabilities	9,288		14,376		19,725		—			43,389
Accrued interest	2,463		—		—		—			2,463
Distributions payable	—		—		126		—			126
Total liabilities	517,073		14,376		258,866		(32,709		)	757,606
Partnership interests	1,425,099		693,417		1,187,292		(1,880,709		)	1,425,099
Total partners' capital, excluding noncontrolling interest	1,425,099		693,417		1,187,292		(1,880,709		)	1,425,099
Noncontrolling interest in consolidated joint ventures	—		—		6,059		—			6,059
Preferred capital in a consolidated joint venture	—		—		44,430		—			44,430
Total partners’ capital	1,425,099		693,417		1,237,781		(1,880,709		)	1,475,588
Total liabilities and partners’ capital	$	1,942,172	$	707,793	$	1,496,647	$	(1,913,418	)	$	2,233,194

FelCor Lodging Limited Partnership

Condensed Consolidating Balance Sheet

December 31, 2017 (Successor)

(in thousands)

	FelCor LP		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Total Consolidated
Equity investment in consolidated entities	$	2,384,094	$	—	$	—	$	(2,384,094	)	$	—
Investment in hotel properties, net	—		856,541		1,641,339		—			2,497,880
Investment in unconsolidated joint ventures	16,912		—		—		—			16,912
Cash and cash equivalents	9,202		—		5,526		—			14,728
Restricted cash reserves	436		—		2,867		—			3,303
Related party rent receivable	—		32,200		47,890		—			80,090
Intangible assets, net	—		48,846		69,324		—			118,170
Prepaid expense and other assets	4,405		3,292		4,994		—			12,691
Total assets	$	2,415,049	$	940,879	$	1,771,940	$	(2,384,094	)	$	2,743,774
Debt, net	$	1,062,716	$	—	$	269,098	$	(32,709	)	$	1,299,105
Accounts payable and other liabilities	20,018		13,605		20,568		—			54,191
Related party lease termination fee payable	—		—		7,707		—			7,707
Accrued interest	12,286		—		—		—			12,286
Distributions payable	—		—		126		—			126
Total liabilities	1,095,020		13,605		297,499		(32,709		)	1,373,415
Partnership interests	1,320,029		927,274		1,424,111		(2,351,385		)	1,320,029
Total partners' capital, excluding noncontrolling interest	1,320,029		927,274		1,424,111		(2,351,385		)	1,320,029
Noncontrolling interest in consolidated joint ventures	—		—		5,900		—			5,900
Preferred capital in a consolidated joint venture	—		—		44,430		—			44,430
Total partners’ capital	1,320,029		927,274		1,474,441		(2,351,385		)	1,370,359
Total liabilities and partners’ capital	$	2,415,049	$	940,879	$	1,771,940	$	(2,384,094	)	$	2,743,774

Condensed Consolidating Statement of Operations and Comprehensive Loss

FelCor Lodging Limited Partnership

Condensed Consolidating Statement of Operations and Comprehensive Income

For the Year Ended December 31, 2018 (Successor)

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Related party lease revenue	$	—		$	87,898		$	129,699		$	—		$	217,597
Total revenues	—			87,898			129,699			—			217,597
Expenses
Depreciation and amortization	458			31,806			46,227			—			78,491
Property tax, insurance and other	134			27,948			25,672			—			53,754
General and administrative	840			117			99			—			1,056
Transaction costs	2,039			8			139			—			2,186
Total operating expenses	3,471			59,879			72,137			—			135,487
Other income	10			—			103			—			113
Interest income	805			—			84			(578		)	311
Interest expense	(28,428		)	—			(10,080		)	578			(37,930		)
Related party interest expense	—			—			(708		)	—			(708		)
Gain on sale of hotel properties, net	—			(15,763		)	34,186			—			18,423
Gain on extinguishment of indebtedness, net	12,931			—			(1,665		)	—			11,266
Income before equity in income from unconsolidated joint ventures	(18,153		)	12,256			79,482			—			73,585
Equity in income from consolidated entities	90,096			—			—			(90,096		)	—
Equity in income from unconsolidated joint ventures	1,395			—			—			—			1,395
Net income and comprehensive income	73,338			12,256			79,482			(90,096		)	74,980
Noncontrolling interest in consolidated joint ventures	—			—			(159		)	—			(159		)
Preferred distributions - consolidated joint venture	—			—			(1,483		)	—			(1,483		)
Net income and comprehensive income attributable to FelCor LP	$	73,338		$	12,256		$	77,840		$	(90,096	)	$	73,338

FelCor Lodging Limited Partnership

Condensed Consolidating Statement of Operations and Comprehensive Income

For the Period of September 1, 2017 through December 31, 2017 (Successor)

(in thousands)

	FelCor LP			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Related party lease revenue	$	—		$	32,572	$	48,687		$	—		$	81,259
Total revenues	—			32,572		48,687			—			81,259
Expenses
Depreciation and amortization	151			12,164		16,650			—			28,965
Property tax, insurance and other	25			8,800		8,237			—			17,062
General and administrative	904			59		56			—			1,019
Transaction costs	4,079			105		9			—			4,193
Total operating expenses	5,159			21,128		24,952			—			51,239
Interest income	113			—		1			(104		)	10
Interest expense	(15,918		)	—		(3,456		)	104			(19,270		)
Loss on sale of hotel properties	—			—		(6,637		)	—			(6,637		)
Income before equity in income from unconsolidated joint ventures	(20,964		)	11,444		13,643			—			4,123
Equity in income from consolidated entities	24,434			—		—			(24,434		)	—
Equity in income from unconsolidated joint ventures	661			—		—			—			661
Net income and comprehensive income	4,131			11,444		13,643			(24,434		)	4,784
Noncontrolling interest in consolidated joint ventures	—			—		(157		)	—			(157		)
Preferred distributions - consolidated joint venture	—			—		(496		)	—			(496		)
Net income and comprehensive income attributable to FelCor LP	$	4,131		$	11,444	$	12,990		$	(24,434	)	$	4,131

FelCor Lodging Limited Partnership

Condensed Consolidating Statement of Operations and Comprehensive Loss

For the Period of January 1, 2017 through August 31, 2017 (Predecessor)

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Room revenue	$	—		$	425,682		$	—		$	—		$	425,682
Food and beverage revenue	—			90,572			—			—			90,572
Related party lease revenue	—			—			84,509			(84,509		)	—
Other revenue	41			34,883			337			—			35,261
Total revenues	41			551,137			84,846			(84,509		)	551,515
Expenses
Room expense	—			112,813			—			—			112,813
Food and beverage expense	—			71,828			—			—			71,828
Management and franchise fee expense	—			19,901			—			—			19,901
Other operating expense	—			147,827			—			—			147,827
Total property operating expenses	—			352,369			—			—			352,369
Depreciation and amortization	309			28,064			44,692			—			73,065
Impairment loss	—			35,109			—			—			35,109
Property tax, insurance and other	921			111,020			16,846			(84,509		)	44,278
General and administrative	—			8,914			7,092			—			16,006
Transaction costs	68,248			—			—			—			68,248
Total operating expenses	69,478			535,476			68,630			(84,509		)	589,075
Other income	—			—			100			—			100
Intercompany interest income (expense)	241			—			(241		)	—			—
Interest income	66			59			1			—			126
Interest expense	(38,722		)	—			(12,968		)	—			(51,690		)
Loss on sale of hotel properties, net	2			(1,565		)	(201		)	—			(1,764		)
Loss on extinguishment of indebtedness	—			—			(3,278		)	—			(3,278		)
Loss before equity in income from unconsolidated joint ventures	(107,850		)	14,155			(371		)	—			(94,066		)
Equity in income from consolidated entities	12,779			—			—			(12,779		)	—
Equity in income from unconsolidated joint ventures	1,181			(77		)	(30		)	—			1,074
Loss before income tax expense	(93,890		)	14,078			(401		)	(12,779		)	(92,992		)
Income tax expense	(35		)	(464		)	—			—			(499		)
Loss from continuing operations	(93,925		)	13,614			(401		)	(12,779		)	(93,491		)
Loss from discontinued operations	(3,415		)	—			—			—			(3,415		)
Net loss and comprehensive loss	(97,340		)	13,614			(401		)	(12,779		)	(96,906		)
Noncontrolling interest in consolidated joint ventures	—			336			209			—			545
Preferred distributions - consolidated joint venture	—			—			(979		)	—			(979		)
Net loss and comprehensive loss attributable to FelCor LP	(97,340		)	13,950			(1,171		)	(12,779		)	(97,340		)
Preferred distributions	(16,744		)	—			—			—			(16,744		)
Net loss and comprehensive loss attributable to FelCor LP common unitholders	$	(114,084	)	$	13,950		$	(1,171	)	$	(12,779	)	$	(114,084	)

FelCor Lodging Limited Partnership

Condensed Consolidating Statement of Operations and Comprehensive Income

For the Year Ended December 31, 2016 (Predecessor)

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Revenues
Room revenue	$	—		$	661,640		$	—		$	—		$	661,640
Food and beverage revenue	—			155,227			—			—			155,227
Related party lease revenue	—			—			134,462			(134,462		)	—
Other revenue	210			49,449			428			—			50,087
Total revenues	210			866,316			134,890			(134,462		)	866,954
Expenses
Room expense	—			171,883			—			—			171,883
Food and beverage expense	—			119,047			—			—			119,047
Management and franchise fee expense	—			32,935			—			—			32,935
Other operating expense	—			227,300			—			—			227,300
Total property operating expenses	—			551,165			—			—			551,165
Depreciation and amortization	261			45,763			68,030			—			114,054
Impairment loss	—			26,459			—			—			26,459
Property tax, insurance and other	7,415			173,588			23,516			(134,462		)	70,057
General and administrative	—			14,848			12,189			—			27,037
Total operating expenses	7,676			811,823			103,735			(134,462		)	788,772
Other income	—			—			342			—			342
Intercompany interest income (expense)	378			—			(378		)	—			—
Interest income	31			30			1			—			62
Interest expense	(58,674		)	—			(19,570		)	—			(78,244		)
Gain on sale of hotel properties, net	387			6,450			(515		)	—			6,322
Income before equity in income from unconsolidated joint ventures	(65,344		)	60,973			11,035			—			6,664
Equity in income from consolidated entities	69,540			—			—			(69,540		)	—
Equity in income from unconsolidated joint ventures	1,781			(202		)	(46		)	—			1,533
Income before income tax expense	5,977			60,771			10,989			(69,540		)	8,197
Income tax expense	559			(1,586		)	154			—			(873		)
Income from continuing operations	6,536			59,185			11,143			(69,540		)	7,324
Loss from discontinued operations	(3,131		)	—			—			—			(3,131		)
Net income and comprehensive income	3,405			59,185			11,143			(69,540		)	4,193
Noncontrolling interest in consolidated joint ventures	—			520			153			—			673
Preferred distributions - consolidated joint venture	—			—			(1,461		)	—			(1,461		)
Net income and comprehensive income attributable to FelCor LP	3,405			59,705			9,835			(69,540		)	3,405
Preferred distributions	(25,115		)	—			—			—			(25,115		)
Net loss and comprehensive loss attributable to FelCor LP common unitholders	$	(21,710	)	$	59,705		$	9,835		$	(69,540	)	$	(21,710	)

Condensed Consolidating Statement of Cash Flows

FelCor Lodging Limited Partnership

Condensed Consolidating Statement of Cash Flows

For the Year Ended December 31, 2018 (Successor)

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating activities:
Cash flows from operating activities	$	(53,388	)	$	93,671		$	132,962		$	—		$	173,245
Investing activities:
Proceeds from the sale of hotel properties, net	—			178,170			267,117			—			445,287
Improvements and additions to hotel properties	—			(27,530		)	(46,850		)	—			(74,380		)
Additions to property and equipment	(4		)	—			—			—			(4		)
Intercompany financing	560,256			—			—			(560,256		)	—
Cash flows from investing activities	560,252			150,640			220,267			(560,256		)	370,903
Financing activities:
Proceeds from borrowings - related party	—			—			85,000			—			85,000
Repayments of borrowings	(538,814		)	—			(115,842		)	—			(654,656		)
Contributions from partners	732,319			—			—			—			732,319
Distributions to partners	(698,787		)	—			—			—			(698,787		)
Payments of deferred financing costs	—			—			(10		)	—			(10		)
Preferred distributions - consolidated joint venture	—			—			(1,483		)	—			(1,483		)
Intercompany financing	—			(244,311		)	(315,945		)	560,256			—
Cash flows from financing activities	(505,282		)	(244,311		)	(348,280		)	560,256			(537,617		)
Net change in cash, cash equivalents, and restricted cash reserves	1,582			—			4,949			—			6,531
Cash, cash equivalents, and restricted cash reserves, beginning of year	9,637			—			8,394			—			18,031
Cash, cash equivalents, and restricted cash reserves, end of year	$	11,219		$	—		$	13,343		$	—		$	24,562

FelCor Lodging Limited Partnership

Condensed Consolidating Statement of Cash Flows

For the Period of September 1, 2017 through December 31, 2017 (Successor)

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating activities:
Cash flows from operating activities	$	(44,202	)	$	(11,078	)	$	(16,872	)	$	—		$	(72,152	)
Investing activities:
Proceeds from the sale of hotel properties, net	—			—			165,893			—			165,893
Improvements and additions to hotel properties	—			(5,704		)	(17,933		)	—			(23,637		)
Intercompany financing	108,590			—			—			(108,590		)	—
Cash flows from investing activities	108,590			(5,704		)	147,960			(108,590		)	142,256
Financing activities:
Repayments of borrowings	(990		)	—			(1,174		)	—			(2,164		)
Contributions from partners	130,076			—			—			—			130,076
Distributions to partners	(187,616		)	—			—			—			(187,616		)
Distribution of FelCor TRS	—			(51,867		)	—			—			(51,867		)
Distributions to preferred unitholders	(4,186		)	—			—			—			(4,186		)
Payment of deferred financing costs	—			—			(254		)	—			(254		)
Preferred distributions - consolidated joint venture	—			—			(496		)	—			(496		)
Intercompany financing	—			20,142			(128,732		)	108,590			—
Cash flows from financing activities	(62,716		)	(31,725		)	(130,656		)	108,590			(116,507		)
Net change in cash, cash equivalents, and restricted cash reserves	1,672			(48,507		)	432			—			(46,403		)
Cash, cash equivalents, and restricted cash reserves, beginning of period	7,965			48,507			7,962			—			64,434
Cash, cash equivalents, and restricted cash reserves, end of period	$	9,637		$	—		$	8,394		$	—		$	18,031

FelCor Lodging Limited Partnership

Condensed Consolidating Statement of Cash Flows

For the Period of January 1, 2017 through August 31, 2017 (Predecessor)

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating activities:
Cash flows from operating activities	$	(40,773	)	$	85,899		$	54,214		$	—		$	99,340
Investing activities:
Proceeds from the sale of hotel properties, net	(696		)	74,281			(169		)	—			73,416
Improvements and additions to hotel properties	1			(16,727		)	(47,076		)	—			(63,802		)
Distributions from unconsolidated joint ventures	840			—			—			—			840
Intercompany financing	91,391			—			—			(91,391		)	—
Cash flows from investing activities	91,536			57,554			(47,245		)	(91,391		)	10,454
Financing activities:
Proceeds from borrowings	—			—			66,000			—			66,000
Repayment of borrowings	—			—			(121,691		)	—			(121,691		)
Distributions to preferred unitholders	(18,836		)	—			—			—			(18,836		)
Distributions to common unitholders	(30,926		)	—			—			—			(30,926		)
Distributions to noncontrolling interests	—			—			(150		)	—			(150		)
Contributions from noncontrolling interests	—			333			—			—			333
Net proceeds from the issuance of preferred capital in a consolidated joint venture	—			—			647			—			647
Intercompany financing	—			(140,853		)	49,462			91,391			—
Other	(6,568		)	—			(977		)	—			(7,545		)
Cash flows from financing activities	(56,330		)	(140,520		)	(6,709		)	91,391			(112,168		)
Net change in cash, cash equivalents, and restricted cash reserves	(5,567		)	2,933			260			—			(2,374		)
Cash, cash equivalents, and restricted cash reserves, beginning of period	13,532			45,574			7,702			—			66,808
Cash, cash equivalents, and restricted cash reserves, end of period	$	7,965		$	48,507		$	7,962		$	—		$	64,434

FelCor Lodging Limited Partnership

Condensed Consolidating Statement of Cash Flows

For the Year Ended December 31, 2016 (Predecessor)

(in thousands)

	FelCor LP			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Total Consolidated
Operating activities:
Cash flows from operating activities	$	(65,416	)	$	115,577		$	84,759		$	—		$	134,920
Investing activities:
Acquisition of land	—			—			(8,226		)	—			(8,226		)
Proceeds from the sale of hotel properties, net	(1,433		)	102,726			(323		)	—			100,970
Improvements and additions to hotel properties	(11		)	(31,309		)	(42,944		)	—			(74,264		)
Insurance proceeds	—			—			341			—			341
Distributions from unconsolidated joint ventures	1,586			—			—			—			1,586
Intercompany financing	149,667			—			—			(149,667		)	—
Cash flows from investing activities	149,809			71,417			(51,152		)	(149,667		)	20,407
Financing activities:
Proceeds from borrowings	—			—			85,000			—			85,000
Repayment of borrowings	—			—			(158,662		)	—			(158,662		)
Repurchase of common units	(30,462		)	—			—			—			(30,462		)
Distributions to preferred unitholders	(25,115		)	—			—			—			(25,115		)
Distributions to common unitholders	(33,606		)	—			—			—			(33,606		)
Payment of deferred financing costs	—			—			(12		)	—			(12		)
Distributions to noncontrolling interests	—			(14		)	(2		)	—			(16		)
Contributions from noncontrolling interests	—			397			239			—			636
Net proceeds from the issuance of preferred capital in a consolidated joint venture	—			—			597			—			597
Intercompany financing	—			(191,117		)	41,450			149,667			—
Other	(2,897		)	—			(1,461		)	—			(4,358		)
Cash flows from financing activities	(92,080		)	(190,734		)	(32,851		)	149,667			(165,998		)
Effect of exchange rate changes on cash	—			—			(9		)	—			(9		)
Net change in cash, cash equivalents, and restricted cash reserves	(7,687		)	(3,740		)	747			—			(10,680		)
Cash, cash equivalents, and restricted cash reserves, beginning of period	21,219			49,314			6,955			—			77,488
Cash, cash equivalents, and restricted cash reserves, end of period	$	13,532		$	45,574		$	7,702		$	—		$	66,808