QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland (Rangers Sub I, LLC) | ||||||||
Delaware (FelCor Lodging Limited Partnership) | ||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
c/o RLJ Lodging Trust | ||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of Class | Trading Symbol | Name of Exchange on Which Registered | ||||||||||||
(1) Neither Rangers Sub I, LLC nor FelCor Lodging Limited Partnership has securities registered pursuant to Section 12(b) of the Act. |
Large accelerated filer | o | Accelerated filer | o | |||||||||||||||||
ý | Smaller reporting company | |||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
Large accelerated filer | o | Accelerated filer | o | |||||||||||||||||
ý | Smaller reporting company | |||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
Page | ||||||||
Rangers Sub I, LLC | ||||||||
Consolidated Financial Statements (unaudited) | ||||||||
FelCor Lodging Limited Partnership | ||||||||
Consolidated Financial Statements (unaudited) | ||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Investment in hotel properties, net | $ | $ | |||||||||
Investment in unconsolidated joint ventures | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash reserves | |||||||||||
Related party rent receivable | |||||||||||
Advance to Lessee - related party | |||||||||||
Lease right-of-use assets | |||||||||||
Prepaid expense and other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Debt, net | $ | $ | |||||||||
Related party debt | |||||||||||
Accounts payable and other liabilities | |||||||||||
Lease liabilities | |||||||||||
Related party rent payable | |||||||||||
Accrued interest | |||||||||||
Related party accrued interest | |||||||||||
Total liabilities | |||||||||||
Commitments and Contingencies (Note 8) | |||||||||||
Equity | |||||||||||
Member's equity: | |||||||||||
Member's equity | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total member's equity | |||||||||||
Noncontrolling interest: | |||||||||||
Noncontrolling interest in consolidated joint ventures | |||||||||||
Noncontrolling interest in FelCor LP | |||||||||||
Total noncontrolling interest | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
For the three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues | |||||||||||
Operating revenues | |||||||||||
Related party lease revenue | $ | $ | |||||||||
Total revenues | |||||||||||
Expenses | |||||||||||
Operating expenses | |||||||||||
Depreciation and amortization | |||||||||||
Property tax, insurance and other | |||||||||||
General and administrative | |||||||||||
Transaction costs | |||||||||||
Total operating expenses | |||||||||||
Other expense | ( | ||||||||||
Interest income | |||||||||||
Interest expense | ( | ( | |||||||||
Related party interest expense | ( | ( | |||||||||
Loss before equity in (loss) income from unconsolidated joint ventures | ( | ( | |||||||||
Equity in (loss) income from unconsolidated joint ventures | ( | ||||||||||
Net loss and comprehensive loss | ( | ( | |||||||||
Net loss attributable to noncontrolling interests: | |||||||||||
Noncontrolling interest in consolidated joint ventures | |||||||||||
Noncontrolling interest in FelCor LP | |||||||||||
Net loss and comprehensive loss attributable to Rangers | $ | ( | $ | ( | |||||||
Member's Equity | Noncontrolling Interest | ||||||||||||||||||||||||||||
Equity | Accumulated Deficit | FelCor LP | Consolidated Joint Ventures | Total Equity | |||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
Net loss and comprehensive loss | — | ( | ( | ( | ( | ||||||||||||||||||||||||
Contributions | — | — | |||||||||||||||||||||||||||
Distributions | ( | — | ( | — | ( | ||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | ( | $ | $ | $ |
Member's Equity | Noncontrolling Interest | ||||||||||||||||||||||||||||
Equity | Retained Earnings | FelCor LP | Consolidated Joint Ventures | Total Equity | |||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net loss and comprehensive loss | — | ( | ( | ( | ( | ||||||||||||||||||||||||
Contributions | — | — | |||||||||||||||||||||||||||
Distributions | ( | — | ( | — | ( | ||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | $ |
For the three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to cash flow (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of deferred financing costs | |||||||||||
Other amortization | ( | ( | |||||||||
Equity in loss (income) from unconsolidated joint ventures | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Related party rent receivable | ( | ||||||||||
Prepaid expense and other assets | ( | ||||||||||
Related party rent payable | ( | ||||||||||
Accounts payable and other liabilities | ( | ||||||||||
Accrued interest | |||||||||||
Related party accrued interest | ( | ( | |||||||||
Net cash flow (used in) provided by operating activities | ( | ||||||||||
Cash flows from investing activities | |||||||||||
Improvements and additions to hotel properties | ( | ( | |||||||||
Advance to Lessee - related party | ( | ||||||||||
Contributions to unconsolidated joint ventures | ( | ( | |||||||||
Net cash flow used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Repayments of borrowings | ( | ( | |||||||||
Contributions from members | |||||||||||
Distributions to members | ( | ( | |||||||||
Net cash flow provided by (used in) financing activities | ( | ||||||||||
Net change in cash, cash equivalents, and restricted cash reserves | ( | ( | |||||||||
Cash, cash equivalents, and restricted cash reserves, beginning of year | |||||||||||
Cash, cash equivalents, and restricted cash reserves, end of period | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Investment in hotel properties, net | $ | $ | |||||||||
Investment in unconsolidated joint ventures | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash reserves | |||||||||||
Related party rent receivable | |||||||||||
Advance to Lessee - related party | |||||||||||
Lease right-of-use assets | |||||||||||
Prepaid expense and other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Partners' Capital | |||||||||||
Debt, net | $ | $ | |||||||||
Related party debt | |||||||||||
Accounts payable and other liabilities | |||||||||||
Lease liabilities | |||||||||||
Related party rent payable | |||||||||||
Accrued interest | |||||||||||
Related party accrued interest | |||||||||||
Total liabilities | |||||||||||
Commitments and Contingencies (Note 8) | |||||||||||
Partners' Capital | |||||||||||
Partners’ capital: | |||||||||||
Partners’ capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total partners’ capital, excluding noncontrolling interest | |||||||||||
Noncontrolling interest in consolidated joint ventures | |||||||||||
Total partners' capital | |||||||||||
Total liabilities and partners' capital | $ | $ |
For the three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues | |||||||||||
Operating revenues | |||||||||||
Related party lease revenue | $ | $ | |||||||||
Total revenues | |||||||||||
Expenses | |||||||||||
Operating expenses | |||||||||||
Depreciation and amortization | |||||||||||
Property tax, insurance and other | |||||||||||
General and administrative | |||||||||||
Transaction costs | |||||||||||
Total operating expenses | |||||||||||
Other expense | ( | ||||||||||
Interest income | |||||||||||
Interest expense | ( | ( | |||||||||
Related party interest expense | ( | ( | |||||||||
Loss before equity in (loss) income from unconsolidated joint ventures | ( | ( | |||||||||
Equity in (loss) income from unconsolidated joint ventures | ( | ||||||||||
Net loss and comprehensive loss | ( | ( | |||||||||
Net loss attributable to noncontrolling interests: | |||||||||||
Noncontrolling interest in consolidated joint ventures | |||||||||||
Net loss and comprehensive loss attributable to FelCor LP | $ | ( | $ | ( | |||||||
Partners' Capital | Noncontrolling Interest | ||||||||||||||||||||||
Capital | Accumulated Deficit | Consolidated Joint Ventures | Total Partners' Capital | ||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | ( | $ | $ | ||||||||||||||||||
Net loss and comprehensive loss | — | ( | ( | ( | |||||||||||||||||||
Contributions | — | — | |||||||||||||||||||||
Distributions | ( | — | — | ( | |||||||||||||||||||
Balance at March 31, 2021 | $ | $ | ( | $ | $ |
Partners' Capital | Noncontrolling Interest | ||||||||||||||||||||||
Capital | Retained Earnings | Consolidated Joint Ventures | Total Partners' Capital | ||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | |||||||||||||||||||
Net loss and comprehensive loss | ( | ( | ( | ||||||||||||||||||||
Contributions | — | — | |||||||||||||||||||||
Distributions | ( | — | — | ( | |||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ |
For the three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to cash flow (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of deferred financing costs | |||||||||||
Other amortization | ( | ( | |||||||||
Equity in loss (income) from unconsolidated joint ventures | ( | ||||||||||
Changes in assets and liabilities: | |||||||||||
Related party rent receivable | ( | ||||||||||
Prepaid expense and other assets | ( | ||||||||||
Related party rent payable | ( | ||||||||||
Accounts payable and other liabilities | ( | ||||||||||
Accrued interest | |||||||||||
Related party accrued interest | ( | ( | |||||||||
Net cash flow (used in) provided by operating activities | ( | ||||||||||
Cash flows from investing activities | |||||||||||
Improvements and additions to hotel properties | ( | ( | |||||||||
Advance to Lessee - related party | ( | ||||||||||
Contributions to unconsolidated joint ventures | ( | ( | |||||||||
Net cash flow used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Repayments of borrowings | ( | ( | |||||||||
Contributions from partners | |||||||||||
Distributions to partners | ( | ( | |||||||||
Net cash flow provided by (used in) financing activities | ( | ||||||||||
Net change in cash, cash equivalents, and restricted cash reserves | ( | ( | |||||||||
Cash, cash equivalents, and restricted cash reserves, beginning of year | |||||||||||
Cash, cash equivalents, and restricted cash reserves, end of period | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Land and improvements | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Furniture, fixtures and equipment | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Investment in hotel properties, net | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Equity basis of the joint venture investments | $ | ( | $ | ( | |||||||
Cost of the joint venture investments in excess of the joint venture book value | |||||||||||
Investment in unconsolidated joint ventures | $ | $ |
For the three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Unconsolidated joint ventures net (loss) income attributable to the Company | $ | ( | $ | |||||||||||
Depreciation of cost in excess of book value | ( | ( | ||||||||||||
Equity in (loss) income from unconsolidated joint ventures | $ | ( | $ |
Outstanding Borrowings at | ||||||||||||||||||||||||||||||||
Number of Assets Encumbered | Interest Rate | Maturity Date | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Senior Notes (1)(2)(3) | June 2025 | $ | $ | |||||||||||||||||||||||||||||
Mortgage loan (4) | October 2022 | |||||||||||||||||||||||||||||||
Mortgage loan (5) | October 2022 | |||||||||||||||||||||||||||||||
Mortgage loan (1)(6) | April 2024 | (7) | ||||||||||||||||||||||||||||||
Deferred financing costs, net | ( | ( | ||||||||||||||||||||||||||||||
Debt, net | $ | $ |
For the three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Lease revenue relating to lease payments (1) | $ | $ | |||||||||
Lease revenue relating to percentage rent lease payments | |||||||||||
Total related party lease revenue | $ | $ |
March 31, 2021 | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ |
For the three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Reconciliation of cash, cash equivalents, and restricted cash reserves | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash reserves | |||||||||||
Cash, cash equivalents, and restricted cash reserves | $ | $ | |||||||||
Interest paid | $ | $ | |||||||||
Interest paid to a related party | $ | $ | |||||||||
Income taxes refunded | $ | ( | $ | ( | |||||||
Operating cash flow lease payments for operating leases | $ | $ | |||||||||
Supplemental non-cash transactions | |||||||||||
Accrued capital expenditures | $ | $ | |||||||||
For the three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | $ Change | % Change | ||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Related party lease revenue | $ | 17,939 | $ | 25,619 | $ | (7,680) | (30.0) | % | |||||||||||||||
Total revenues | 17,939 | 25,619 | (7,680) | (30.0) | % | ||||||||||||||||||
Expenses | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Depreciation and amortization | 19,127 | 18,528 | 599 | 3.2 | % | ||||||||||||||||||
Property tax, insurance and other | 4,117 | 10,371 | (6,254) | (60.3) | % | ||||||||||||||||||
General and administrative | 141 | 367 | (226) | (61.6) | % | ||||||||||||||||||
Transaction costs | — | 11 | (11) | (100.0) | % | ||||||||||||||||||
Total operating expenses | 23,385 | 29,277 | (5,892) | (20.1) | % | ||||||||||||||||||
Other expense | (27) | — | (27) | 100.0 | % | ||||||||||||||||||
Interest income | 24 | 95 | (71) | (74.7) | % | ||||||||||||||||||
Interest expense | (7,645) | (8,033) | 388 | (4.8) | % | ||||||||||||||||||
Related party interest expense | (664) | (967) | 303 | (31.3) | % | ||||||||||||||||||
Loss before equity in (loss) income from unconsolidated joint ventures | (13,758) | (12,563) | (1,195) | 9.5 | % | ||||||||||||||||||
Equity in (loss) income from unconsolidated joint ventures | (298) | 549 | (847) | — | % | ||||||||||||||||||
Net loss and comprehensive loss | (14,056) | (12,014) | (2,042) | 17.0 | % | ||||||||||||||||||
Net loss attributable to noncontrolling interests: | |||||||||||||||||||||||
Noncontrolling interest in consolidated joint ventures | 99 | 50 | 49 | 98.0 | % | ||||||||||||||||||
Noncontrolling interest in FelCor LP | 140 | 120 | 20 | 16.7 | % | ||||||||||||||||||
Net loss and comprehensive loss attributable to Rangers | $ | (13,817) | $ | (11,844) | $ | (1,973) | 16.7 | % | |||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Investment in hotel properties, net | $ | 560,556 | $ | 563,231 | |||||||
Related party rent receivable | 5,496 | — | |||||||||
Note receivable from non-guarantor subsidiary | 32,709 | 32,709 | |||||||||
Interest receivable from non-guarantor subsidiary | 2,475 | 2,272 | |||||||||
Deferred rent asset - related party | 435 | 420 | |||||||||
Other assets | 126,012 | 128,049 | |||||||||
Total assets | $ | 727,683 | $ | 726,681 | |||||||
Debt, net | $ | 519,373 | $ | 520,538 | |||||||
Related party rent payable | — | 2,473 | |||||||||
Deferred rent liability - related party | 51 | 47 | |||||||||
Other liabilities | 55,677 | 48,896 | |||||||||
Total liabilities | $ | 575,101 | $ | 571,954 |
For the three months ended March 31, 2021 | |||||
Related party lease revenue | $ | 7,980 | |||
Total operating expenses | (9,097) | ||||
Other expense | (13) | ||||
Interest income | 20 | ||||
Interest income on note receivable from non-guarantor subsidiary | 203 | ||||
Interest expense | (6,067) | ||||
Loss before equity in loss from unconsolidated joint ventures | (6,974) | ||||
Equity in loss from unconsolidated joint ventures | (298) | ||||
Net loss and comprehensive loss attributable to FelCor LP | $ | (7,272) |
2021 | 2022 | 2023 | 2024 | 2025 | Total | ||||||||||||||||||||||||||||||
Fixed rate debt (1) | $ | 1,889 | $ | 110,997 | $ | — | $ | — | $ | 474,888 | $ | 587,774 | |||||||||||||||||||||||
Weighted-average interest rate | 4.95 | % | 4.95 | % | — | % | — | % | 6.00 | % | 5.80 | % | |||||||||||||||||||||||
Variable rate debt (2) | $ | — | $ | — | $ | — | $ | 96,000 | $ | — | $ | 96,000 | |||||||||||||||||||||||
Weighted-average interest rate | — | % | — | % | — | % | 1.71 | % | — | % | 1.71 | % | |||||||||||||||||||||||
Variable rate debt - related party debt | $ | — | $ | — | 85,000 | $ | — | $ | — | $ | 85,000 | ||||||||||||||||||||||||
Weighted-average interest rate | — | % | — | % | 3.11 | % | — | % | — | % | 3.11 | % | |||||||||||||||||||||||
Total | $ | 1,889 | $ | 110,997 | $ | 85,000 | $ | 96,000 | $ | 474,888 | $ | 768,774 |
Exhibit Number | Description of Exhibit | |||||||||||||
3.1 | ||||||||||||||
3.2 | ||||||||||||||
3.3 | ||||||||||||||
31.1* | ||||||||||||||
31.2* | ||||||||||||||
31.3* | ||||||||||||||
31.4* | ||||||||||||||
32.1* | ||||||||||||||
32.2* | ||||||||||||||
101.INS | Inline XBRL Instance Document | Submitted electronically with this report | ||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | Submitted electronically with this report | ||||||||||||
101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document | Submitted electronically with this report | ||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | Submitted electronically with this report | ||||||||||||
101.LAB | Inline XBRL Taxonomy Label Linkbase Document | Submitted electronically with this report | ||||||||||||
101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document | Submitted electronically with this report |
RANGERS SUB I, LLC | |||||
Dated: May 6, 2021 | /s/ LESLIE D. HALE | ||||
Leslie D. Hale | |||||
President and Chief Executive Officer | |||||
Dated: May 6, 2021 | /s/ SEAN M. MAHONEY | ||||
Sean M. Mahoney | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
Dated: May 6, 2021 | /s/ CHRISTOPHER A. GORMSEN | ||||
Christopher A. Gormsen | |||||
Senior Vice President and Chief Accounting Officer | |||||
(Principal Accounting Officer) |
FELCOR LODGING LIMITED PARTNERSHIP | |||||
By: Rangers General Partner, LLC, its General Partner | |||||
Dated: May 6, 2021 | /s/ LESLIE D. HALE | ||||
Leslie D. Hale | |||||
President and Chief Executive Officer | |||||
Dated: May 6, 2021 | /s/ SEAN M. MAHONEY | ||||
Sean M. Mahoney | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
Dated: May 6, 2021 | /s/ CHRISTOPHER A. GORMSEN | ||||
Christopher A. Gormsen | |||||
Senior Vice President and Chief Accounting Officer | |||||
(Principal Accounting Officer) |
RANGERS SUB I, LLC | |||||
Dated: May 6, 2021 | /s/ LESLIE D. HALE | ||||
Leslie D. Hale | |||||
President and Chief Executive Officer | |||||
RANGERS SUB I, LLC | |||||
Dated: May 6, 2021 | /s/ SEAN M. MAHONEY | ||||
Sean M. Mahoney | |||||
Executive Vice President and Chief Financial Officer | |||||
FELCOR LODGING LIMITED PARTNERSHIP | |||||
By: Rangers General Partner, LLC, its General Partner | |||||
Dated: May 6, 2021 | /s/ LESLIE D. HALE | ||||
Leslie D. Hale | |||||
President and Chief Executive Officer | |||||
FELCOR LODGING LIMITED PARTNERSHIP | |||||
By: Rangers General Partner, LLC, its General Partner | |||||
Dated: May 6, 2021 | /s/ SEAN M. MAHONEY | ||||
Sean M. Mahoney | |||||
Executive Vice President and Chief Financial Officer | |||||
RANGERS SUB I, LLC | |||||
Dated: May 6, 2021 | /s/ LESLIE D. HALE | ||||
Leslie D. Hale | |||||
President and Chief Executive Officer | |||||
/s/ SEAN M. MAHONEY | |||||
Sean M. Mahoney | |||||
Executive Vice President and Chief Financial Officer | |||||
FELCOR LODGING LIMITED PARTNERSHIP | |||||
By: Rangers General Partner, LLC, its General Partner | |||||
Dated: May 6, 2021 | /s/ LESLIE D. HALE | ||||
Leslie D. Hale | |||||
President and Chief Executive Officer | |||||
/s/ SEAN M. MAHONEY | |||||
Sean M. Mahoney | |||||
Executive Vice President and Chief Financial Officer | |||||
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands |
Total |
Additional Paid-in Capital |
Retained Earnings |
Noncontrolling Interest, Operating Partnerships |
Consolidated Joint Ventures |
FelCor Lodging LP |
FelCor Lodging LP
Additional Paid-in Capital
|
FelCor Lodging LP
Retained Earnings
|
FelCor Lodging LP
Consolidated Joint Ventures
|
---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2019 | $ 1,240,819 | $ 1,119,913 | $ 99,996 | $ 12,322 | $ 8,588 | $ 1,240,819 | $ 1,131,226 | $ 101,005 | $ 8,588 |
Increase (Decrease) in Owners' Equity | |||||||||
Net income (loss) and comprehensive income (loss) | (12,014) | (11,844) | (120) | (50) | (12,014) | 0 | (11,964) | (50) | |
Contributions | 24,641 | 24,394 | 247 | 24,641 | 24,641 | ||||
Distributions | (69,968) | (69,268) | (700) | (69,968) | (69,968) | ||||
Balance at Mar. 31, 2020 | 1,183,478 | 1,075,039 | 88,152 | 11,749 | 8,538 | 1,183,478 | 1,085,899 | 89,041 | 8,538 |
Balance at Dec. 31, 2020 | 1,191,623 | 1,201,428 | (29,878) | 11,834 | 8,239 | 1,191,623 | 1,213,564 | (30,180) | 8,239 |
Increase (Decrease) in Owners' Equity | |||||||||
Net income (loss) and comprehensive income (loss) | (14,056) | (13,817) | (140) | (99) | (14,056) | (13,957) | (99) | ||
Contributions | 16,051 | 15,890 | 161 | 16,051 | 16,051 | ||||
Distributions | (1,196) | (1,184) | (12) | (1,196) | (1,196) | ||||
Balance at Mar. 31, 2021 | $ 1,192,422 | $ 1,216,134 | $ (43,695) | $ 11,843 | $ 8,140 | $ 1,192,422 | $ 1,228,419 | $ (44,137) | $ 8,140 |
Organization |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | General Organization Rangers Sub I, LLC ("Rangers") is a Maryland limited liability company and a wholly-owned subsidiary of RLJ Lodging Trust, L.P. ("RLJ LP"). Rangers owns an indirect 99% partnership interest in FelCor Lodging Limited Partnership ("FelCor LP"). Rangers General Partner, LLC, also a wholly-owned subsidiary of RLJ LP, owns the remaining 1% partnership interest and is the sole general partner of FelCor LP. Rangers and FelCor LP are collectively referred to as the "Company." Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through FelCor LP. The Company owns primarily premium-branded, compact full-service hotels located in major markets and resort locations. As of March 31, 2021, the Company owned 28 hotel properties with approximately 8,100 rooms, located in 13 states. The Company, through wholly-owned subsidiaries, owned a 100% interest in 25 hotel properties, a 95% controlling interest in The Knickerbocker, and 50% interests in entities owning two hotel properties. The Company consolidates its real estate interests in the 26 hotel properties in which it holds a controlling financial interest, and the Company records the real estate interests in the two hotels in which it holds an indirect 50% interest using the equity method of accounting. The Company leases 27 of its 28 hotel properties to subsidiaries of RLJ LP. COVID-19 The Company's hotel property-owning subsidiaries (the “Lessors”) lease the hotel properties to property-operating lessees owned by TRS subsidiaries of RLJ (the “Lessees”). The Company receives related party lease revenue from these lease agreements, including percentage rent. The percentage rent amounts are calculated based on a percentage of room revenues, food and beverage revenues and other revenues at the hotel properties. As a result, the global outbreak of the novel coronavirus, or COVID-19, and the public health measures that have been undertaken in response have had, and will likely continue to have, a material adverse impact on the Company's financial results and liquidity, and such adverse impact may continue well beyond the containment of such outbreak and vaccination distribution. Since the extent to which the COVID-19 pandemic will continue to impact the Company's operations will depend on future developments that are highly uncertain, the Company cannot estimate the impact on its business, financial condition or near- or longer-term financial or operational results with reasonable certainty. As of March 31, 2021, operations at two hotels remained suspended. The remaining suspended hotel properties are located in New York City and San Francisco and RLJ will continue to evaluate reopening these hotels based on market conditions and other factors. As a result of the COVID-19 pandemic, two of the Lessees negotiated for and were granted an abatement on base rent of $2.8 million for the three months ended March 31, 2021. None of the Lessees received rent abatements during the three months ended March 31, 2020.
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Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The combined Annual Report on Form 10-K for the year ended December 31, 2020 of Rangers and FelCor LP contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no significant changes to the Company's significant accounting policies since December 31, 2020. Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive loss, statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on February 26, 2021. The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ from those estimates. Leases On April 10, 2020, the Financial Accounting Standards Board (the "FASB") issued a Staff Q&A to respond to frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance to those contracts. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments, cash payments made to the lessee, reduced future lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As a result of the impact of the COVID-19 pandemic on the Lessees, the Company made the determination to abate base rent of $2.8 million for two of its Lessees for the three months ended March 31, 2021. The Company did not abate base rent for any of the Lessees for the three months ended March 31, 2020. The Company has elected to not evaluate whether these rent abatements are lease modifications. The Company has elected to not apply the lease modification guidance to the rent abatements, and, as such, the Company has recognized the rent abatements as negative variable lease revenue of $2.8 million during the three months ended March 31, 2021. The Company will continue to evaluate the impact of lease concessions and/or abatements and the appropriate accounting. Recently Issued Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. The Company adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. |
Investment in Hotel Properties |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands):
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Investment in Unconsolidated Entities |
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Investment in Unconsolidated Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Entities | Investment in Unconsolidated Joint Ventures As of March 31, 2021 and December 31, 2020, the Company owned 50% interests in joint ventures that owned two hotel properties. During the year ended December 31, 2020, one of the unconsolidated joint ventures determined the property ground lease will terminate on October 31, 2021 and the property will revert to the ground lessor at that time. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in (loss) income from unconsolidated joint ventures related to the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the assets and liabilities of the joint ventures. As of March 31, 2021 and December 31, 2020, the unconsolidated entities' debt consisted entirely of non-recourse mortgage debt. The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands):
The following table summarizes the components of the Company's equity in (loss) income from unconsolidated joint ventures (in thousands):
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The Company's debt consisted of the following (in thousands):
(1)Requires payments of interest only through maturity. (2)The Senior Notes (as defined below) include $19.7 million and $20.9 million at March 31, 2021 and December 31, 2020, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3)The Company has the option to redeem the Senior Notes at a price of 103.0% of face value. (4)Includes $0.7 million and $0.9 million at March 31, 2021 and December 31, 2020, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (5)Includes $0.2 million and $0.3 million at March 31, 2021 and December 31, 2020, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6)The hotels encumbered by the mortgage loan are cross-collateralized. (7)The mortgage loan provides two one year extension options. The 6.000% Senior Notes due 2025 (the "Senior Notes") are subject to a maximum unsecured leverage maintenance covenant, which is based on asset value that is calculated at historical cost. In addition, the Senior Notes are subject to various incurrence covenants that limit the ability of the Company to incur additional debt if these covenants are violated. Failure to meet these incurrence covenant thresholds does not, in and of itself, constitute an event of default under the Senior Notes indenture. As of March 31, 2021, the Company was in compliance with all maintenance and incurrence covenants except the interest coverage ratio. As a result, the Company is currently prohibited from incurring additional debt until such ratio becomes compliant. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant. In addition, certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. At March 31, 2021, all three mortgage loans were below the DSCR threshold and were in cash trap events. At March 31, 2021, there was approximately $1.4 million held by lenders due to the cash trap events. During the three months ended March 31, 2021 and 2020, the Company recognized $7.6 million and $8.0 million of interest expense, respectively.
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Related Party Debt (Notes) |
3 Months Ended |
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Mar. 31, 2020 | |
Related Party Debt [Abstract] | |
Related Party Debt | Related Party DebtIn November 2018, the Company's consolidated joint venture entered into an $85.0 million related party mortgage loan with RLJ LP, which is included in related party debt in the accompanying consolidated balance sheets. The related party mortgage loan has an interest rate of LIBOR + 3.00% and a maturity date of November 9, 2023. The related party mortgage loan requires payments of interest only through maturity. The hotel property owned by the Company's consolidated joint venture is encumbered by the related party mortgage loan.During the three months ended March 31, 2021 and 2020, the Company recognized $0.7 million and $1.0 million of interest expense, respectively, related to its related party loan with RLJ LP. |
Fair Value |
3 Months Ended |
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Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair Value Measurement Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable: •Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities. •Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. •Level 3 — Inputs are unobservable and corroborated by little or no market data. Fair Value of Financial Instruments The Company used the following market assumptions and/or estimation methods: •Cash and cash equivalents, restricted cash reserves, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short term maturities. •Debt — The Senior Notes had an estimated fair value of approximately $487.8 million and $484.2 million at March 31, 2021 and December 31, 2020, respectively. The Company estimated the fair value of the Senior Notes by using publicly available trading prices, which are Level 2 inputs in the fair value hierarchy. The mortgage loans had an estimated fair value of approximately $204.3 million and $204.7 million at March 31, 2021 and December 31, 2020, respectively. The Company estimated the fair value of the mortgage loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The total estimated fair value of the Company's debt was $692.1 million and $688.9 million at March 31, 2021 and December 31, 2020, respectively. The total carrying value of the Company's debt was $703.9 million and $705.9 million at March 31, 2021 and December 31, 2020, respectively. •Related Party Debt — The Company's related party mortgage loan with RLJ LP had an estimated fair value of approximately $84.0 million at both March 31, 2021 and December 31, 2020. The Company estimated the fair value of the mortgage loan by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The total carrying value of the Company's related party debt was $85.0 million at both March 31, 2021 and December 31, 2020.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Operating Leases - Lessors As a lessor, the Company will receive lease revenue from the Lessees under its lease contracts. The lease contracts contain a specific base rent amount and a percentage rent amount, which is dependent upon the hotel properties reaching certain revenue thresholds and, if earned, is calculated based on a percentage of room revenues, food and beverage revenues, and other revenues at the hotel properties. The lease contracts will expire in 2021 (one hotel), 2022 (24 hotels) and thereafter (one hotel). The Company had a receivable due from the Lessees of $17.5 million as of March 31, 2021, which is included in related party rent receivable on the consolidated balance sheet. The Company owed the Lessees $0.5 million for reimbursement of rent as of December 31, 2020, which is included in related party rent payable on the consolidated balance sheet. As a result of the COVID-19 pandemic, two of the Lessees negotiated for and were granted an abatement on base rent of $2.8 million for the three months ended March 31, 2021. The Company has recognized the rent abatement as negative variable lease revenue during the three months ended March 31, 2021. None of the Lessees received rent abatements during the three months ended March 31, 2020. The lease revenue recognized during the three months ended March 31, 2021 and 2020 consisted of the following (in thousands):
(1) Reflects the impact of base rent abatement of $2.8 million for the three months ended March 31, 2021. The future lease payments to the Company under the noncancelable operating leases were as follows (in thousands):
Advance to Lessee - Related Party The Company's consolidated joint venture has provided advances to its Lessee as a result of the impact of the COVID-19 pandemic on the Lessee's operations. The total advance of $4.7 million and $2.7 million as of March 31, 2021 and December 31, 2020, respectively, is included in advance to Lessee - related party in the accompanying consolidated balance sheets. Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of furniture, fixtures and equipment ("FF&E")) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 4.0% to 5.0% of the individual hotel’s revenues and maintain the reserves in restricted cash reserve escrows. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of March 31, 2021 and December 31, 2020, approximately $5.6 million and $3.9 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance. The restricted cash reserves at March 31, 2021 of $5.6 million also includes $1.4 million held by lenders due to cash trap events. Litigation Neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows.
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Equity |
3 Months Ended |
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Mar. 31, 2021 | |
Equity [Abstract] | |
Equity | Equity Rangers Ownership Interests/FelCor LP Partnership Interests As of March 31, 2021, RLJ LP owned 100% of the ownership interests and was the sole managing member of Rangers. In addition, Rangers owned, through indirect interests, 99.0% of the partnership interests in FelCor LP. Rangers consolidates FelCor LP for financial reporting purposes as a result of its controlling financial interest. Rangers General Partner, LLC's 1.0% partnership interest in FelCor LP is recognized as a noncontrolling interest in FelCor LP on the consolidated balance sheets of Rangers. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets.
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Supplemental Information to Statements of Cash Flows |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information to Statements of Cash Flows | Supplemental Information to the Statements of Cash Flows The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands):
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Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive loss, statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2020, included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on February 26, 2021. The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation.
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Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ from those estimates.
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Lessor, Leases | Leases On April 10, 2020, the Financial Accounting Standards Board (the "FASB") issued a Staff Q&A to respond to frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance to those contracts. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments, cash payments made to the lessee, reduced future lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As a result of the impact of the COVID-19 pandemic on the Lessees, the Company made the determination to abate base rent of $2.8 million for two of its Lessees for the three months ended March 31, 2021. The Company did not abate base rent for any of the Lessees for the three months ended March 31, 2020. The Company has elected to not evaluate whether these rent abatements are lease modifications. The Company has elected to not apply the lease modification guidance to the rent abatements, and, as such, the Company has recognized the rent abatements as negative variable lease revenue of $2.8 million during the three months ended March 31, 2021. The Company will continue to evaluate the impact of lease concessions and/or abatements and the appropriate accounting.
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Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. The Company adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. |
Investment in Hotel Properties (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investment in hotel properties | Investment in hotel properties consisted of the following (in thousands):
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Investment in Unconsolidated Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands):
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Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities | The following table summarizes the components of the Company's equity in (loss) income from unconsolidated joint ventures (in thousands):
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The Company's debt consisted of the following (in thousands):
(1)Requires payments of interest only through maturity. (2)The Senior Notes (as defined below) include $19.7 million and $20.9 million at March 31, 2021 and December 31, 2020, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3)The Company has the option to redeem the Senior Notes at a price of 103.0% of face value. (4)Includes $0.7 million and $0.9 million at March 31, 2021 and December 31, 2020, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (5)Includes $0.2 million and $0.3 million at March 31, 2021 and December 31, 2020, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6)The hotels encumbered by the mortgage loan are cross-collateralized. (7)The mortgage loan provides two one year extension options.
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Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease, Lease Income | The lease revenue recognized during the three months ended March 31, 2021 and 2020 consisted of the following (in thousands):
(1) Reflects the impact of base rent abatement of $2.8 million for the three months ended March 31, 2021.
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Schedule of Future Minimum Rental Payments for Operating Leases | The future lease payments to the Company under the noncancelable operating leases were as follows (in thousands):
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Supplemental Information to Statements of Cash Flows (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Information to Statements of Cash Flows | The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands):
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Organization Limited Liability Companies (LLCs) and Limited Partnerships (LPs) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Real Estate Properties [Line Items] | ||
Contributions | $ 16,051 | $ 24,641 |
Summary of Significant Accounting Policies (Details) |
Mar. 31, 2021
joint_venture
|
---|---|
Accounting Policies [Abstract] | |
Real estate interests, number of joint ventures | 2 |
Equity method investment, ownership percentage | 50.00% |
Investment in Hotel Properties (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
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Property, Plant and Equipment [Abstract] | |||
Land and improvements | $ 501,502 | $ 501,448 | |
Buildings and improvements | 1,487,032 | 1,481,983 | |
Furniture, fixtures and equipment | 146,270 | 143,546 | |
Total | 2,134,804 | 2,126,977 | |
Accumulated depreciation | (244,339) | (225,333) | |
Investment in hotel properties, net | 1,890,465 | $ 1,901,644 | |
Real estate depreciation expense, excluding discontinued operations expense | $ 19,000 | $ 18,400 |
Investment in Unconsolidated Entities - Narrative (Details) - property |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Number of real estate properties | 28 | |
Unconsolidated Properties | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | 50.00% |
Number of real estate properties | 2 | 2 |
Investment in Unconsolidated Entities - Schedule of Components of Investment In Unconsolidated Entities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 6,665 | $ 6,798 |
Equity basis of the joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | (6,664) | (6,687) |
Cost of the joint venture investments in excess of the joint venture book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 13,329 | $ 13,485 |
Investment in Unconsolidated Entities - Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Schedule of Equity Method Investments [Line Items] | ||
Equity in (loss) income from unconsolidated joint ventures | $ (298) | $ 549 |
Unconsolidated joint ventures net (loss) income attributable to the Company | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in (loss) income from unconsolidated joint ventures | (142) | 829 |
Depreciation of cost in excess of book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in (loss) income from unconsolidated joint ventures | $ (156) | $ (280) |
Related Party Debt (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Nov. 30, 2018 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Related Party Transaction [Line Items] | ||||
Related party debt | $ 85,000 | $ 85,000 | ||
Related party interest expense | 664 | $ 967 | ||
LIBOR Plus 3.00 Percent, Due November 2023 | ||||
Related Party Transaction [Line Items] | ||||
Related party debt | $ 85,000 | |||
LIBOR | LIBOR Plus 3.00 Percent, Due November 2023 | ||||
Related Party Transaction [Line Items] | ||||
Description of variable rate basis | LIBOR | |||
Basis spread | 3.00% | |||
FelCor Lodging LP | ||||
Related Party Transaction [Line Items] | ||||
Related party debt | 85,000 | $ 85,000 | ||
Related party interest expense | $ 664 | $ 967 |
Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt, carrying value | $ 703,852 | $ 705,863 |
Related Party Debt | 85,000 | 85,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | 692,100 | 688,900 |
Related Party Debt, Fair Value | 84,000 | |
Senior notes | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | 487,800 | 484,200 |
Mortgage loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | $ 204,300 | $ 204,700 |
Commitments and Contingencies Future Lease Payments To the Company Under Noncancelable Operating Leases (Lessor) (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021
USD ($)
hotel
|
Dec. 31, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
|
|
Loss Contingencies [Line Items] | |||
Number of TRS Leases Expiring in 2021 | hotel | 1 | ||
Number of TRS Leases Expiring in 2022 | hotel | 24 | ||
Number of TRS Leases expiring Thereafter | hotel | 1 | ||
Rent reimbursement | $ 500 | ||
Rent abatement | 2,800 | ||
Lease revenue relating to lease payments | $ 15,240 | $ 17,839 | |
Lease revenue relating to percentage rent lease payments | 2,699 | 7,780 | |
Total related party lease revenue | 17,939 | $ 25,619 | |
2020 | 51,446 | ||
2021 | 51,750 | ||
2022 | 0 | ||
2023 | 0 | ||
2024 | 0 | ||
Thereafter | 0 | ||
Total | 103,196 | ||
Advance to Lessee - related party | 4,709 | 2,709 | |
Related party rent receivable | 17,512 | 0 | |
Rangers Sub I, LLC | |||
Loss Contingencies [Line Items] | |||
Advance to Lessee - related party | 4,700 | $ 2,700 | |
Related party rent receivable | $ 17,500 |
Commitments and Contingencies - Restricted Cash Reserves (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Loss Contingencies [Line Items] | ||
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue | 4.00% | |
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue | 5.00% | |
Restricted cash reserves for future capital expenditures, real estate taxes and insurance | $ 5,623 | $ 3,882 |
Lender | ||
Loss Contingencies [Line Items] | ||
Restricted Cash | $ 1,400 |
Equity Noncontrolling Interest (Details) |
Mar. 31, 2021 |
---|---|
The Knickerbocker New York | |
Noncontrolling Interest [Line Items] | |
Noncontrolling interest, ownership percentage by noncontrolling owners | 5.00% |
Supplemental Information to Statements of Cash Flows - Schedule of Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Supplemental Cash Flows [Line Items] | ||||
Cash and cash equivalents | $ 58,376 | $ 61,766 | ||
Restricted cash reserves | 5,623 | 3,882 | ||
Cash, cash equivalents, and restricted cash reserves | 63,999 | $ 22,337 | $ 65,648 | $ 23,719 |
Rangers Sub I, LLC | ||||
Supplemental Cash Flows [Line Items] | ||||
Cash and cash equivalents | 16,995 | |||
Restricted cash reserves | 5,342 | |||
Cash, cash equivalents, and restricted cash reserves | 63,999 | 22,337 | ||
Interest paid | 1,818 | 1,631 | ||
Interest paid to a related party | 666 | 1,008 | ||
Income taxes refunded | (2) | (39) | ||
Operating Lease, Payments | 1,309 | 1,949 | ||
Accrued capital expenditures | $ 6,298 | $ 2,751 |
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