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FelCor LP's Consolidating Financial Information (Felcor Lodging LP [Member])
 3 Months Ended
Mar. 31, 2012
Felcor Lodging LP [Member]
  
FelCor LP's Consolidating Financial Information [Text Block]
FelCor LP's Consolidating Financial Information

Certain of FelCor LP's 100% 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.

12.
FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET
March 31, 2012
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net investment in hotels
$
72,277

 
$
797,571

 
$
1,010,624

 
$
—

 
$
1,880,472

Hotel development
—

 
—

 
124,862

 
—

 
124,862

Equity investment in consolidated
    entities
1,452,057

 
—

 
—

 
(1,452,057
)
 
—

Investment in unconsolidated
    entities
55,772

 
11,692

 
1,436

 
—

 
68,900

Hotels held for sale
—

 
14,205

 
68,438

 
—

 
82,643

Cash and cash equivalents
37,278

 
57,751

 
3,146

 
—

 
98,175

Restricted cash
—

 
9,464

 
73,890

 
—

 
83,354

Accounts receivable, net
456

 
36,237

 
44

 
—

 
36,737

Deferred expenses, net
18,523

 
—

 
10,261

 
—

 
28,784

Other assets
6,510

 
10,146

 
6,592

 
—

 
23,248

 
 
 
 
 
 
 
 
 
 
Total assets
$
1,642,873

 
$
937,066

 
$
1,299,293

 
$
(1,452,057
)
 
$
2,427,175

 
 
 
 
 
 
 
 
 
 
Debt, net
$
987,345

 
$
—

 
$
638,260

 
$
—

 
$
1,625,605

Distributions payable
76,293

 
—

 
—

 
—

 
76,293

Accrued expenses and other
    liabilities
52,479

 
112,198

 
8,853

 
—

 
173,530

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,116,117

 
112,198

 
647,113

 
—

 
1,875,428

 
 
 
 
 
 
 
 
 
 
Redeemable units
3,061

 
—

 
—

 
—

 
3,061

 
 
 
 
 
 
 
 
 
 
Preferred units
478,774

 
—

 
—

 
—

 
478,774

Common units
44,921

 
800,579

 
625,322

 
(1,452,057
)
 
18,765

Accumulated other comprehensive
    income
—

 
26,156

 
—

 
—

 
26,156

Total FelCor LP partners’
    capital
523,695

 
826,735

 
625,322

 
(1,452,057
)
 
523,695

Noncontrolling interests
—

 
(1,867
)
 
26,858

 
—

 
24,991

Total partners' capital
523,695

 
824,868

 
652,180

 
(1,452,057
)
 
548,686

Total liabilities and
   partners' capital
$
1,642,873

 
$
937,066

 
$
1,299,293

 
$
(1,452,057
)
 
$
2,427,175


12.
FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING BALANCE SHEET
December 31, 2011
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net investment in hotel properties
$
67,828

 
$
805,280

 
$
1,080,687

 
$
—

 
$
1,953,795

Hotel development
—

 
—

 
120,163

 
—

 
120,163

Equity investment in consolidated
    entities
1,478,347

 
—

 
—

 
(1,478,347
)
 
—

Investment in unconsolidated
    entities
56,492

 
12,063

 
1,447

 
—

 
70,002

Cash and cash equivalents
23,503

 
67,001

 
3,254

 
—

 
93,758

Restricted cash
—

 
11,514

 
72,726

 
—

 
84,240

Accounts receivable, net
540

 
26,357

 
238

 
—

 
27,135

Deferred expenses, net
24,101

 
—

 
5,671

 
—

 
29,772

Other assets
8,507

 
10,817

 
5,039

 
—

 
24,363

 
 
 
 
 
 
 
 
 
 
Total assets
$
1,659,318

 
$
933,032

 
$
1,289,225

 
$
(1,478,347
)
 
$
2,403,228

 
 
 
 
 
 
 
 
 
 
Debt, net
$
984,931

 
$
—

 
$
611,535

 
$
—

 
$
1,596,466

Distributions payable
76,293

 
—

 
—

 
—

 
76,293

Accrued expenses and other
    liabilities
33,530

 
98,127

 
8,891

 
—

 
140,548

 
 
 
 
 
 
 
 
 
 
Total liabilities
1,094,754

 
98,127

 
620,426

 
—

 
1,813,307

 
 
 
 
 
 
 
 
 
 
Redeemable units
3,026

 
—

 
—

 
—

 
3,026

 
 
 
 
 
 
 
 
 
 
Preferred units
478,774

 
—

 
—

 
—

 
478,774

Common units
82,764

 
810,554

 
641,945

 
(1,478,347
)
 
56,916

Accumulated other comprehensive
    income
—

 
25,848

 
—

 
—

 
25,848

Total FelCor LP partners’
    capital
561,538

 
836,402

 
641,945

 
(1,478,347
)
 
561,538

Noncontrolling interests
—

 
(1,497
)
 
26,854

 
—

 
25,357

Total partners' capital
561,538

 
834,905

 
668,799

 
(1,478,347
)
 
586,895

Total liabilities and
   partners' capital
$
1,659,318

 
$
933,032

 
$
1,289,225

 
$
(1,478,347
)
 
$
2,403,228

FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended March 31, 2012
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
221,167

 
$
—

 
$
—

 
$
221,167

Percentage lease revenue
1,248

 
—

 
43,271

 
(44,519
)
 
—

Other revenue
1

 
220

 
54

 
—

 
275

Total revenues
1,249

 
221,387

 
43,325

 
(44,519
)
 
221,442

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
158,017

 
—

 
—

 
158,017

Taxes, insurance and lease expense
303

 
60,967

 
5,562

 
(44,519
)
 
22,313

Corporate expenses
1,844

 
3,410

 
2,958

 
—

 
8,212

Depreciation and amortization
1,131

 
11,753

 
18,689

 
—

 
31,573

Other expenses
418

 
508

 
37

 
—

 
963

Total operating expenses
3,696

 
234,655

 
27,246

 
(44,519
)
 
221,078

Operating income
(2,447
)
 
(13,268
)
 
16,079

 
—

 
364

Interest expense, net
(21,099
)
 
(345
)
 
(9,597
)
 
—

 
(31,041
)
Debt extinguishment
(7
)
 
—

 
—

 
—

 
(7
)
Loss before equity in loss from
   unconsolidated entities
(23,553
)
 
(13,613
)
 
6,482

 
—

 
(30,684
)
Equity in loss from
   consolidated entities
(5,138
)
 
—

 
—

 
5,138

 
—

Equity in loss from
   unconsolidated entities
32

 
(245
)
 
(11
)
 
—

 
(224
)
Loss from continuing operations
(28,659
)
 
(13,858
)
 
6,471

 
5,138

 
(30,908
)
Income from discontinued
   operations
—

 
23

 
2,024

 
—

 
2,047

Net loss
(28,659
)
 
(13,835
)
 
8,495

 
5,138

 
(28,861
)
Loss attributable to
    noncontrolling interests
—

 
265

 
(63
)
 
—

 
202

Net loss attributable to FelCor LP
(28,659
)
 
(13,570
)
 
8,432

 
5,138

 
(28,659
)
Preferred distributions
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Net loss attributable to FelCor LP
    common unitholders
$
(38,337
)
 
$
(13,570
)
 
$
8,432

 
$
5,138

 
$
(38,337
)


12.
FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS
For the Three Months Ended March 31, 2011
(in thousands)
 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Hotel operating revenue
$
—

 
$
207,024

 
$
—

 
$
—

 
$
207,024

Percentage lease revenue
1,247

 
—

 
40,476

 
(41,723
)
 
—

Other revenue
7

 
188

 
30

 
—

 
225

Total revenues
1,254

 
207,212

 
40,506

 
(41,723
)
 
207,249

 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
Hotel operating expenses
—

 
146,577

 
—

 
—

 
146,577

Taxes, insurance and lease expense
279

 
55,845

 
5,377

 
(41,723
)
 
19,778

Corporate expenses
169

 
5,159

 
4,209

 
—

 
9,537

Depreciation and amortization
1,165

 
11,061

 
18,561

 
—

 
30,787

Other expenses
115

 
483

 
33

 
—

 
631

Total operating expenses
1,728

 
219,125

 
28,180

 
(41,723
)
 
207,310

Operating loss
(474
)
 
(11,913
)
 
12,326

 
—

 
(61
)
Interest expense, net
(19,843
)
 
(685
)
 
(12,241
)
 
—

 
(32,769
)
Debt extinguishment
—

 
—

 
(245
)
 
—

 
(245
)
Gain on involuntary conversion, net
—

 
150

 
—

 
—

 
150

Loss before equity in loss from
    unconsolidated entities
(20,317
)
 
(12,448
)
 
(160
)
 
—

 
(32,925
)
Equity in income from
   consolidated entities
(10,530
)
 
—

 
—

 
10,530

 
—

Equity in loss from
   unconsolidated entities
(1,153
)
 
(419
)
 
(11
)
 
—

 
(1,583
)
Loss from continuing operations
(32,000
)
 
(12,867
)
 
(171
)
 
10,530

 
(34,508
)
Income from discontinued
    operations
216

 
147

 
2,419

 
—

 
2,782

Net loss
(31,784
)
 
(12,720
)
 
2,248

 
10,530

 
(31,726
)
Income attributable to
    noncontrolling interests
—

 
228

 
(286
)
 
—

 
(58
)
Net loss attributable to FelCor LP
(31,784
)
 
(12,492
)
 
1,962

 
10,530

 
(31,784
)
Preferred distributions
(9,678
)
 
—

 
—

 
—

 
(9,678
)
Net loss attributable to
   FelCor LP common unitholders
$
(41,462
)
 
$
(12,492
)
 
$
1,962

 
$
10,530

 
$
(41,462
)

FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2012
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net loss 
$
(28,659
)
 
$
(13,835
)
 
$
8,495

 
$
5,138

 
$
(28,861
)
Foreign currency translation
   adjustment
—

 
308

 
—

 
—

 
308

Comprehensive loss 
(28,659
)
 
(13,527
)
 
8,495

 
5,138

 
(28,553
)
Comprehensive loss
   attributable to noncontrolling
   interests
—

 
265

 
(63
)
 
—

 
202

Comprehensive loss
   attributable to FelCor LP
$
(28,659
)
 
$
(13,262
)
 
$
8,432

 
$
5,138

 
$
(28,351
)


FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2011
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total Consolidated
Net loss
$
(31,784
)
 
$
(12,720
)
 
$
2,248

 
$
10,530

 
$
(31,726
)
Foreign currency translation
   adjustment
—

 
1,292

 
—

 
—

 
1,292

Comprehensive loss 
(31,784
)
 
(11,428
)
 
2,248

 
10,530

 
(30,434
)
Comprehensive income
   attributable to noncontrolling
   interests
—

 
228

 
(286
)
 
—

 
(58
)
Comprehensive loss
   attributable to FelCor LP
$
(31,784
)
 
$
(11,200
)
 
$
1,962

 
$
10,530

 
$
(30,492
)
FelCor LP's Consolidating Financial Information – (continued)

FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2012
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Total Consolidated
Cash flows from operating activities
$
828

 
$
3,810

 
$
29,008

 
$
33,646

Cash flows used in investing activities
(4,669
)
 
(18,538
)
 
(21,863
)
 
(45,070
)
Cash flows from financing activities
17,616

 
5,427

 
(7,253
)
 
15,790

Effect of exchange rates changes on cash
—

 
51

 
—

 
51

Change in cash and cash equivalents
13,775

 
(9,250
)
 
(108
)
 
4,417

Cash and cash equivalents at beginning of period
23,503

 
67,001

 
3,254

 
93,758

Cash and equivalents at end of period
$
37,278

 
$
57,751

 
$
3,146

 
$
98,175




FELCOR LODGING LIMITED PARTNERSHIP

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2011
(in thousands)

 
FelCor LP
 
Subsidiary Guarantors
 
Non-Guarantor Subsidiaries
 
Total Consolidated
Cash flows from operating activities
$
(8,926
)
 
$
(8,180
)
 
$
22,911

 
$
5,805

Cash flows used in investing activities
214

 
(5,221
)
 
(11,979
)
 
(16,986
)
Cash flows used in financing activities
(100,597
)
 
13,272

 
(11,503
)
 
(98,828
)
Effect of exchange rates changes on cash
—

 
77

 
—

 
77

Change in cash and cash equivalents
(109,309
)
 
(52
)
 
(571
)
 
(109,932
)
Cash and cash equivalents at beginning of period
155,350

 
43,647

 
1,975

 
200,972

Cash and equivalents at end of period
$
46,041

 
$
43,595

 
$
1,404

 
$
91,040