(Mark One) | ||
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF | |
THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the fiscal year ended December 31, 2014 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF | |
THE SECURITIES EXCHANGE ACT OF 1934 | ||
For the transition period from to |
Commission file number: 001-14236 | (FelCor Lodging Trust Incorporated) | ||
Commission file number: 333-39595-01 | (FelCor Lodging Limited Partnership) |
Maryland | (FelCor Lodging Trust Incorporated) | 75-2541756 | |||
Delaware | (FelCor Lodging Limited Partnership) | 75-2544994 | |||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | ||||
545 E. John Carpenter Freeway, Suite 1300, Irving, Texas | 75062 | ||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | ||||||||||||||||
FelCor Lodging Trust Incorporated: | |||||||||||||||||
Common Stock | New York Stock Exchange | ||||||||||||||||
$1.95 Series A Cumulative Convertible Preferred Stock | New York Stock Exchange | ||||||||||||||||
Depositary Shares representing 8% Series C Cumulative Redeemable Preferred Stock | New York Stock Exchange | ||||||||||||||||
FelCor Lodging Limited Partnership: | |||||||||||||||||
None |
FelCor Lodging Trust Incorporated | þ | Yes | ¨ | No | ||
FelCor Lodging Limited Partnership | ¨ | Yes | þ | No |
FelCor Lodging Trust Incorporated | ¨ | Yes | þ | No | ||
FelCor Lodging Limited Partnership | þ | Yes | ¨ | No |
FelCor Lodging Trust Incorporated | þ | Yes | ¨ | No | ||
FelCor Lodging Limited Partnership | ¨ | Yes | þ | No |
FelCor Lodging Trust Incorporated | þ | Yes | ¨ | No | ||
FelCor Lodging Limited Partnership | þ | Yes | ¨ | No |
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ |
FelCor Lodging Trust Incorporated: | ||
Large accelerated filer þ | Accelerated filer ¨ | |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
FelCor Lodging Limited Partnership: | ||
Large accelerated filer o | Accelerated filer ¨ | |
Non-accelerated filer þ (Do not check if a smaller reporting company) | Smaller reporting company o |
FelCor Lodging Trust Incorporated | o | Yes | þ | No | ||
FelCor Lodging Limited Partnership | o | Yes | þ | No |
The aggregate market value of shares of common stock held by non-affiliates of FelCor Lodging Trust Incorporated as of June 30, 2014, computed by reference to the price at which its common stock was last sold at June 30, 2014, was approximately $1.3 billion. | ||||||||||||||||||||
As of February 20, 2015, FelCor Lodging Trust Incorporated had issued and outstanding 124,872,546 shares of common stock. | ||||||||||||||||||||
DOCUMENTS INCORPORATED BY REFERENCE | ||||||||||||||||||||
Portions of FelCor Lodging Trust Incorporated’s definitive Proxy Statement pertaining to its 2015 Annual Meeting of Stockholders (the “Proxy Statement”), filed or to be filed not later than 120 days after the end of the fiscal year pursuant to Regulation 14A, is incorporated herein by reference into Part III. |
• | presents our business as a whole (the same way management views and operates the business); |
• | eliminates duplicative disclosure and provides a more streamlined presentation (a substantial portion of our disclosure applies to both FelCor and FelCor LP); and |
• | saves time and cost by preparing combined reports instead of separate reports. |
Item No. | Page | ||
PART I | |||
Item 1. | Business | ||
Item 1A. | Risk Factors | ||
Item 1B. | Unresolved Staff Comments | ||
Item 2. | Properties | ||
Item 3. | Legal Proceedings | ||
Item 4. | Mine Safety Disclosures | ||
PART II | |||
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | ||
Item 6. | Selected Financial Data | ||
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | ||
Item 8. | Financial Statements and Supplementary Data | ||
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | ||
Item 9A. | Controls and Procedures | ||
PART III | |||
Item 10. | Directors, Executive Officers of the Registrant and Corporate Governance | ||
Item 11. | Executive Compensation | ||
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | ||
Item 13. | Certain Relationships, Related Transactions and Director Independence | ||
Item 14. | Principal Accountant Fees and Services | ||
PART IV | |||
Item 15. | Exhibits and Financial Statement Schedules |
• | Utilize Our Unique Hands-On Asset Management Approach to Maximize Returns at Our Hotels. We seek to maximize revenue, market share, hotel operating margins and cash flow at every hotel. FelCor’s asset management is aggressive and hands-on. All of our asset managers have extensive hotel operating experience and thorough knowledge of the markets and overall demand dynamics where our hotels operate. Consequently, their interaction with our hotel managers is very effective. With our long-standing and extensive brand relationships, we have significant influence over how their policies and procedures (most notably, brand strategy for marketing and revenue enhancement programs) affect us as hotel owners. |
• | Pursue Redevelopment Opportunities that Leverage Our Development and Operations Expertise. We consider expansion and redevelopment opportunities at our legacy and newly-acquired properties that offer attractive risk-adjusted returns by utilizing excess land, purchasing air rights and maximizing the use of existing space. Redevelopment opportunities may include adding guest rooms, meeting space and amenities, such as spas, and developing condominiums. We have successfully redeveloped and repositioned several hotels, including, most recently, the Fairmont Copley Plaza in Boston. From 2009 (prior to redevelopment) to 2014, revenue per available rooms, or RevPAR, and Hotel EBITDA1 at that hotel increased 42% to $229 and 130% to $10.1 million, respectively. We are currently seeking the necessary approvals and entitlements to redevelop several of our hotels, located in core markets, that offer attractive risk-adjusted returns that are significantly above our cost of capital. |
• | Acquire Hotels That Further Improve Our Portfolio Quality and Earnings Growth Rates. We seek to acquire high-quality hotels in major urban and resort markets with high barriers-to-entry and high growth potential, typified by our most recent acquisitions of the iconic Fairmont Copley Plaza and the Knickerbocker. We target properties that are accretive to long-term stockholder value, will provide investment returns that exceed our weighted average cost of capital and provide attractive long-term yields. Additionally, we seek properties that will improve the overall quality and diversity of our portfolio and consider hotels that offer redevelopment and/or revenue repositioning opportunities that can further enhance returns on our investment. |
• | Enhance Our Assets’ Long-Term Performance by Investing in High-ROI Capital Projects. We spend capital prudently. Our capital strategy involves efficiently maintaining our properties over the long-term and limiting future expenditure fluctuations, while maximizing return on investment. We generally renovate six to eight core hotels each year to maintain their competitive position and value. We routinely evaluate value-adding opportunities at our hotels, such as better use of public areas, new restaurant concepts and improved food and beverage operations. For example, after completing a $13 million renovation at the Embassy Suites Myrtle Beach Oceanfront Resort (which included renovating the public areas, adding food and beverage outlets, and upgrading the lobby, front desk and entrance), total revenues increased 69% to $20.2 million from 2011 to 2014, while Hotel EBITDA1 increased 72% to $5.3 million during the same time period. |
• | Balance Sheet Management. We are committed to strengthening our balance sheet further by reducing leverage, extending debt maturities and taking advantage of opportunities to lower our cost of debt. Our much improved balance sheet provides the necessary flexibility and capacity to thrive throughout lodging industry cycles. We will continue to reduce our leverage (as measured by Debt to Adjusted EBITDA1) by, among other things, selling additional non-strategic hotels, increasing operating cash flow by improving RevPAR at our hotels and capturing the earning potential of our recently-opened Knickerbocker Hotel. We also expect to refinance or repay higher cost debt, resulting in lower borrowing costs and extended debt maturities. |
• | Sell Hotels That No Longer Meet Our Investment Criteria. We believe selling non-strategic hotels, and reallocating capital to more attractive investments enhances our long-term growth, increases our return on capital and enables management to focus on long-term investments within our target markets. On an ongoing basis, we review our hotels in terms of projected performance, future capital expenditure requirements, market dynamics and concentration risk and sell those properties in markets that no longer offer an attractive return on our investment or are inconsistent with our long-term portfolio strategy. |
• | Since December 2010, we have sold 34 hotels (including eight hotels sold in 2014 and two sold in February 2015), for total gross proceeds of $764.5 million (our pro rata share was $698.4 million). |
• | We successfully repositioned eight Wyndham hotels from Holiday Inns, which were rebranded on March 1, 2013. We completed renovations at two of these Wyndham hotels during 2014 (the remaining six were renovated in 2012 and 2013). Rebranding and repositioning these hotels demonstrates how we execute our long-term value creation strategy by maximizing the value and earnings potential of our hotels. RevPAR at these eight hotels increased 20% during 2014, compared to the prior year. |
• | Our Board of Directors reinstated the quarterly common dividend. We paid $0.02 per share for each of the first three quarters of 2014 in recognition of our ongoing and successful portfolio repositioning and balance sheet restructuring, as well as our positive funds available for distribution (“FAD”). Our Board of Directors increased the dividend by 100% to $0.04 per share beginning with the fourth quarter of 2014, which was paid in January 2015. |
• | In 2014, we spent $83.7 million on capital expenditures, primarily for renovations and redevelopment at nine of our hotels, including the two Wyndham hotels. |
• | We spent $138.0 million (excluding the initial acquisition costs and capitalized interest) through December 31, 2014 to redevelop the Knickerbocker Hotel, located in the heart of Times Square in Manhattan. Acquiring and developing this hotel exemplifies our efforts to reposition our portfolio. The luxury boutique hotel opened in February 2015. |
• | We repaid $306 million of debt, including all of the debt scheduled to mature during 2014. We repaid $63 million of mortgage loans that were secured by five hotels using proceeds from asset sales. We also repaid the remaining $234 million of our 10% senior notes due in 2014 using proceeds from asset sales, cash on hand, funds drawn under our line of credit and a new $140 million term loan. As a result of these transactions, we extended our weighted-average debt maturity to 2021, while reducing our weighted-average cost of debt by roughly 100 basis points, to 5.35%. |
• | RevPAR increased 8.3%, to $74.28, the highest RevPAR growth reported by STR for any year; |
• | Average daily rate (ADR) increased 4.6% to $115.32, the highest ADR ever recorded by STR; |
• | Occupancy increased 3.6% to 64.4%, as improving demand growth outpaced supply growth; and |
• | Industry performance improved on a widespread basis, with all 25 of STR’s largest markets experiencing higher RevPAR in 2014 compared to 2013. |
• | general economic conditions, including unemployment rates, major bank failures, unsettled capital markets and sovereign debt uncertainty; |
• | changes in international, national, regional and local economic climate and real estate market conditions; |
• | changes in zoning laws; |
• | changes in traffic patterns and neighborhood characteristics; |
• | increases in assessed property taxes from changes in valuation and real estate tax rates; |
• | increases in the cost of property insurance; |
• | potential for uninsured or underinsured property losses; |
• | costly governmental regulations and fiscal policies; |
• | changes in tax laws; and |
• | other circumstances beyond our control. |
• | changes in business and leisure travel patterns; |
• | decreases in demand for hotel rooms; |
• | increases in lodging supply or competition, which may adversely affect demand at our hotels; |
• | the effect of geopolitical disturbances, including terrorist attacks and terror alerts, that reduce business and leisure travel; |
• | the attractiveness of our hotels to consumers relative to competing hotels; |
• | fluctuations in our revenue caused by the seasonal nature of the hotel industry; |
• | unionization of the labor force at our hotels; |
• | the threat or outbreak of a pandemic disease affecting the travel industry; |
• | increasing fuel costs and other travel expenses resulting in reductions of travel; and |
• | increased transportation security precautions affecting the travel industry. |
• | increases in operating expenses due to inflation; |
• | wage and benefit costs, including hotels that employ unionized labor; |
• | repair and maintenance expenses; |
• | gas and electricity costs; |
• | insurance costs including health, general liability and workers compensation; and |
• | other operating expenses. |
• | limit our ability to obtain additional financing for working capital, renovation, redevelopment and rebranding plans, acquisitions, debt service requirements and other purposes; |
• | limit our ability to refinance existing debt; |
• | limit our ability to pay dividends, invest in unconsolidated joint ventures, etc.; |
• | require us to agree to additional restrictions and limitations on our business operations and capital structure to obtain financing; |
• | increase our vulnerability to adverse economic and industry conditions, and to interest rate fluctuations; |
• | require us to dedicate a substantial portion of our cash flow from operations to payments on our debt, thereby reducing funds available for capital expenditures, future business opportunities, paying dividends or other purposes; |
• | limit our flexibility to make, or react to, changes in our business and our industry; and |
• | place us at a competitive disadvantage, compared to our competitors that have less leverage. |
Brand | Hotels | Rooms | 2014 Hotel Operating Revenue (in thousands) | 2014 Hotel EBITDA(a) (in thousands) | ||||||||||||||
Embassy Suites Hotels | 18 | 4,982 | $ | 282,866 | $ | 95,000 | ||||||||||||
Wyndham and Wyndham Grand(b) | 8 | 2,528 | 125,354 | 43,126 | ||||||||||||||
Renaissance and Marriott | 3 | 1,321 | 128,770 | 26,089 | ||||||||||||||
DoubleTree by Hilton and Hilton | 3 | 802 | 45,383 | 15,484 | ||||||||||||||
Sheraton | 2 | 673 | 39,639 | 10,623 | ||||||||||||||
Fairmont | 1 | 383 | 53,451 | 10,011 | ||||||||||||||
Holiday Inn | 2 | 968 | 51,511 | 8,967 | ||||||||||||||
Morgans and Royalton | 2 | 285 | 33,895 | 3,314 | ||||||||||||||
Core hotels | 39 | 11,942 | 760,869 | 212,614 | ||||||||||||||
Non-strategic hotels(c) | 6 | 1,561 | 58,028 | 17,837 | ||||||||||||||
Same-store hotels | 45 | 13,503 | $ | 818,897 | $ | 230,451 | ||||||||||||
Market | ||||||||||||||||||
San Francisco area | 5 | 1,903 | $ | 139,692 | $ | 39,470 | ||||||||||||
Boston | 3 | 916 | 85,670 | 21,834 | ||||||||||||||
South Florida | 3 | 923 | 55,561 | 17,009 | ||||||||||||||
Los Angeles area | 2 | 481 | 28,696 | 12,406 | ||||||||||||||
Myrtle Beach | 2 | 640 | 41,149 | 12,219 | ||||||||||||||
Philadelphia | 2 | 728 | 38,680 | 9,631 | ||||||||||||||
Tampa | 1 | 361 | 49,358 | 9,302 | ||||||||||||||
New York area | 3 | 546 | 48,456 | 7,259 | ||||||||||||||
Austin | 1 | 188 | 13,935 | 6,177 | ||||||||||||||
Atlanta | 1 | 316 | 13,899 | 5,701 | ||||||||||||||
Other markets | 16 | 4,940 | 245,773 | 71,606 | ||||||||||||||
Core hotels | 39 | 11,942 | 760,869 | 212,614 | ||||||||||||||
Non-strategic hotels(c) | 6 | 1,561 | 58,028 | 17,837 | ||||||||||||||
Same-store hotels | 45 | 13,503 | $ | 818,897 | $ | 230,451 | ||||||||||||
Location | ||||||||||||||||||
Urban | 17 | 5,310 | $ | 360,177 | $ | 97,594 | ||||||||||||
Resort | 9 | 2,733 | 203,370 | 51,684 | ||||||||||||||
Airport | 8 | 2,621 | 136,144 | 43,208 | ||||||||||||||
Suburban | 5 | 1,278 | 61,178 | 20,128 | ||||||||||||||
Core hotels | 39 | 11,942 | 760,869 | 212,614 | ||||||||||||||
Non-strategic hotels(c) | 6 | 1,561 | 58,028 | 17,837 | ||||||||||||||
Same-store hotels | 45 | 13,503 | $ | 818,897 | $ | 230,451 |
(a) | Hotel EBITDA is a non-GAAP financial measure. A detailed reconciliation and further discussion of Hotel EBITDA is contained in the “Non-GAAP Financial Measures” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of this Annual Report. |
(b) | These hotels were converted from Holiday Inn (brand and management) on March 1, 2013. |
(c) | Excludes two hotels held for sale as of December 31, 2014, both of which were sold in February. |
Occupancy (%) | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | %Variance | |||||||||
Embassy Suites Hotels | 79.0 | 76.7 | 3.0 | ||||||||
Renaissance and Marriott | 72.0 | 70.2 | 2.6 | ||||||||
DoubleTree by Hilton and Hilton | 73.6 | 68.3 | 7.7 | ||||||||
Sheraton | 69.4 | 68.0 | 2.0 | ||||||||
Fairmont | 74.4 | 74.2 | 0.4 | ||||||||
Holiday Inn | 77.6 | 78.0 | (0.5 | ) | |||||||
Morgans and Royalton | 87.9 | 87.6 | 0.4 | ||||||||
Comparable core hotels (31) | 76.8 | 74.8 | 2.7 | ||||||||
Non-strategic hotels (6)(a) | 77.0 | 76.2 | 1.1 | ||||||||
Comparable hotels (37) | 76.9 | 75.0 | 2.5 | ||||||||
Wyndham and Wyndham Grand(b) | 71.8 | 65.7 | 9.3 | ||||||||
Same-store hotels (45) | 75.9 | 73.3 | 3.6 | ||||||||
ADR ($) | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | %Variance | |||||||||
Embassy Suites Hotels | 164.11 | 153.17 | 7.1 | ||||||||
Renaissance and Marriott | 223.51 | 209.58 | 6.6 | ||||||||
DoubleTree by Hilton and Hilton | 155.15 | 148.99 | 4.1 | ||||||||
Sheraton | 146.75 | 145.71 | 0.7 | ||||||||
Fairmont | 307.77 | 285.06 | 8.0 | ||||||||
Holiday Inn | 164.21 | 144.29 | 13.8 | ||||||||
Morgans and Royalton | 308.05 | 315.50 | (2.4 | ) | |||||||
Comparable core hotels (31) | 180.73 | 169.91 | 6.4 | ||||||||
Non-strategic hotels (6)(a) | 120.68 | 115.29 | 4.7 | ||||||||
Comparable hotels (37) | 172.17 | 162.03 | 6.3 | ||||||||
Wyndham and Wyndham Grand(b) | 158.35 | 144.37 | 9.7 | ||||||||
Same-store hotels (45) | 169.72 | 159.07 | 6.7 | ||||||||
RevPAR ($) | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | %Variance | |||||||||
Embassy Suites Hotels | 129.71 | 117.55 | 10.4 | ||||||||
Renaissance and Marriott | 160.92 | 147.11 | 9.4 | ||||||||
DoubleTree by Hilton and Hilton | 114.12 | 101.71 | 12.2 | ||||||||
Sheraton | 101.78 | 99.09 | 2.7 | ||||||||
Fairmont | 229.14 | 211.41 | 8.4 | ||||||||
Holiday Inn | 127.41 | 112.52 | 13.2 | ||||||||
Morgans and Royalton | 270.69 | 276.27 | (2.0 | ) | |||||||
Comparable core hotels (31) | 138.84 | 127.13 | 9.2 | ||||||||
Non-strategic hotels (6)(a) | 92.95 | 87.83 | 5.8 | ||||||||
Comparable hotels (37) | 132.32 | 121.54 | 8.9 | ||||||||
Wyndham and Wyndham Grand(b) | 113.63 | 94.79 | 19.9 | ||||||||
Same-store hotels (45) | 128.82 | 116.54 | 10.5 |
Occupancy (%) | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | %Variance | ||||||||||
San Francisco area | 82.2 | 81.4 | 1.0 | |||||||||
Boston | 73.6 | 73.5 | 0.1 | |||||||||
South Florida | 83.4 | 81.4 | 2.5 | |||||||||
Los Angeles area | 80.1 | 82.2 | (2.6 | ) | ||||||||
Myrtle Beach | 66.5 | 62.3 | 6.8 | |||||||||
Philadelphia | 69.7 | 66.3 | 5.2 | |||||||||
Tampa | 81.2 | 80.5 | 0.9 | |||||||||
New York area | 83.3 | 83.2 | 0.2 | |||||||||
Austin | 79.9 | 78.9 | 1.2 | |||||||||
Atlanta | 77.2 | 75.4 | 2.3 | |||||||||
Other markets | 73.1 | 69.6 | 5.0 | |||||||||
Comparable core hotels (31) | 76.8 | 74.8 | 2.7 | |||||||||
ADR ($) | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | %Variance | ||||||||||
San Francisco area | 210.51 | 187.91 | 12.0 | |||||||||
Boston | 253.57 | 234.97 | 7.9 | |||||||||
South Florida | 160.25 | 147.49 | 8.7 | |||||||||
Los Angeles area | 145.73 | 136.89 | 6.5 | |||||||||
Myrtle Beach | 152.64 | 147.36 | 3.6 | |||||||||
Philadelphia | 164.54 | 166.52 | (1.2 | ) | ||||||||
Tampa | 195.98 | 183.55 | 6.8 | |||||||||
New York area | 252.90 | 250.72 | 0.9 | |||||||||
Austin | 214.22 | 200.90 | 6.6 | |||||||||
Atlanta | 141.85 | 140.41 | 1.0 | |||||||||
Other markets | 150.64 | 143.47 | 5.0 | |||||||||
Comparable core hotels (31) | 180.73 | 169.91 | 6.4 | |||||||||
RevPAR ($) | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | %Variance | ||||||||||
San Francisco area | 173.02 | 152.91 | 13.2 | |||||||||
Boston | 186.57 | 172.68 | 8.0 | |||||||||
South Florida | 133.64 | 120.00 | 11.4 | |||||||||
Los Angeles area | 116.68 | 112.54 | 3.7 | |||||||||
Myrtle Beach | 101.51 | 91.75 | 10.6 | |||||||||
Philadelphia | 114.69 | 110.32 | 4.0 | |||||||||
Tampa | 159.21 | 147.71 | 7.8 | |||||||||
New York area | 210.72 | 208.57 | 1.0 | |||||||||
Austin | 171.17 | 158.59 | 7.9 | |||||||||
Atlanta | 109.44 | 105.87 | 3.4 | |||||||||
Other markets | 110.08 | 99.88 | 10.2 | |||||||||
Comparable core hotels (31) | 138.84 | 127.13 | 9.2 |
Core Hotels | Brand | State | Rooms | ||||
Birmingham | Embassy Suites Hotel | AL | 242 | ||||
Phoenix – Biltmore | Embassy Suites Hotel | AZ | 232 | ||||
Indian Wells – Esmeralda Resort & Spa | Renaissance | CA | 560 | ||||
Los Angeles – International Airport/South | Embassy Suites Hotel | CA | 349 | ||||
Mandalay Beach – Hotel & Resort | Embassy Suites Hotel | CA | 250 | ||||
Milpitas – Silicon Valley | Embassy Suites Hotel | CA | 266 | ||||
Napa Valley | Embassy Suites Hotel | CA | 205 | ||||
San Diego – Bayside | Wyndham | CA | 600 | ||||
San Francisco – Airport/Waterfront | Embassy Suites Hotel | CA | 340 | ||||
San Francisco – Airport/South San Francisco | Embassy Suites Hotel | CA | 312 | ||||
San Francisco – Fisherman’s Wharf | Holiday Inn | CA | 585 | ||||
San Francisco – Union Square | Marriott | CA | 400 | ||||
Santa Monica – At the Pier | Wyndham | CA | 132 | ||||
Deerfield Beach – Resort & Spa | Embassy Suites Hotel | FL | 244 | ||||
Ft. Lauderdale – 17th Street | Embassy Suites Hotel | FL | 361 | ||||
Miami – International Airport | Embassy Suites Hotel | FL | 318 | ||||
Orlando – International Drive South/Convention | Embassy Suites Hotel | FL | 244 | ||||
Orlando – Walt Disney World Resort | DoubleTree Suites by Hilton | FL | 229 | ||||
St. Petersburg – Vinoy Resort & Golf Club | Renaissance | FL | 361 | ||||
Atlanta – Buckhead | Embassy Suites Hotel | GA | 316 | ||||
New Orleans – French Quarter | Wyndham | LA | 374 | ||||
Boston – Beacon Hill | Wyndham | MA | 304 | ||||
Boston – Copley Plaza | Fairmont | MA | 383 | ||||
Boston/Marlborough | Embassy Suites Hotel | MA | 229 | ||||
Minneapolis – Airport | Embassy Suites Hotel | MN | 310 | ||||
Secaucus – Meadowlands(a) | Embassy Suites Hotel | NJ | 261 | ||||
New York – Morgans | Independent | NY | 117 | ||||
New York – Royalton | Independent | NY | 168 | ||||
Philadelphia – Historic District | Wyndham | PA | 364 | ||||
Philadelphia – Society Hill | Sheraton | PA | 364 | ||||
Pittsburgh – University Center | Wyndham | PA | 251 | ||||
Charleston – The Mills House | Wyndham Grand | SC | 216 | ||||
Myrtle Beach – Oceanfront Resort | Embassy Suites Hotel | SC | 255 | ||||
Myrtle Beach Resort | Hilton | SC | 385 | ||||
Nashville – Opryland – Airport (Briley Parkway) | Holiday Inn | TN | 383 |
Core Hotels | Brand | State | Rooms | ||||
Austin | DoubleTree Suites by Hilton | TX | 188 | ||||
Dallas – Love Field | Embassy Suites Hotel | TX | 248 | ||||
Houston – Medical Center | Wyndham Hotel & Suites | TX | 287 | ||||
Burlington Hotel & Conference Center | Sheraton | VT | 309 | ||||
Non-strategic Hotels | |||||||
Orlando – International Airport | Holiday Inn | FL | 288 | ||||
Chicago – Lombard/Oak Brook | Embassy Suites Hotel | IL | 262 | ||||
Charlotte(a) | Embassy Suites Hotel | NC | 274 | ||||
Austin – Central | Embassy Suites Hotel | TX | 260 | ||||
San Antonio – International Airport | Embassy Suites Hotel | TX | 261 | ||||
San Antonio – NW I-10 | Embassy Suites Hotel | TX | 216 | ||||
Hotels Held for Sale | |||||||
Dallas – Park Central(b)(c) | Westin | TX | 536 | ||||
Raleigh – Crabtree(c) | Embassy Suites Hotel | NC | 225 | ||||
Unconsolidated Hotel | |||||||
New Orleans – French Quarter Chateau Lemoyne(a) | Holiday Inn | LA | 171 | ||||
Hotel under Development | |||||||
New York – Knickerbocker Hotel(d) | Independent | NY | 330 |
(a) | We own a 50% interest in this property. |
(b) | We owned a 60% interest in this property. |
(c) | This property was sold in February 2015. |
(d) | The Knickerbocker Hotel, of which we own 95%, began operations in February 2015. |
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Base fees | $ | 19,583 | $ | 19,527 | $ | 24,699 | ||||||
Incentive fees | 3,316 | 2,667 | 2,265 | |||||||||
Total management fees | $ | 22,899 | $ | 22,194 | $ | 26,964 |
Number of Management Agreements Expiring | ||||||||||||
Manager | 2015 | 2016 | Thereafter | |||||||||
Hilton | 3 | 13 | 9 | |||||||||
Wyndham | — | — | 8 | |||||||||
Marriott | — | — | 3 | |||||||||
IHG | — | — | 3 | |||||||||
Starwood | — | — | 2 | |||||||||
Morgans | — | — | 2 | |||||||||
Fairmont | — | — | 1 | |||||||||
Other | 1 | — | — | |||||||||
Total | 4 | 13 | 28 |
High | Low | Dividends Declared Per Share | ||||||||||||
2014 | ||||||||||||||
First quarter | $ | 9.35 | $ | 7.49 | $ | 0.02 | ||||||||
Second quarter | 10.61 | 8.59 | 0.02 | |||||||||||
Third quarter | 10.92 | 9.16 | 0.02 | |||||||||||
Fourth quarter | 11.18 | 8.99 | 0.04 | |||||||||||
2013 | ||||||||||||||
First quarter | $ | 6.03 | $ | 4.71 | $ | — | ||||||||
Second quarter | 6.47 | 5.38 | — | |||||||||||
Third quarter | 6.33 | 5.49 | — | |||||||||||
Fourth quarter | 8.23 | 5.83 | 0.02 |
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Statement of Operations Data:(a) | ||||||||||||||||||||
Total revenues | $ | 922 | $ | 893 | $ | 862 | $ | 808 | $ | 730 | ||||||||||
Income (loss) from continuing operations(b) | 28 | (84 | ) | (187 | ) | (134 | ) | (100 | ) | |||||||||||
Diluted earnings per share/unit: | ||||||||||||||||||||
FelCor - income (loss) from continuing operations | $ | 0.43 | $ | (0.95 | ) | $ | (1.81 | ) | $ | (1.46 | ) | $ | (1.70 | ) | ||||||
FelCor LP - income (loss) from continuing operations | 0.43 | (0.95 | ) | (1.81 | ) | (1.46 | ) | (1.70 | ) | |||||||||||
Other Data: | ||||||||||||||||||||
Cash distributions declared per common share/unit(c) | $ | 0.10 | $ | 0.02 | $ | — | $ | — | $ | — | ||||||||||
Adjusted FFO per share/unit(d) | $ | 0.65 | $ | 0.39 | $ | 0.23 | $ | 0.14 | $ | (0.09 | ) | |||||||||
Adjusted EBITDA(d) | 221 | 200 | 203 | 203 | 188 | |||||||||||||||
Cash flows provided by operating activities | 105 | 68 | 47 | 46 | 59 | |||||||||||||||
Balance Sheet Data (at end of period): | ||||||||||||||||||||
Total assets | $ | 2,105 | $ | 2,144 | $ | 2,202 | $ | 2,403 | $ | 2,359 | ||||||||||
Total debt, net of discount | 1,586 | 1,663 | 1,631 | 1,596 | 1,548 | |||||||||||||||
FelCor’s redeemable noncontrolling interests in FelCor LP, at redemption value | 7 | 5 | 3 | 3 | 2 |
(a) | Hotels that were designated as held for sale at December 31, 2013 or disposed of prior to that date are included in discontinued operations. |
(b) | We include the following amounts in income (loss) from continuing operations (in millions): |
Year Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Gain on sale of investment in unconsolidated entities, net | $ | 30 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Gain from remeasurement of unconsolidated entities | 21 | — | — | — | — | |||||||||||||||||||||
Impairment loss | — | (24 | ) | — | (4 | ) | (41 | ) | ||||||||||||||||||
Hurricane and earthquake loss | — | — | (1 | ) | — | — | ||||||||||||||||||||
Debt extinguishment | (5 | ) | — | (72 | ) | (28 | ) | 45 | ||||||||||||||||||
Conversion expenses | — | (1 | ) | (31 | ) | — | — | |||||||||||||||||||
Pre-opening expenses | (8 | ) | (2 | ) | — | — | — | |||||||||||||||||||
Contract dispute contingency | (6 | ) | — | — | — | — | ||||||||||||||||||||
Severance expenses | (1 | ) | (3 | ) | (1 | ) | — | — |
(c) | Our Board of Directors reinstated a quarterly common dividend in October 2013. In 2014 and 2013, FelCor declared aggregate common dividends of $0.10 and $0.02 per share, respectively. Future quarterly dividends will be based on estimates of FAD, reinvestment opportunities within our portfolio and taxable income, among other things. |
(d) | We include a more detailed description and computation of Adjusted FFO per share and Adjusted EBITDA in “Non-GAAP Financial Measures,” which is found in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7. |
• | Since December 2010, we have sold 34 hotels (including 8 hotels sold in 2014 and two sold in February 2015), for total gross proceeds of $764.5 million (our pro rata share was $698.4 million, after taking into account hotels sold or otherwise disposed of by less than wholly owned entities). Of the six non-strategic hotels remaining to sell under our current disposition programs, we have agreed to sell four, two of which are under contract. |
• | In July 2014, we unwound joint ventures that owned 10 non-strategic hotels. We retained five of those hotels (comprising 1,224 rooms) outright, and our joint venture partner owns the other five (comprising 1,215 rooms). We sold one of the retained hotels in February 2015. Of the remaining four, two are under contract to be sold. In connection with unwinding those joint ventures, we now wholly-own our DoubleTree Suites hotel located in downtown Austin. |
• | In July 2014, we obtained a $140 million term loan secured by three hotels. The loan bears interest at LIBOR (no floor) plus 2.5%. The loan, which matures in 2017 and may be extended for up to two years, subject to satisfaction of certain conditions, is freely pre-payable. In August 2014, we used proceeds from the loan, cash on hand and borrowings under our line of credit to redeem the remaining $234 million 10% senior secured notes due late 2014. |
• | Our Board of Directors doubled our quarterly common dividend per share from $0.02 to $0.04 in the fourth quarter of 2014. |
• | We completed renovating and repositioning our Wyndham portfolio. RevPAR at these eight hotels increased 19.9% in 2014. |
• | Our 4+ star Knickerbocker Hotel (www.TheKnickerbocker.com), located in the heart of Times Square on the corner of 42nd Street and Broadway in New York City, opened on February 12, 2015. The newly redeveloped hotel boasts 330 spacious guest rooms, including 31 suites, a state-of-the-art fitness center, a 2,200 square-foot event space, upscale food and dining options, and a 7,500 square-foot rooftop bar and terrace with unrivaled views of New York City’s skyline. The 4+ star luxury property is a member of The Leading Hotels of the World. As of December 31, 2014, we invested $138.0 million (excluding initial acquisition costs and capitalized interest) to redevelop the property. |
Year Ended December 31, | |||||||||||||||||||||||
2014 | 2013 | % Change 2014-13 | 2012 | % Change 2013-12 | |||||||||||||||||||
RevPAR(a) | $ | 128.82 | $ | 116.54 | 10.5 | % | $ | 112.37 | 3.7 | % | |||||||||||||
Hotel EBITDA(a)(b) | 230 | 194 | 18.8 | % | 180 | 7.6 | % | ||||||||||||||||
Hotel EBITDA margin(a)(b) | 28.1 | % | 26.1 | % | 7.8 | % | 25.2 | % | 3.8 | % | |||||||||||||
Income (loss) from continuing operations(c) | 28 | (84 | ) | 133.1 | % | (187 | ) | 55.3 | % |
(a) | Data shown is for our 45 same-store Consolidated Hotels for all years presented. |
(b) | Hotel EBITDA and Hotel EBITDA margin are non-GAAP financial measures. A discussion of the use, limitations and importance of these non-GAAP financial measures and detailed reconciliations to the most comparable GAAP measure are found below in “Non-GAAP Financial Measures.” |
(c) | We included the following amounts in income (loss) from continuing operations: |
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Gain on sale of investment in unconsolidated entities, net | $ | 30 | $ | — | $ | — | |||||||||
Gain from remeasurement of unconsolidated entities | 21 | — | — | ||||||||||||
Impairment loss | — | (24 | ) | — | |||||||||||
Hurricane and earthquake loss | — | — | (1 | ) | |||||||||||
Debt extinguishment | (5 | ) | — | (72 | ) | ||||||||||
Conversion expenses | — | (1 | ) | (31 | ) | ||||||||||
Pre-opening expenses | (8 | ) | (2 | ) | — | ||||||||||
Contract dispute contingency | (6 | ) | — | — | |||||||||||
Severance expenses | (1 | ) | (3 | ) | (1 | ) |
• | Total revenue increased $28.2 million, net of a $47.4 million decrease in revenue for hotels that have been disposed of or are classified as held for sale. Excluding these hotels, revenue increased 10.1% from last year. The increase was driven by a 10.5% increase in same-store RevPAR, reflecting a 6.7% increase in ADR and a 3.6% increase in occupancy. RevPAR for our Wyndham portfolio increased 19.9% , driven by a 9.7% increase in ADR and a 9.3% increase in occupancy. The Wyndham portfolio’s increased revenue primarily reflects less transitional disruption compared to the same period in 2013 and market share gains from renovations. |
• | Hotel departmental expenses increased $4.8 million, net of a $15.9 million decrease related to hotels that have been disposed of or are classified as held for sale. Excluding these hotels, hotel departmental expenses decreased as a percentage of total revenue to 35.9% in the current year from 36.7% last year. In 2014, we experienced a favorable shift in banquet and catering operations, which typically have higher margins than other food and beverage operations. Hotel departmental operations also recognized improved profitability margins for the rooms department, driven by increased ADR. |
• | Other property-related costs increased $55,000, net of a $13.9 million decrease related to hotels that have been disposed of or are classified as held for sale. Excluding these hotels, other property-related costs as a percentage of total revenue decreased to 25.2% in the current year from 25.9% last year, primarily driven by ADR growth. |
• | Management and franchise fees increased $332,000, net of a $2.3 million reduction in expense for hotels that have been disposed of or are classified as held for sale. Excluding these hotels, these costs as a percentage of total revenue were 3.9% for 2014 and 2013. |
• | Taxes, insurance and lease expense decreased $11.3 million and decreased as a percentage of total revenue to 9.2% from 10.8% in 2013. The decrease primarily reflects a $13.3 million reduction in hotel lease expense resulting from unwinding our unconsolidated 10‑hotel joint ventures and was partially offset by an increase in hotel percentage rent (computed as a percentage of hotel revenues in excess of base rent) for our remaining joint ventures. Historically, hotel lease expense was recorded by the 12 consolidated operating lessees of our hotels that were owned by unconsolidated entities. We recorded the corresponding lease income through equity in income from unconsolidated entities, and the hotel lease expense was not eliminated in consolidation. We unwound the joint ventures in July 2014, as a consequence of which we recorded lower hotel lease expense for 2014. We also experienced a decrease in expense in the current year due to more favorable property insurance rates and improved general |
• | Corporate expenses increased $2.6 million and increased slightly as a percentage of total revenue to 3.2% from 3.0% in 2013. This increase primarily reflects the additional stock compensation expense associated with our market-based equity incentive awards and adjustments made to our corporate bonus expense. |
• | Depreciation and amortization expense decreased $3.8 million primarily attributable to selling hotels in 2014. This reduction is offset by depreciation resulting from $83.7 million and $101.4 million of hotel capital expenditures in 2014 and 2013, respectively. |
• | We recorded no impairment loss in 2014. Impairment loss for 2013 was $24.4 million reflecting reduced estimated hold periods for two hotels included in continuing operations. |
• | Conversion expenses. We converted eight hotels to Wyndham brands and management in March 2013. We classified related expenses of $1.1 million as conversion expense in our 2013 statements of operations. We had no such expenses in 2014. |
• | Other expenses increased $9.2 million compared to 2013, primarily related to a $5.9 million contract dispute contingency and increased pre-opening costs of $5.5 million incurred in 2014 for the Knickerbocker Hotel, partially offset by lower severance costs. |
• | Net interest expense decreased $13.1 million, primarily reflecting increased capitalized interest (attributable to renovation and redevelopment projects), lower average outstanding debt and a lower blended interest rate for the period. |
• | Debt extinguishment. In 2014, we recorded $4.8 million in debt extinguishment charges primarily related to repaying the remaining $234.0 million of our 10% senior secured notes otherwise due in 2014 and repaying a $9.6 million loan in connection with selling a hotel. We recorded no debt extinguishment charges in continuing operations in 2013. |
• | Equity in income from unconsolidated entities increased $424,000. The increase in income reflects increased revenues at our unconsolidated hotels offset by lower income after we unwound our 10-hotel unconsolidated joint ventures in July 2014. |
• | Discontinued operations include the results of operations for one hotel sold in January 2014 and five hotels sold in 2013. Discontinued operations in 2014 included a $102,000 net loss on sale and debt extinguishment charges of $245,000 (related to repaying $10.9 million of debt for a hotel sold in 2014). Discontinued operations in 2013 included a $19.4 million net gain on sale primarily related to five sold hotels, offset by a $4.4 million impairment charge related to two hotels. Effective January 1, 2014, we no longer record hotel operations for disposed hotels in discontinued operations if the hotel was not disposed of or held for sale prior to the effective date. |
• | Total revenue increased $31.3 million, or 3.6%, from 2012. The increase was driven by a 3.8% increase in same-store RevPAR, reflecting a 3.4% increase in ADR and a slight increase in occupancy. |
• | Hotel departmental expenses increased $11.0 million. Hotel departmental expenses decreased slightly as a percentage of total revenue to 36.6% in 2013 from 36.7% in 2012. |
• | Other property-related costs increased $6.2 million. Other property-related costs decreased as a percentage of total revenue to 26.7% in 2013 from 26.9% in 2012, primarily driven by ADR growth, rather than occupancy. |
• | Management and franchise fees decreased $4.1 million. These costs decreased as a percentage of total revenue to 4.0% in 2013 from 4.6% in 2012. We converted eight hotels to Wyndham brands and management on March 1, 2013. Wyndham earns lower management fees than the prior management company. Wyndham Worldwide Corporation guaranteed a minimum annual NOI for our eight Wyndham hotels. We account for amounts recorded under the guaranty, to the extent available, as a reduction in contractual management fees. In 2013, Wyndham’s guaranty reduced Wyndham’s management fees. These arrangements with Wyndham more than offset increases in fees resulting from higher revenue. |
• | Taxes, insurance and lease expense increased $4.0 million and increased slightly as a percentage of total revenue to 10.8% in 2013 from 10.7% in 2012. The increase primarily reflects an increase in hotel lease expense (computed as a percentage of hotel revenues in excess of base rent; as revenue increases, percentage rent increases at a faster rate than other expenses), higher property taxes (in 2012 we achieved significant reductions after appeals), and higher general liability insurance due to a less favorable claims experience compared to 2012. |
• | Corporate expenses increased $868,000 and remained relatively flat as a percentage of total revenue compared to 2012. This increase primarily reflects additional fixed and variable stock compensation expense associated with our market-based incentive compensation awards. |
• | Depreciation and amortization expense increased $3.2 million primarily reflecting additional depreciation after investing $101.4 million in our hotels in 2013 and $121.5 million in 2012. |
• | Impairment loss for 2013 was $24.4 million resulting from reduced estimated hold periods for two hotels included in continuing operations. No impairment charges were included in continuing operations for 2012. |
• | Conversion expenses. We classified expenses related to converting eight Holiday Inn hotels to Wyndham brands and management as conversion expense in 2013 and 2012. The expenses incurred in 2012 include $30.7 million of termination fees related to terminating the management agreements with IHG. |
• | Other expenses increased $4.1 million compared to 2012, primarily related to severance costs for certain employees and pre-opening costs for the Knickerbocker Hotel, which were partially offset by non-recurring hurricane-related charges incurred in 2012. |
• | Net interest expense decreased $17.8 million, primarily reflecting our lower average interest rate. Lower interest rates in 2013 were partially offset by an increase in average debt for the year, as well as less capitalized interest attributable to renovation and redevelopment projects. |
• | Debt extinguishment. In 2013, we had no debt extinguishment charges included in continuing operations. In 2012, we recorded $72.4 million in debt extinguishment charges, which includes $17.4 million of prepayment penalties and the write-off of deferred loan costs recorded when we repaid $315.1 million of loans secured by properties in continuing operations. In addition, when we redeemed $258.0 million of our 10% senior notes, we recognized a $55.0 million debt extinguishment charge for prepayment penalties, as well as a pro rata portion of the original issue discount and deferred loan costs. |
• | Discontinued operations include the results of operations for one hotel designated as held for sale at December 31, 2013, five hotels sold in 2013, and ten hotels sold in 2012. Discontinued operations in 2013 included a $19.4 million net gain on sale primarily related to five hotels, offset by an impairment charge of $4.4 million related to one hotel sold in 2013 and one hotel designated as held for sale at December 31, 2013. Discontinued operations in 2012 included a $54.5 million net gain on hotel sales, offset by $2.8 million in debt extinguishment charges and a $1.3 million impairment charge. |
Year Ended December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Dollars | Shares | Per Share Amount | Dollars | Shares | Per Share Amount | ||||||||||||||||
Net income (loss) | $ | 94,152 | $ | (65,783 | ) | ||||||||||||||||
Noncontrolling interests | (834 | ) | 4,279 | ||||||||||||||||||
Preferred dividends | (38,712 | ) | (38,713 | ) | |||||||||||||||||
Preferred distributions, consolidated joint venture | (1,219 | ) | — | ||||||||||||||||||
Net income (loss) attributable to FelCor common stockholders | 53,387 | (100,217 | ) | ||||||||||||||||||
Less: Dividends declared on unvested restricted stock compensation | (8 | ) | — | ||||||||||||||||||
Less: Undistributed earnings allocated to unvested restricted stock | (20 | ) | — | ||||||||||||||||||
Basic earnings per share data | 53,359 | 124,158 | $ | 0.43 | (100,217 | ) | 123,818 | $ | (0.81 | ) | |||||||||||
Restricted stock units | — | 734 | — | — | — | — | |||||||||||||||
Diluted earnings per share data | 53,359 | 124,892 | 0.43 | (100,217 | ) | 123,818 | (0.81 | ) | |||||||||||||
Depreciation and amortization | 115,819 | — | 0.93 | 119,624 | — | 0.97 | |||||||||||||||
Depreciation, discontinued operations and unconsolidated entities | 6,891 | — | 0.06 | 15,996 | — | 0.13 | |||||||||||||||
Other gains, net of noncontrolling interests in other partnerships | (100 | ) | — | — | (37 | ) | — | — | |||||||||||||
Other gains, discontinued operations, net of noncontrolling interests in other partnerships | — | — | — | (59 | ) | — | — | ||||||||||||||
Impairment loss, net of noncontrolling interests in other partnerships | — | — | — | 20,382 | — | 0.16 | |||||||||||||||
Impairment loss, discontinued operations | — | — | — | 4,354 | — | 0.04 | |||||||||||||||
Gain on sale of hotels, net of noncontrolling interests in other partnerships | (65,453 | ) | — | (0.52 | ) | (18,590 | ) | — | (0.15 | ) | |||||||||||
Gain from remeasurement of unconsolidated entities | (20,737 | ) | — | (0.17 | ) | — | — | — | |||||||||||||
Gain on sale of investment in unconsolidated entities, net | (30,176 | ) | — | (0.24 | ) | — | — | — | |||||||||||||
Noncontrolling interests in FelCor LP | 137 | 614 | (0.01 | ) | (497 | ) | 619 | (0.01 | ) | ||||||||||||
Dividends declared on unvested restricted stock | 8 | — | — | — | — | — | |||||||||||||||
Conversion of unvested restricted stock and units | 20 | 5 | — | — | 547 | — | |||||||||||||||
FFO | 59,768 | 125,511 | 0.48 | 40,956 | 124,984 | 0.33 | |||||||||||||||
Acquisition costs | — | — | — | 23 | — | — | |||||||||||||||
Hurricane and earthquake loss | 348 | — | — | — | — | — | |||||||||||||||
Debt extinguishment, including discontinued operations, net of noncontrolling interests | 4,850 | — | 0.03 | — | — | — | |||||||||||||||
Debt extinguishment, unconsolidated entities | 168 | — | — | — | — | — | |||||||||||||||
Conversion expenses | — | — | — | 1,134 | — | 0.01 | |||||||||||||||
Variable stock compensation | 2,723 | — | 0.02 | 963 | — | 0.01 | |||||||||||||||
Severance costs | 928 | — | 0.01 | 3,268 | — | 0.02 | |||||||||||||||
Contract dispute contingency | 5,850 | — | 0.05 | — | — | — | |||||||||||||||
Pre-opening costs, net of noncontrolling interests | 7,530 | — | 0.06 | 2,314 | — | 0.02 | |||||||||||||||
Adjusted FFO | $ | 82,165 | 125,511 | $ | 0.65 | $ | 48,658 | 124,984 | $ | 0.39 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||
Dollars | Shares | Per Share Amount | Dollars | Shares | Per Share Amount | Dollars | Shares | Per Share Amount | ||||||||||||||||||||||||
Net loss | $ | (129,414 | ) | — | — | $ | (130,895 | ) | — | — | $ | (225,837 | ) | — | — | |||||||||||||||||
Noncontrolling interests | 1,407 | — | — | 1,041 | — | — | 2,796 | — | — | |||||||||||||||||||||||
Preferred dividends | (38,713 | ) | — | — | (38,713 | ) | — | — | (38,713 | ) | — | — | ||||||||||||||||||||
Basic and diluted earnings per share data | (166,720 | ) | 123,634 | (1.35 | ) | (168,567 | ) | 117,068 | $ | (1.44 | ) | (261,754 | ) | 80,611 | $ | (3.25 | ) | |||||||||||||||
Depreciation and amortization | 116,384 | — | 0.94 | 110,498 | — | 0.94 | 108,226 | — | 1.34 | |||||||||||||||||||||||
Depreciation, discontinued operations and unconsolidated entities | 24,216 | — | 0.20 | 40,870 | — | 0.35 | 54,000 | — | 0.67 | |||||||||||||||||||||||
Other gains, net | — | — | — | (295 | ) | — | — | — | — | — | ||||||||||||||||||||||
Other gains, discontinued operations | — | — | — | 15 | — | — | — | — | — | |||||||||||||||||||||||
Impairment loss | — | — | — | 4,315 | — | 0.04 | 41,214 | — | 0.51 | |||||||||||||||||||||||
Impairment loss, discontinued operations and unconsolidated entities | 1,335 | — | 0.01 | 8,935 | — | 0.08 | 131,762 | — | 1.63 | |||||||||||||||||||||||
Gain on sale of hotels | (54,459 | ) | — | (0.44 | ) | (4,714 | ) | — | (0.04 | ) | — | — | — | |||||||||||||||||||
Gain on sale of unconsolidated entities | — | — | — | — | — | (21,103 | ) | — | (0.26 | ) | ||||||||||||||||||||||
Noncontrolling interests in FelCor LP | (842 | ) | 628 | — | (689 | ) | 499 | (0.01 | ) | (881 | ) | 294 | (0.01 | ) | ||||||||||||||||||
Conversion of unvested restricted stock | — | — | — | — | — | — | — | 505 | — | |||||||||||||||||||||||
FFO | (80,086 | ) | 124,262 | (0.64 | ) | (9,632 | ) | 117,567 | (0.08 | ) | 51,464 | 81,410 | 0.63 | |||||||||||||||||||
Acquisition costs | 132 | — | — | 1,479 | — | 0.01 | 449 | — | 0.01 | |||||||||||||||||||||||
Hurricane and earthquake loss | 792 | — | 0.01 | — | — | — | — | — | — | |||||||||||||||||||||||
Hurricane and earthquake loss, discontinued operations and unconsolidated entities | 482 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Debt extinguishment, including discontinued operations | 75,117 | — | 0.60 | 24,381 | — | 0.21 | (59,465 | ) | — | (0.73 | ) | |||||||||||||||||||||
Conversion expenses | 31,197 | — | 0.25 | — | — | — | — | — | — | |||||||||||||||||||||||
Severance costs | 553 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Abandoned projects | 219 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Pre-opening costs, net of noncontrolling interests | 398 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Conversion of unvested restricted stock | — | 11 | 0.01 | — | 175 | — | — | (505 | ) | — | ||||||||||||||||||||||
Adjusted FFO | $ | 28,804 | 124,273 | $ | 0.23 | $ | 16,228 | 117,742 | $ | 0.14 | $ | (7,552 | ) | 80,905 | $ | (0.09 | ) |
Year Ended December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Net income (loss) | $ | 94,152 | $ | (65,783 | ) | $ | (129,414 | ) | $ | (130,895 | ) | $ | (225,837 | ) | |||||
Depreciation and amortization | 115,819 | 119,624 | 116,384 | 110,498 | 108,226 | ||||||||||||||
Depreciation, discontinued operations and unconsolidated entities | 6,891 | 15,996 | 24,216 | 40,870 | 54,000 | ||||||||||||||
Interest expense | 90,743 | 103,865 | 121,690 | 126,278 | 127,145 | ||||||||||||||
Interest expense, discontinued operations and unconsolidated entities | 1,896 | 3,496 | 8,586 | 14,272 | 22,364 | ||||||||||||||
Noncontrolling interests in other partnerships | (697 | ) | 3,782 | 565 | 352 | 1,915 | |||||||||||||
EBITDA | 308,804 | 180,980 | 142,027 | 161,375 | 87,813 | ||||||||||||||
Impairment loss, net of noncontrolling interests in other partnerships | — | 20,382 | — | 4,315 | 41,214 | ||||||||||||||
Impairment loss, discontinued operations and unconsolidated entities | — | 4,354 | 1,335 | 8,935 | 131,762 | ||||||||||||||
Hurricane and earthquake loss | 348 | — | 792 | — | — | ||||||||||||||
Hurricane and earthquake loss, discontinued operations and unconsolidated entities | — | — | 482 | — | — | ||||||||||||||
Debt extinguishment, including discontinued operations, net of noncontrolling interests | 4,850 | — | 75,117 | 24,381 | (59,465 | ) | |||||||||||||
Debt extinguishment, unconsolidated entities | 168 | — | — | — | — | ||||||||||||||
Acquisition costs | — | 23 | 132 | 1,479 | 449 | ||||||||||||||
Contract dispute contingency | 5,850 | — | — | — | — | ||||||||||||||
Amortization of fixed stock and directors’ compensation | 6,122 | 5,570 | 5,003 | 7,170 | 7,445 | ||||||||||||||
Severance costs | 928 | 3,268 | 553 | — | — | ||||||||||||||
Abandoned projects | — | — | 219 | — | — | ||||||||||||||
Conversion expenses | — | 1,134 | 31,197 | — | — | ||||||||||||||
Variable stock compensation | 2,723 | 963 | — | — | — | ||||||||||||||
Pre-opening costs, net of noncontrolling interests | 7,530 | 2,314 | 398 | — | — | ||||||||||||||
Gain on sale of hotels, net of noncontrolling interests in other partnerships | (65,453 | ) | (18,590 | ) | (54,459 | ) | (4,714 | ) | — | ||||||||||
Gain on sale of investment in unconsolidated entities, net | (30,176 | ) | — | — | — | — | |||||||||||||
Gain from remeasurement of unconsolidated entities | (20,737 | ) | — | — | — | — | |||||||||||||
Other gains, net of noncontrolling interests in other partnerships | (100 | ) | (37 | ) | — | (295 | ) | — | |||||||||||
Other losses (gains), discontinued operations, net of noncontrolling interests in other partnerships | — | (59 | ) | — | 15 | — | |||||||||||||
Gain on sale of unconsolidated entities | — | — | — | — | (21,103 | ) | |||||||||||||
Adjusted EBITDA | $ | 220,857 | $ | 200,302 | $ | 202,796 | $ | 202,661 | $ | 188,115 |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Same-store operating revenue: | |||||||||||
Room | $ | 634,892 | $ | 574,647 | $ | 554,796 | |||||
Food and beverage | 140,156 | 127,234 | 119,123 | ||||||||
Other operating departments | 43,849 | 41,606 | 42,914 | ||||||||
Same-store operating revenue(a) | 818,897 | 743,487 | 716,833 | ||||||||
Same-store operating expense: | |||||||||||
Room | 166,534 | 152,724 | 148,704 | ||||||||
Food and beverage | 108,206 | 102,398 | 96,749 | ||||||||
Other operating departments | 20,401 | 19,320 | 18,918 | ||||||||
Other property related costs | 207,481 | 193,569 | 188,637 | ||||||||
Management and franchise fees | 32,043 | 29,396 | 33,651 | ||||||||
Taxes, insurance and lease expense | 53,781 | 52,032 | 49,862 | ||||||||
Same-store operating expense(a) | 588,446 | 549,439 | 536,521 | ||||||||
Hotel EBITDA | $ | 230,451 | $ | 194,048 | $ | 180,312 | |||||
Hotel EBITDA Margin | 28.1 | % | 26.1 | % | 25.2 | % |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Hotel EBITDA - Comparable core (31) | $ | 169,488 | $ | 142,983 | $ | 126,729 | |||||
Hotel EBITDA - Non-strategic (6)(a) | 17,837 | 16,015 | 15,634 | ||||||||
Hotel EBITDA - Comparable (37) | 187,325 | 158,998 | 142,363 | ||||||||
Hotel EBITDA - Wyndham (8) | 43,126 | 35,050 | 37,949 | ||||||||
Hotel EBITDA - Same-store (45) | $ | 230,451 | $ | 194,048 | $ | 180,312 | |||||
Hotel EBITDA Margin - Comparable core (31) | 26.7 | % | 24.5 | % | 23.3 | % | |||||
Hotel EBITDA Margin - Non-strategic (6)(a) | 30.7 | % | 29.1 | % | 29.4 | % | |||||
Hotel EBITDA Margin - Comparable (37) | 27.0 | % | 24.9 | % | 23.9 | % | |||||
Hotel EBITDA Margin - Wyndham (8) | 34.4 | % | 33.7 | % | 31.5 | % | |||||
Hotel EBITDA Margin Same-store (45) | 28.1 | % | 26.1 | % | 25.2 | % |
(a) | Excludes two hotels designated as held for sale as of December 31, 2014. |
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Same-store operating revenue(a) | $ | 818,897 | $ | 743,487 | $ | 716,833 | |||||||||
Other revenue | 3,606 | 3,430 | 3,185 | ||||||||||||
Revenue from hotels, disposed and held for sale (a) | 99,084 | 146,519 | 142,108 | ||||||||||||
Total revenue | 921,587 | 893,436 | 862,126 | ||||||||||||
Same-store operating expenses(a) | 588,446 | 549,439 | 536,521 | ||||||||||||
Consolidated hotel lease expense(b) | 31,635 | 44,087 | 41,342 | ||||||||||||
Unconsolidated taxes, insurance and lease expense | (5,503 | ) | (7,456 | ) | (7,256 | ) | |||||||||
Corporate expenses | 29,585 | 26,996 | 26,128 | ||||||||||||
Depreciation and amortization | 115,819 | 119,624 | 116,384 | ||||||||||||
Impairment loss | — | 24,441 | — | ||||||||||||
Expenses from hotels, disposed and held for sale (a) | 76,461 | 111,055 | 109,372 | ||||||||||||
Conversion expenses | — | 1,134 | 31,197 | ||||||||||||
Other expenses | 17,952 | 8,749 | 4,626 | ||||||||||||
Total operating expenses | 854,395 | 878,069 | 858,314 | ||||||||||||
Operating income | $ | 67,192 | $ | 15,367 | $ | 3,812 |
(a) | During the year ended December 31, 2014, we disposed of 12 hotels that were not held for sale at December 31, 2013. We sold two held for sale hotels for $63.6 million subsequent to December 31, 2014. These hotels are shown as held for sale on our December 31, 2014 balance sheet, as the purchasers each paid a non-refundable deposit toward the purchase price. Under recently issued GAAP accounting guidance adopted in 2014, we included the operating performance for these hotels in continuing operations in our Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012. However, for purposes of our Non-GAAP reporting metrics, we have excluded the results of these hotels to provide a meaningful same-store comparison. |
(b) | Consolidated hotel lease expense represents the percentage lease expense of our 51% owned operating lessees. The offsetting percentage lease revenue is included in equity in income from unconsolidated entities. |
• | Gains and losses related to extinguishment of debt and interest rate swaps - We exclude gains and losses related to extinguishment of debt and interest rate swaps from FFO and EBITDA because we believe that it is not indicative of ongoing operating performance of our hotel assets. This also represents an acceleration of interest expense or a reduction of interest expense, and interest expense is excluded from EBITDA. |
• | Cumulative effect of a change in accounting principle - Infrequently, the Financial Accounting Standards Board promulgates new accounting standards that require the consolidated statements of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments in computing Adjusted FFO and Adjusted EBITDA because they do not reflect our actual performance for that period. |
• | Other transaction costs - From time to time, we periodically incur costs that are not indicative of ongoing operating performance. Such costs include, but are not limited to, conversion costs, acquisition costs, pre-opening costs and severance costs. We exclude these costs from the calculation of Adjusted FFO and Adjusted EBITDA. |
• | Variable stock compensation - We exclude the cost associated with our variable stock compensation. This cost is subject to volatility related to the price and dividends of our common stock that does not necessarily correspond to our operating performance. |
Encumbered | Interest | Maturity | December 31, | ||||||||||||||
Hotels | Rate (%) | Date | 2014 | 2013 | |||||||||||||
Line of credit | 8 | LIBOR + 3.375 | June 2016(a) | $ | 111,500 | $ | 88,000 | ||||||||||
Term loan | 3 | LIBOR + 2.50 | July 2017(b) | 140,000 | — | ||||||||||||
Mortgage debt | 4 | LIBOR + 3.00 | March 2017 | 64,000 | — | ||||||||||||
Mortgage debt(c) | 4 | 4.95 | October 2022 | 124,278 | 126,220 | ||||||||||||
Mortgage debt | 1 | 4.94 | October 2022 | 31,228 | 31,714 | ||||||||||||
Senior secured notes | 6 | 6.75 | June 2019 | 525,000 | 525,000 | ||||||||||||
Senior secured notes | 9 | 5.625 | March 2023 | 525,000 | 525,000 | ||||||||||||
Knickerbocker loan(d) | |||||||||||||||||
Construction tranche | — | LIBOR + 4.00 | May 2016 | 58,562 | — | ||||||||||||
Cash collateralized tranche | — | LIBOR + 1.25 | May 2016 | 6,299 | 64,861 | ||||||||||||
Retired debt | — | — | — | — | 302,431 | ||||||||||||
Total | 35 | $ | 1,585,867 | $ | 1,663,226 |
(a) | Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions. |
(b) | This debt can be extended up to two years, subject to satisfying certain conditions. |
(c) | This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel. |
(d) | In November 2012, we obtained an $85.0 million construction loan to finance the redevelopment of the Knickerbocker Hotel. This loan can be extended for one year subject to satisfying certain conditions. In 2014, we drew $58.6 million of the cash collateral to fund construction costs, leaving $6.3 million of cash collateral to be drawn before drawing on the remaining $20.1 million available under the construction loan. |
Total | Less Than 1 Year | 1 – 3 Years | 4 – 5 Years | After 5 Years | ||||||||||||||||
Debt(a) | $ | 2,068,132 | $ | 88,073 | $ | 546,012 | $ | 654,720 | $ | 779,327 | ||||||||||
Operating leases | 320,970 | 10,953 | 16,762 | 12,065 | 281,190 | |||||||||||||||
Purchase obligations | 21,903 | 21,903 | — | — | — | |||||||||||||||
Total contractual obligations | $ | 2,411,005 | $ | 120,929 | $ | 562,774 | $ | 666,785 | $ | 1,060,517 |
(a) | This includes both principal and interest. Interest expense for variable rate debt was calculated using interest rates at December 31, 2014. |
• | We record an impairment charge when we believe that an investment in one or more of our hotels held for investment has been impaired, such that future undiscounted cash flows would not recover the book basis, or net book value, of the investment. We test for impairment charge when certain events occur, including one or more of the following: projected cash flows are significantly less than recent historical cash flows; significant changes in legal factors or actions by a regulator that could affect the value of our hotels; events that could cause changes or uncertainty in travel patterns; and a current expectation that, more likely than not, a hotel will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. In the evaluation of impairment of our hotels, and in establishing impairment charges, we make many assumptions and estimates on a hotel by hotel basis, which include the following: |
◦ | Annual cash flow growth rates for revenues and expenses; |
◦ | Holding periods; |
◦ | Expected remaining useful lives of assets; |
◦ | Estimates in fair values taking into consideration future cash flows, capitalization rates, discount rates and comparable selling prices; and |
◦ | Future capital expenditures. |
• | We record an impairment charge when one or more of our investments in unconsolidated subsidiaries experiences an other-than-temporary decline in fair value. Any decline in fair value that is not expected to be recovered in the next 12 months is considered other-than-temporary. We record an impairment in our equity-based investments as a reduction in the carrying value of the investment. Our estimates of fair values are based on future cash flow estimates, capitalization rates, discount rates and comparable selling prices. |
• | We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and employee costs related to hotels undergoing major renovations and redevelopments. In 2014, 2013 and 2012, we capitalized $25.9 million, $23.6 million and $22.2 million, respectively, of such costs. We make estimates with regard to when components of the renovated asset or redevelopment project are taken out of service or placed in service when determining the appropriate amount and time to capitalize these costs. If these estimates are inaccurate, we could capitalize too much or too little with regard to a particular project. |
• | Depreciation expense is based on the estimated useful life of our assets, and amortization expense for leasehold improvements is the shorter of the lease term or the estimated useful life of the related assets. The lives of the assets are based on a number of assumptions including cost and timing of capital expenditures to maintain and refurbish the assets, as well as specific market and economic conditions. While we believe our estimates are reasonable, a change in the estimated lives could affect depreciation and amortization expense and net income (loss) or the gain or loss on the sale of any of our hotels. |
• | Investments in hotel properties are based on purchase price and allocated to land, property and equipment, identifiable intangible assets and assumed debt and other liabilities at fair value. Any remaining unallocated purchase price, if any, is treated as goodwill. Property and equipment are recorded at fair value, based on current replacement cost for similar capacity, and allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations prepared by management and/or independent third parties. Identifiable intangible assets (typically contracts including ground and retail leases and management and franchise agreements) are recorded at fair value, although no value is generally allocated to contracts which are at market terms. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of contract rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources such as those obtained in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. |
• | We make estimates with respect to contingent liabilities for losses covered by insurance. We record liabilities for self-insured losses under our insurance programs when it becomes probable that an asset has been impaired or a liability has been incurred at the date of our financial statements and the amount of the loss can be reasonably estimated. We are self-insured for the first $250,000, per occurrence, of our general liability claims with regard to 37 of our hotels. We review the adequacy of our reserves for our self-insured claims on a regular basis. Our reserves are intended to cover the estimated ultimate uninsured liability for losses with respect to reported and unreported claims incurred at the end of each accounting period. These reserves represent estimates at a given date, generally utilizing projections based on claims, historical settlement of claims and estimates of future costs to settle claims. Estimates are also required since there may be delays in reporting. Because establishment of insurance reserves is an inherently uncertain process involving estimates, currently established reserves may not be sufficient. If our insurance reserves of $3.8 million, at December 31, 2014, for general liability losses are insufficient, we will record an additional expense in future periods. Property and catastrophic losses are event-driven losses and, as such, until a loss occurs and the amount of loss can be reasonably estimated, no liability is recorded. We recorded no contingent liabilities with regard to property or catastrophic losses at December 31, 2014. |
• | Our taxable REIT subsidiaries, or TRSs, have combined cumulative future tax deductions totaling $311.1 million. The deferred income tax asset associated with these potential future tax deductions was $119.6 million at December 31, 2014. We recorded a 100% valuation allowance related to our TRSs net deferred tax asset because we believe it is more likely than not that the deferred tax asset will not be fully realized. The realization of the deferred tax assets associated with our net operating losses is dependent on projections of future taxable income, for which there is uncertainty when considering our historic results and cyclical nature of the lodging industry. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in an entity’s financial statements or tax returns. We have considered future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. In the event we were to determine that we would be able to realize all or a portion of our deferred tax assets in the future, an adjustment to the deferred tax asset would increase operating income in the period such determination was made. |
December 31, 2014 | |||||||||||||||||||||||||||||||
Expected Maturity Date | |||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
Liabilities | (dollars in thousands) | ||||||||||||||||||||||||||||||
Fixed rate: | |||||||||||||||||||||||||||||||
Debt | $ | 2,466 | $ | 2,652 | $ | 2,810 | $ | 2,954 | $ | 528,106 | $ | 666,518 | $ | 1,205,506 | $ | 1,239,642 | |||||||||||||||
Average interest rate | 4.95 | % | 4.95 | % | 4.95 | % | 4.95 | % | 6.74 | % | 5.48 | % | 6.03 | % | |||||||||||||||||
Floating rate: | |||||||||||||||||||||||||||||||
Debt | — | 176,361 | 204,000 | — | — | — | 380,361 | 382,663 | |||||||||||||||||||||||
Average interest rate(a) | — | 4.74 | % | 4.66 | % | — | — | — | 4.69 | % | |||||||||||||||||||||
Total debt | $ | 2,466 | $ | 179,013 | $ | 206,810 | $ | 2,954 | $ | 528,106 | $ | 666,518 | $ | 1,585,867 | |||||||||||||||||
Average interest rate | 4.95 | % | 4.74 | % | 4.66 | % | 4.95 | % | 6.74 | % | 5.48 | % | 5.71 | % | |||||||||||||||||
Net discount | — | ||||||||||||||||||||||||||||||
$ | 1,585,867 |
(a) | The average floating rate represents the implied forward rates in the yield curve at December 31, 2014. |
December 31, 2013 | |||||||||||||||||||||||||||||||
Expected Maturity Date | |||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||
Liabilities | (dollars in thousands) | ||||||||||||||||||||||||||||||
Fixed rate: | |||||||||||||||||||||||||||||||
Debt | $ | 300,045 | $ | 3,107 | $ | 11,461 | $ | 2,810 | $ | 2,954 | $ | 1,194,702 | $ | 1,515,079 | $ | 1,565,211 | |||||||||||||||
Average interest rate | 9.25 | % | 5.11 | % | 5.61 | % | 4.95 | % | 4.95 | % | 6.04 | % | 6.66 | % | |||||||||||||||||
Floating rate: | |||||||||||||||||||||||||||||||
Debt | — | — | 152,861 | — | — | — | 152,861 | 153,032 | |||||||||||||||||||||||
Average interest rate(a) | — | — | 5.28 | % | — | — | — | 5.28 | % | ||||||||||||||||||||||
Total debt | $ | 300,045 | $ | 3,107 | $ | 164,322 | $ | 2,810 | $ | 2,954 | $ | 1,194,702 | $ | 1,667,940 | |||||||||||||||||
Average interest rate | 9.25 | % | 5.11 | % | 5.31 | % | 4.95 | % | 4.95 | % | 6.04 | % | 6.54 | % | |||||||||||||||||
Net discount | (4,714 | ) | |||||||||||||||||||||||||||||
$ | 1,663,226 |
Report of Independent Registered Public Accounting Firm (FelCor Lodging Trust Incorporated) | |
Report of Independent Registered Public Accounting Firm (FelCor Lodging Limited Partnership) | |
FelCor Lodging Trust Incorporated Financial Statements: | |
Consolidated Balance Sheets — December 2014 and 2013 | |
Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012 | |
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2014, 2013 and 2012 | |
Consolidated Statements of Equity for the years ended December 31, 2014, 2013 and 2012 | |
Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012 | |
FelCor Lodging Limited Partnership Financial Statements: | |
Consolidated Balance Sheets — December 2014 and 2013 | |
Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012 | |
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2014, 2013 and 2012 | |
Consolidated Statements of Partners’ Capital for the years ended December 31, 2014, 2013 and 2012 | |
Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012 | |
Notes to Consolidated Financial Statements | |
Schedule III — Real Estate and Accumulated Depreciation as of December 31, 2014 |
2014 | 2013 | ||||||
Assets | |||||||
Investment in hotels, net of accumulated depreciation of $850,687 and $929,801 at December 31, 2014 and 2013, respectively | $ | 1,599,791 | $ | 1,653,267 | |||
Hotel development | 297,466 | 216,747 | |||||
Investment in unconsolidated entities | 15,095 | 46,943 | |||||
Hotels held for sale | 47,145 | 16,319 | |||||
Cash and cash equivalents | 47,147 | 45,645 | |||||
Restricted cash | 20,496 | 77,227 | |||||
Accounts receivable, net of allowance for doubtful accounts of $241 and $262 at December 31, 2014 and 2013, respectively | 27,805 | 35,747 | |||||
Deferred expenses, net of accumulated amortization of $17,111 and $20,362 at December 31, 2014 and 2013, respectively | 25,827 | 29,325 | |||||
Other assets | 23,886 | 23,060 | |||||
Total assets | $ | 2,104,658 | $ | 2,144,280 | |||
Liabilities and Equity | |||||||
Debt, net of discount of $4,714 at December 31, 2013 | $ | 1,585,867 | $ | 1,663,226 | |||
Distributions payable | 13,827 | 11,047 | |||||
Accrued expenses and other liabilities | 135,481 | 150,738 | |||||
Total liabilities | 1,735,175 | 1,825,011 | |||||
Commitments and contingencies | |||||||
Redeemable noncontrolling interests in FelCor LP, 611 and 618 units issued and outstanding at December 31, 2014 and 2013, respectively | 6,616 | 5,039 | |||||
Equity: | |||||||
Preferred stock, $0.01 par value, 20,000 shares authorized: | |||||||
Series A Cumulative Convertible Preferred Stock, 12,879 and 12,880 shares, liquidation value of $321,987 and $322,011, issued and outstanding at December 31, 2014 and 2013, respectively | 309,337 | 309,362 | |||||
Series C Cumulative Redeemable Preferred Stock, 68 shares, liquidation value of $169,950, issued and outstanding at December 31, 2014 and 2013 | 169,412 | 169,412 | |||||
Common stock, $0.01 par value, 200,000 shares authorized; 124,605 and 124,051 shares issued and outstanding at December 31, 2014 and 2013, respectively | 1,246 | 1,240 | |||||
Additional paid-in capital | 2,353,666 | 2,354,328 | |||||
Accumulated other comprehensive income | — | 24,937 | |||||
Accumulated deficit | (2,530,671 | ) | (2,568,350 | ) | |||
Total FelCor stockholders’ equity | 302,990 | 290,929 | |||||
Noncontrolling interests in other partnerships | 18,435 | 23,301 | |||||
Preferred equity in consolidated joint venture, liquidation value of $42,094 | 41,442 | — | |||||
Total equity | 362,867 | 314,230 | |||||
Total liabilities and equity | $ | 2,104,658 | $ | 2,144,280 |
2014 | 2013 | 2012 | |||||||||
Revenues: | |||||||||||
Hotel operating revenue | $ | 917,981 | $ | 890,006 | $ | 858,941 | |||||
Other revenue | 3,606 | 3,430 | 3,185 | ||||||||
Total revenues | 921,587 | 893,436 | 862,126 | ||||||||
Expenses: | |||||||||||
Hotel departmental expenses | 331,876 | 327,081 | 316,099 | ||||||||
Other property-related costs | 238,170 | 238,115 | 231,929 | ||||||||
Management and franchise fees | 36,067 | 35,735 | 39,785 | ||||||||
Taxes, insurance and lease expense | 84,926 | 96,194 | 92,166 | ||||||||
Corporate expenses | 29,585 | 26,996 | 26,128 | ||||||||
Depreciation and amortization | 115,819 | 119,624 | 116,384 | ||||||||
Impairment loss | — | 24,441 | — | ||||||||
Conversion expenses | — | 1,134 | 31,197 | ||||||||
Other expenses | 17,952 | 8,749 | 4,626 | ||||||||
Total operating expenses | 854,395 | 878,069 | 858,314 | ||||||||
Operating income | 67,192 | 15,367 | 3,812 | ||||||||
Interest expense, net | (90,695 | ) | (103,787 | ) | (121,552 | ) | |||||
Debt extinguishment | (4,770 | ) | — | (72,350 | ) | ||||||
Gain on sale of investment in unconsolidated entities, net | 30,176 | — | — | ||||||||
Gain from remeasurement of unconsolidated entities, net | 20,737 | — | — | ||||||||
Other gains, net | 100 | 41 | — | ||||||||
Income (loss) before equity in income from unconsolidated entities | 22,740 | (88,379 | ) | (190,090 | ) | ||||||
Equity in income from unconsolidated entities | 5,010 | 4,586 | 2,779 | ||||||||
Income (loss) from continuing operations | 27,750 | (83,793 | ) | (187,311 | ) | ||||||
Income (loss) from discontinued operations | (360 | ) | 18,010 | 57,897 | |||||||
Income (loss) before gain on sale of hotels | 27,390 | (65,783 | ) | (129,414 | ) | ||||||
Gain on sale of hotels, net | 66,762 | — | — | ||||||||
Net income (loss) | 94,152 | (65,783 | ) | (129,414 | ) | ||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | (697 | ) | 3,782 | 565 | |||||||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (137 | ) | 497 | 842 | |||||||
Preferred distributions - consolidated joint venture | (1,219 | ) | — | — | |||||||
Net income (loss) attributable to FelCor | 92,099 | (61,504 | ) | (128,007 | ) | ||||||
Preferred dividends | (38,712 | ) | (38,713 | ) | (38,713 | ) | |||||
Net income (loss) attributable to FelCor common stockholders | $ | 53,387 | $ | (100,217 | ) | $ | (166,720 | ) | |||
Basic and diluted per common share data: | |||||||||||
Income (loss) from continuing operations | $ | 0.43 | $ | (0.95 | ) | $ | (1.81 | ) | |||
Net income (loss) | $ | 0.43 | $ | (0.81 | ) | $ | (1.35 | ) | |||
Basic weighted average common shares outstanding | 124,158 | 123,818 | 123,634 | ||||||||
Diluted weighted average common shares outstanding | 124,892 | 123,818 | 123,634 |
2014 | 2013 | 2012 | ||||||||||
Net income (loss) | $ | 94,152 | $ | (65,783 | ) | $ | (129,414 | ) | ||||
Foreign currency translation adjustment | (490 | ) | (1,108 | ) | 303 | |||||||
Reclassification of foreign currency translation to gain | (24,448 | ) | — | — | ||||||||
Comprehensive income (loss) | 69,214 | (66,891 | ) | (129,111 | ) | |||||||
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | (697 | ) | 3,782 | 565 | ||||||||
Comprehensive loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (136 | ) | 503 | 840 | ||||||||
Preferred distributions - consolidated joint venture | (1,219 | ) | — | — | ||||||||
Comprehensive income (loss) attributable to FelCor | $ | 67,162 | $ | (62,606 | ) | $ | (127,706 | ) |
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Other Partnerships | Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
Number of Shares | Amount | Number of Shares | Amount | Accumulated Deficit | Total Equity | ||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | 12,948 | $ | 478,774 | 124,281 | $ | 1,243 | $ | 2,353,251 | $ | 25,738 | $ | (2,297,468 | ) | $ | 25,357 | $ | 586,895 | ||||||||||||||||||||
Issuance of stock awards | — | — | 10 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Stock awards - amortization | — | — | — | — | 827 | — | — | — | 827 | ||||||||||||||||||||||||||||
Forfeiture of stock awards | — | — | (185 | ) | (2 | ) | 234 | — | (776 | ) | — | (544 | ) | ||||||||||||||||||||||||
Conversion of operating partnership units into common shares | — | — | 11 | — | 45 | — | — | — | 45 | ||||||||||||||||||||||||||||
Allocation to redeemable noncontrolling interests | — | — | — | — | (776 | ) | — | — | — | (776 | ) | ||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 3,616 | 3,616 | ||||||||||||||||||||||||||||
Distribution to noncontrolling interests | — | — | — | — | — | — | — | (1,056 | ) | (1,056 | ) | ||||||||||||||||||||||||||
Other | — | — | — | — | — | — | (4 | ) | — | (4 | ) | ||||||||||||||||||||||||||
Preferred dividends: | |||||||||||||||||||||||||||||||||||||
$1.95 per Series A preferred share | — | — | — | — | — | — | (25,117 | ) | — | (25,117 | ) | ||||||||||||||||||||||||||
$2.00 per Series C depositary preferred share | — | — | — | — | — | — | (13,596 | ) | — | (13,596 | ) | ||||||||||||||||||||||||||
Comprehensive loss (attributable to FelCor and noncontrolling interests in other partnerships): | |||||||||||||||||||||||||||||||||||||
Foreign exchange translation | — | — | — | — | — | 301 | — | — | $ | 301 | |||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (128,007 | ) | (565 | ) | (128,572 | ) | |||||||||||||||||||||||||
Comprehensive loss | $ | (128,271 | ) | (128,271 | ) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 12,948 | $ | 478,774 | 124,117 | $ | 1,241 | $ | 2,353,581 | $ | 26,039 | $ | (2,464,968 | ) | $ | 27,352 | $ | 422,019 |
Preferred Stock | Common Stock | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Other Partnerships | ||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Number of Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Comprehensive Loss | Total Equity | ||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 12,948 | $ | 478,774 | 124,117 | $ | 1,241 | $ | 2,353,581 | $ | 26,039 | $ | (2,464,968 | ) | $ | 27,352 | $ | 422,019 | ||||||||||||||||||||
Issuance of stock awards | — | — | 15 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Stock awards - amortization and severance | — | — | — | — | 3,387 | — | — | — | 3,387 | ||||||||||||||||||||||||||||
Forfeiture of stock awards | — | — | (85 | ) | (1 | ) | — | — | (663 | ) | — | (664 | ) | ||||||||||||||||||||||||
Conversion of operating partnership units into common shares | — | — | 4 | — | 23 | — | — | — | 23 | ||||||||||||||||||||||||||||
Allocation to redeemable noncontrolling interests | — | — | — | — | (2,663 | ) | — | — | — | (2,663 | ) | ||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 3,990 | 3,990 | ||||||||||||||||||||||||||||
Distribution to noncontrolling interests | — | — | — | — | — | — | — | (4,259 | ) | (4,259 | ) | ||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||
$0.02 per common share | (2,502 | ) | — | (2,502 | ) | ||||||||||||||||||||||||||||||||
$1.95 per Series A preferred share | — | — | — | — | — | — | (25,117 | ) | — | (25,117 | ) | ||||||||||||||||||||||||||
$2.00 per Series C depositary preferred share | — | — | — | — | — | — | (13,596 | ) | — | (13,596 | ) | ||||||||||||||||||||||||||
Comprehensive loss (attributable to FelCor and noncontrolling interests in other partnerships): | |||||||||||||||||||||||||||||||||||||
Foreign exchange translation | — | — | — | — | — | (1,102 | ) | — | — | $ | (1,102 | ) | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (61,504 | ) | (3,782 | ) | (65,286 | ) | |||||||||||||||||||||||||
Comprehensive loss | $ | (66,388 | ) | (66,388 | ) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 12,948 | $ | 478,774 | 124,051 | $ | 1,240 | $ | 2,354,328 | $ | 24,937 | $ | (2,568,350 | ) | $ | 23,301 | $ | 314,230 |
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Other Partnerships | Preferred Equity in Consolidated Joint Venture | Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||
Number of Shares | Amount | Number of Shares | Amount | Accumulated Deficit | Total Equity | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 12,948 | $ | 478,774 | 124,051 | $ | 1,240 | $ | 2,354,328 | $ | 24,937 | $ | (2,568,350 | ) | $ | 23,301 | $ | — | $ | 314,230 | ||||||||||||||||||||||
Conversion of preferred stock into common stock | (1 | ) | (25 | ) | — | — | 25 | — | — | — | — | — | |||||||||||||||||||||||||||||
Issuance of stock awards | — | — | 864 | 9 | (9 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock awards - amortization | — | — | — | — | 4,319 | — | — | — | — | 4,319 | |||||||||||||||||||||||||||||||
Forfeiture of stock awards | — | — | (316 | ) | (3 | ) | — | — | (3,114 | ) | — | — | (3,117 | ) | |||||||||||||||||||||||||||
Conversion of operating partnership units into common shares | — | — | 6 | — | 56 | — | — | — | — | 56 | |||||||||||||||||||||||||||||||
Allocation to redeemable noncontrolling interests | — | — | — | — | (1,545 | ) | — | — | — | — | (1,545 | ) | |||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 6,375 | — | 6,375 | |||||||||||||||||||||||||||||||
Distribution to noncontrolling interests | — | — | — | — | — | — | — | (9,596 | ) | — | (9,596 | ) | |||||||||||||||||||||||||||||
Acquisition of noncontrolling interest | — | — | — | — | (3,508 | ) | — | — | (2,342 | ) | — | (5,850 | ) | ||||||||||||||||||||||||||||
Dividends declared: | — | ||||||||||||||||||||||||||||||||||||||||
$0.10 per common share | — | — | — | — | — | — | (12,594 | ) | — | — | (12,594 | ) | |||||||||||||||||||||||||||||
$1.95 per Series A preferred share | — | — | — | — | — | — | (25,116 | ) | — | — | (25,116 | ) | |||||||||||||||||||||||||||||
$2.00 per Series C depositary preferred share | — | — | — | — | — | — | (13,596 | ) | — | — | (13,596 | ) | |||||||||||||||||||||||||||||
Preferred distributions - consolidated joint venture | — | — | — | — | — | — | — | — | (1,219 | ) | (1,219 | ) | |||||||||||||||||||||||||||||
Issuance of preferred equity - consolidated joint venture | — | — | — | — | — | — | — | — | 41,442 | 41,442 | |||||||||||||||||||||||||||||||
Comprehensive income (attributable to FelCor and noncontrolling interests in other partnerships): | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange translation | — | — | — | — | — | (489 | ) | — | — | $ | — | $ | (489 | ) | |||||||||||||||||||||||||||
Reclassification of foreign currency translation to gain | — | — | — | — | — | (24,448 | ) | — | — | $ | — | $ | (24,448 | ) | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 92,099 | 697 | 1,219 | 94,015 | |||||||||||||||||||||||||||||||
Comprehensive income | $ | 69,078 | 69,078 | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | 12,947 | $ | 478,749 | 124,605 | $ | 1,246 | $ | 2,353,666 | $ | — | $ | (2,530,671 | ) | $ | 18,435 | $ | 41,442 | $ | 362,867 |
2014 | 2013 | 2012 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 94,152 | $ | (65,783 | ) | $ | (129,414 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 115,819 | 124,547 | 129,486 | ||||||||
Gain on sale of hotels, net | (66,660 | ) | (19,441 | ) | (54,459 | ) | |||||
Gain on sale of investment in unconsolidated entities, net | (30,176 | ) | — | — | |||||||
Gain from remeasurement of unconsolidated entities, net | (20,737 | ) | — | — | |||||||
Other gains, net | (100 | ) | (107 | ) | — | ||||||
Amortization of deferred financing fees and debt discount | 9,558 | 11,082 | 18,053 | ||||||||
Amortization of fixed stock and directors’ compensation | 6,122 | 5,869 | 5,002 | ||||||||
Equity based severance | — | 1,051 | — | ||||||||
Equity in income from unconsolidated entities | (5,010 | ) | (4,586 | ) | (2,779 | ) | |||||
Distributions of income from unconsolidated entities | 4,128 | 4,440 | 4,160 | ||||||||
Debt extinguishment | 5,015 | — | 75,117 | ||||||||
Impairment loss | — | 28,795 | 1,335 | ||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 4,875 | (10,858 | ) | 1,253 | |||||||
Other assets | (6,975 | ) | (6,061 | ) | (5,029 | ) | |||||
Accrued expenses and other liabilities | (5,193 | ) | (487 | ) | 4,584 | ||||||
Net cash flow provided by operating activities | 104,818 | 68,461 | 47,309 | ||||||||
Cash flows from investing activities: | |||||||||||
Improvements and additions to hotels | (83,664 | ) | (101,357 | ) | (121,475 | ) | |||||
Hotel development | (86,565 | ) | (60,553 | ) | (24,849 | ) | |||||
Net proceeds from asset dispositions | 163,618 | 98,820 | 197,613 | ||||||||
Proceeds from unconsolidated joint venture transaction | 4,032 | — | — | ||||||||
Change in restricted cash | 56,731 | 700 | 6,313 | ||||||||
Insurance proceeds | 521 | 238 | — | ||||||||
Distributions from unconsolidated entities | 12,828 | 9,784 | 13,539 | ||||||||
Contributions to unconsolidated entities | (7 | ) | (1,500 | ) | — | ||||||
Net cash flow provided by (used in) investing activities | 67,494 | (53,868 | ) | 71,141 | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings | 473,062 | 164,000 | 998,611 | ||||||||
Repayment of borrowings | (623,106 | ) | (136,902 | ) | (1,043,365 | ) | |||||
Payment of deferred financing costs | (3,215 | ) | (2,744 | ) | (17,870 | ) | |||||
Acquisition of noncontrolling interest | (5,850 | ) | — | — | |||||||
Distributions paid to noncontrolling interests | (9,596 | ) | (4,259 | ) | (1,056 | ) | |||||
Contributions from noncontrolling interests | 6,375 | 3,990 | 3,616 | ||||||||
Distributions paid to FelCor LP limited partners | (42 | ) | — | — | |||||||
Distributions paid to preferred stockholders | (38,712 | ) | (38,713 | ) | (106,461 | ) | |||||
Preferred distributions - consolidated joint venture | (1,102 | ) | — | — | |||||||
Distributions paid to common stockholders | (9,981 | ) | — | — | |||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 41,442 | — | — | ||||||||
Net cash flow used in financing activities | (170,725 | ) | (14,628 | ) | (166,525 | ) | |||||
Effect of exchange rate changes on cash | (85 | ) | (65 | ) | 62 | ||||||
Net change in cash and cash equivalents | 1,502 | (100 | ) | (48,013 | ) | ||||||
Cash and cash equivalents at beginning of periods | 45,645 | 45,745 | 93,758 | ||||||||
Cash and cash equivalents at end of periods | $ | 47,147 | $ | 45,645 | $ | 45,745 | |||||
Supplemental cash flow information — interest paid, net of capitalized interest | $ | 86,734 | $ | 84,839 | $ | 116,789 |
2014 | 2013 | ||||||
Assets | |||||||
Investment in hotels, net of accumulated depreciation of $850,687 and $929,801 at December 31, 2014 and 2013, respectively | $ | 1,599,791 | $ | 1,653,267 | |||
Hotel development | 297,466 | 216,747 | |||||
Investment in unconsolidated entities | 15,095 | 46,943 | |||||
Hotels held for sale | 47,145 | 16,319 | |||||
Cash and cash equivalents | 47,147 | 45,645 | |||||
Restricted cash | 20,496 | 77,227 | |||||
Accounts receivable, net of allowance for doubtful accounts of $241 and $262 at December 31, 2014 and 2013, respectively | 27,805 | 35,747 | |||||
Deferred expenses, net of accumulated amortization of $17,111 and $20,362 at December 31, 2014 and 2013, respectively | 25,827 | 29,325 | |||||
Other assets | 23,886 | 23,060 | |||||
Total assets | $ | 2,104,658 | $ | 2,144,280 | |||
Liabilities and Partners’ Capital | |||||||
Debt, net of discount of $4,714 at December 31, 2013 | $ | 1,585,867 | $ | 1,663,226 | |||
Distributions payable | 13,827 | 11,047 | |||||
Accrued expenses and other liabilities | 135,481 | 150,738 | |||||
Total liabilities | 1,735,175 | 1,825,011 | |||||
Commitments and contingencies | |||||||
Redeemable units, 611 and 618 units issued and outstanding at December 31, 2014 and 2013, respectively | 6,616 | 5,039 | |||||
Capital: | |||||||
Preferred units: | |||||||
Series A Cumulative Convertible Preferred Units, 12,879 and 12,880 units issued and outstanding at December 31, 2014 and 2013, respectively | 309,337 | 309,362 | |||||
Series C Cumulative Redeemable Preferred Units, 68 units issued and outstanding at December 31, 2014 and 2013 | 169,412 | 169,412 | |||||
Common units, 124,605 and 124,051 units issued and outstanding at December 31, 2014 and 2013, respectively | (175,759 | ) | (212,888 | ) | |||
Accumulated other comprehensive income | — | 25,043 | |||||
Total FelCor LP partners’ capital | 302,990 | 290,929 | |||||
Noncontrolling interests | 18,435 | 23,301 | |||||
Preferred capital in consolidated joint venture | 41,442 | — | |||||
Total partners’ capital | 362,867 | 314,230 | |||||
Total liabilities and partners’ capital | $ | 2,104,658 | $ | 2,144,280 |
2014 | 2013 | 2012 | |||||||||
Revenues: | |||||||||||
Hotel operating revenue | $ | 917,981 | $ | 890,006 | $ | 858,941 | |||||
Other revenue | 3,606 | 3,430 | 3,185 | ||||||||
Total revenues | 921,587 | 893,436 | 862,126 | ||||||||
Expenses: | |||||||||||
Hotel departmental expenses | 331,876 | 327,081 | 316,099 | ||||||||
Other property-related costs | 238,170 | 238,115 | 231,929 | ||||||||
Management and franchise fees | 36,067 | 35,735 | 39,785 | ||||||||
Taxes, insurance and lease expense | 84,926 | 96,194 | 92,166 | ||||||||
Corporate expenses | 29,585 | 26,996 | 26,128 | ||||||||
Depreciation and amortization | 115,819 | 119,624 | 116,384 | ||||||||
Impairment loss | — | 24,441 | — | ||||||||
Conversion expenses | — | 1,134 | 31,197 | ||||||||
Other expenses | 17,952 | 8,749 | 4,626 | ||||||||
Total operating expenses | 854,395 | 878,069 | 858,314 | ||||||||
Operating income | 67,192 | 15,367 | 3,812 | ||||||||
Interest expense, net | (90,695 | ) | (103,787 | ) | (121,552 | ) | |||||
Debt extinguishment | (4,770 | ) | — | (72,350 | ) | ||||||
Gain on sale of investment in unconsolidated entities, net | 30,176 | — | — | ||||||||
Gain from remeasurement of unconsolidated entities, net | 20,737 | — | — | ||||||||
Other gains, net | 100 | 41 | — | ||||||||
Income (loss) before equity in income from unconsolidated entities | 22,740 | (88,379 | ) | (190,090 | ) | ||||||
Equity in income from unconsolidated entities | 5,010 | 4,586 | 2,779 | ||||||||
Income (loss) from continuing operations | 27,750 | (83,793 | ) | (187,311 | ) | ||||||
Income (loss) from discontinued operations | (360 | ) | 18,010 | 57,897 | |||||||
Income (loss) before gain on sale of hotels | 27,390 | (65,783 | ) | (129,414 | ) | ||||||
Gain on sale of hotels, net | 66,762 | — | — | ||||||||
Net income (loss) | 94,152 | (65,783 | ) | (129,414 | ) | ||||||
Net loss (income) attributable to noncontrolling interests | (697 | ) | 3,782 | 565 | |||||||
Preferred distributions - consolidated joint venture | (1,219 | ) | — | — | |||||||
Net income (loss) attributable to FelCor LP | 92,236 | (62,001 | ) | (128,849 | ) | ||||||
Preferred distributions | (38,712 | ) | (38,713 | ) | (38,713 | ) | |||||
Net income (loss) attributable to FelCor LP common unitholders | $ | 53,524 | $ | (100,714 | ) | $ | (167,562 | ) | |||
Basic and diluted per common unit data: | |||||||||||
Income (loss) from continuing operations | $ | 0.43 | $ | (0.95 | ) | $ | (1.81 | ) | |||
Net income (loss) | $ | 0.43 | $ | (0.81 | ) | $ | (1.35 | ) | |||
Basic weighted average common units outstanding | 124,772 | 124,437 | 124,262 | ||||||||
Diluted weighted average common units outstanding | 125,511 | 124,437 | 124,262 |
2014 | 2013 | 2012 | |||||||||
Net income (loss) | $ | 94,152 | $ | (65,783 | ) | $ | (129,414 | ) | |||
Foreign currency translation adjustment | (490 | ) | (1,108 | ) | 303 | ||||||
Reclassification of foreign currency translation to gain | (24,553 | ) | — | — | |||||||
Comprehensive income (loss) | 69,109 | (66,891 | ) | (129,111 | ) | ||||||
Comprehensive loss (income) attributable to noncontrolling interests | (697 | ) | 3,782 | 565 | |||||||
Preferred distributions - consolidated joint venture | (1,219 | ) | — | — | |||||||
Comprehensive income (loss) attributable to FelCor LP | $ | 67,193 | $ | (63,109 | ) | $ | (128,546 | ) |
Preferred Units | Common Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Preferred Capital in Consolidated Joint Venture | Comprehensive Income (Loss) | Total Partners’ Capital | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 478,774 | $ | 56,916 | $ | 25,848 | $ | 25,357 | $ | — | $ | 586,895 | |||||||||||||||
FelCor restricted stock compensation | — | 283 | — | — | — | 283 | |||||||||||||||||||||
Contributions | — | — | — | 3,616 | — | 3,616 | |||||||||||||||||||||
Distributions | — | (38,713 | ) | — | (1,056 | ) | — | (39,769 | ) | ||||||||||||||||||
Allocation to redeemable units | — | 109 | — | — | — | 109 | |||||||||||||||||||||
Other | — | (4 | ) | — | — | — | (4 | ) | |||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||
Foreign exchange translation | 303 | $ | — | $ | 303 | ||||||||||||||||||||||
Net loss | (128,849 | ) | (565 | ) | — | (129,414 | ) | ||||||||||||||||||||
Comprehensive loss | $ | (129,111 | ) | (129,111 | ) | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 478,774 | $ | (110,258 | ) | $ | 26,151 | $ | 27,352 | — | $ | 422,019 | |||||||||||||||
FelCor restricted stock compensation | — | 2,723 | — | — | — | 2,723 | |||||||||||||||||||||
Contributions | — | — | — | 3,990 | — | 3,990 | |||||||||||||||||||||
Distributions | — | (41,215 | ) | — | (4,259 | ) | — | (45,474 | ) | ||||||||||||||||||
Allocation to redeemable units | — | (2,137 | ) | — | — | — | (2,137 | ) | |||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||
Foreign exchange translation | (1,108 | ) | $ | — | $ | (1,108 | ) | ||||||||||||||||||||
Net loss | (62,001 | ) | (3,782 | ) | — | (65,783 | ) | ||||||||||||||||||||
Comprehensive loss | $ | (66,891 | ) | (66,891 | ) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 478,774 | $ | (212,888 | ) | $ | 25,043 | $ | 23,301 | $ | — | $ | 314,230 | ||||||||||||||
Conversion of preferred units into common units | (25 | ) | 25 | — | — | — | — | ||||||||||||||||||||
FelCor restricted stock compensation | — | 1,202 | — | — | — | 1,202 | |||||||||||||||||||||
Contributions | — | — | — | 6,375 | — | 6,375 | |||||||||||||||||||||
Distributions | — | (51,306 | ) | — | (9,596 | ) | (1,219 | ) | (62,121 | ) | |||||||||||||||||
Allocation to redeemable units | — | (1,520 | ) | — | — | — | (1,520 | ) | |||||||||||||||||||
Acquisition of noncontrolling interest | — | (3,508 | ) | — | (2,342 | ) | (5,850 | ) | |||||||||||||||||||
Issuance of preferred capital - consolidated joint venture | — | — | — | — | 41,442 | 41,442 | |||||||||||||||||||||
Comprehensive income: | — | ||||||||||||||||||||||||||
Foreign exchange translation | (490 | ) | $ | — | $ | (490 | ) | ||||||||||||||||||||
Reclassification of foreign currency translation to gain | — | — | (24,553 | ) | — | — | (24,553 | ) | |||||||||||||||||||
Net income | 92,236 | 697 | 1,219 | 94,152 | |||||||||||||||||||||||
Comprehensive income | $ | 69,109 | 69,109 | ||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 478,749 | $ | (175,759 | ) | $ | — | $ | 18,435 | $ | 41,442 | $ | 362,867 |
2014 | 2013 | 2012 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 94,152 | $ | (65,783 | ) | $ | (129,414 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 115,819 | 124,547 | 129,486 | ||||||||
Gain on sale of hotels, net | (66,660 | ) | (19,441 | ) | (54,459 | ) | |||||
Gain on sale of investment in unconsolidated entities, net | (30,176 | ) | — | — | |||||||
Gain from remeasurement of unconsolidated entities, net | (20,737 | ) | — | — | |||||||
Other gains, net | (100 | ) | (107 | ) | — | ||||||
Amortization of deferred financing fees and debt discount | 9,558 | 11,082 | 18,053 | ||||||||
Amortization of fixed stock and directors’ compensation | 6,122 | 5,869 | 5,002 | ||||||||
Equity based severance | — | 1,051 | — | ||||||||
Equity in income from unconsolidated entities | (5,010 | ) | (4,586 | ) | (2,779 | ) | |||||
Distributions of income from unconsolidated entities | 4,128 | 4,440 | 4,160 | ||||||||
Debt extinguishment | 5,015 | — | 75,117 | ||||||||
Impairment loss | — | 28,795 | 1,335 | ||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 4,875 | (10,858 | ) | 1,253 | |||||||
Other assets | (6,975 | ) | (6,061 | ) | (5,029 | ) | |||||
Accrued expenses and other liabilities | (5,193 | ) | (487 | ) | 4,584 | ||||||
Net cash flow provided by operating activities | 104,818 | 68,461 | 47,309 | ||||||||
Cash flows from investing activities: | |||||||||||
Improvements and additions to hotels | (83,664 | ) | (101,357 | ) | (121,475 | ) | |||||
Hotel development | (86,565 | ) | (60,553 | ) | (24,849 | ) | |||||
Net proceeds from asset dispositions | 163,618 | 98,820 | 197,613 | ||||||||
Proceeds from unconsolidated joint venture transaction | 4,032 | — | — | ||||||||
Change in restricted cash | 56,731 | 700 | 6,313 | ||||||||
Insurance proceeds | 521 | 238 | — | ||||||||
Distributions from unconsolidated entities | 12,828 | 9,784 | 13,539 | ||||||||
Contributions to unconsolidated entities | (7 | ) | (1,500 | ) | — | ||||||
Net cash flow provided by (used in) investing activities | 67,494 | (53,868 | ) | 71,141 | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings | 473,062 | 164,000 | 998,611 | ||||||||
Repayment of borrowings | (623,106 | ) | (136,902 | ) | (1,043,365 | ) | |||||
Payment of deferred financing costs | (3,215 | ) | (2,744 | ) | (17,870 | ) | |||||
Acquisition of noncontrolling interest | (5,850 | ) | — | — | |||||||
Distributions paid to noncontrolling interests | (9,596 | ) | (4,259 | ) | (1,056 | ) | |||||
Contributions from noncontrolling interests | 6,375 | 3,990 | 3,616 | ||||||||
Distributions paid to FelCor LP limited partners | (42 | ) | — | — | |||||||
Distributions paid to preferred unitholders | (38,712 | ) | (38,713 | ) | (106,461 | ) | |||||
Preferred distributions - consolidated joint venture | (1,102 | ) | — | — | |||||||
Distributions paid to common unitholders | (9,981 | ) | — | — | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 41,442 | — | — | ||||||||
Net cash flow used in financing activities | (170,725 | ) | (14,628 | ) | (166,525 | ) | |||||
Effect of exchange rate changes on cash | (85 | ) | (65 | ) | 62 | ||||||
Net change in cash and cash equivalents | 1,502 | (100 | ) | (48,013 | ) | ||||||
Cash and cash equivalents at beginning of periods | 45,645 | 45,745 | 93,758 | ||||||||
Cash and cash equivalents at end of periods | $ | 47,147 | $ | 45,645 | $ | 45,745 | |||||
Supplemental cash flow information – interest paid, net of capitalized interest | $ | 86,734 | $ | 84,839 | $ | 116,789 |
1. | Organization |
Brand | Hotels | Rooms | |||||
Embassy Suites Hotels | 23 | 6,255 | |||||
Wyndham and Wyndham Grand | 8 | 2,528 | |||||
Marriott and Renaissance | 3 | 1,321 | |||||
DoubleTree by Hilton and Hilton | 3 | 802 | |||||
Holiday Inn | 3 | 1,256 | |||||
Morgans and Royalton | 2 | 285 | |||||
Sheraton | 2 | 673 | |||||
Fairmont | 1 | 383 | |||||
Total | 45 | 13,503 |
1. | Organization – (continued) |
2. | Summary of Significant Accounting Policies |
2. | Summary of Significant Accounting Policies — (continued) |
• | Cash distributions up to the aggregate historical earnings of the unconsolidated entity are recorded as an operating activity (i.e., a distribution of earnings); and |
• | Cash distributions in excess of aggregate historical earnings are recorded as an investing activity (i.e., a distribution of contributed capital). |
2. | Summary of Significant Accounting Policies — (continued) |
2. | Summary of Significant Accounting Policies — (continued) |
3. | Investment in Hotels |
December 31, | ||||||||
2014 | 2013 | |||||||
Building and improvements | $ | 1,764,871 | $ | 1,833,165 | ||||
Furniture, fixtures and equipment | 431,851 | 482,628 | ||||||
Land | 232,141 | 234,447 | ||||||
Construction in progress | 21,615 | 32,828 | ||||||
2,450,478 | 2,583,068 | |||||||
Accumulated depreciation - Building and improvements | (661,758 | ) | (698,146 | ) | ||||
Accumulated depreciation - Furniture, fixtures and equipment | (188,929 | ) | (231,655 | ) | ||||
$ | 1,599,791 | $ | 1,653,267 |
5. | Impairment Charges |
5. | Impairment Charges— (continued) |
• | with respect to one hotel, we used a discounted cash flow analysis with an estimated stabilized growth rate of 3.0%, a discounted cash flow term of five years, a terminal capitalization rate of 8.0%, and a discount rate of 10.0%; and |
• | with respect to the other hotel, we used information based on EBITDA multiples ranging from 10 to 12 times. |
7. | Hotel Dispositions |
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Hotel operating revenue | $ | 99,084 | $ | 146,519 | $ | 142,108 | ||||||||
Operating expenses (a) | (95,233 | ) | (169,160 | ) | (142,036 | ) | ||||||||
Operating income (loss) | 3,851 | (22,641 | ) | 72 | ||||||||||
Interest expense, net | (1,488 | ) | (2,788 | ) | (3,074 | ) | ||||||||
Debt extinguishment | (920 | ) | — | (181 | ) | |||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176 | — | — | |||||||||||
Other gains, net | — | 41 | — | |||||||||||
Equity in income from unconsolidated entities | 1,513 | 1,491 | 524 | |||||||||||
Income (loss) from continuing operations | 33,132 | (23,897 | ) | (2,659 | ) | |||||||||
Gain on sale of hotels, net(b) | 66,762 | — | — | |||||||||||
Net income (loss) | 99,894 | (23,897 | ) | (2,659 | ) | |||||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | (1,464 | ) | 3,830 | (83 | ) | |||||||||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (355 | ) | 98 | 14 | ||||||||||
Net income (loss) attributable to FelCor | $ | 98,075 | $ | (19,969 | ) | $ | (2,728 | ) |
(a) | Operating expenses include impairment charges of $24.4 million for the year ended December 31, 2013. |
(b) | Includes a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income) when we sold our remaining Canadian hotel in the third quarter of 2014, which substantially liquidated all of our foreign investments. |
7. | Hotel Dispositions — (continued) |
Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Hotel operating revenue | $ | 730 | $ | 33,849 | $ | 107,637 | ||||||||
Operating expenses(a) | (677 | ) | (34,553 | ) | (95,600 | ) | ||||||||
Operating income (loss) from discontinued operations | 53 | (704 | ) | 12,037 | ||||||||||
Interest expense, net | (66 | ) | (793 | ) | (5,832 | ) | ||||||||
Debt extinguishment | (245 | ) | — | (2,767 | ) | |||||||||
Gain on involuntary conversion | — | 66 | — | |||||||||||
Gain (loss) on sale, net | (102 | ) | 19,441 | 54,459 | ||||||||||
Income (loss) from discontinued operations | $ | (360 | ) | $ | 18,010 | $ | 57,897 |
(a) | Operating expenses in discontinued operations include impairment charges of $4.4 million and $1.3 million for the years ended December 31, 2013 and 2012, respectively. |
• | A $20.7 million gain on the remeasurement of the fair value of the five previously unconsolidated hotels, which we now wholly-own; |
• | A $30.2 million gain on the disposition of our unconsolidated interests in the five other hotels (net of $457,000 in transaction costs); and |
• | A $3.5 million reduction in Additional Paid-In Capital related to acquiring the 10% noncontrolling interest of another hotel, which we now wholly-own. |
Assets | |||
Investment in hotels | $ | 130,100 | |
Other assets | 1,300 | ||
Deferred expenses | 259 | ||
Total assets acquired | $ | 131,659 | |
Liabilities | |||
Debt | $ | 64,000 | |
Net assets acquired | $ | 67,659 |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Net income (loss) | $ | 94,869 | $ | (65,670 | ) | ||
Income (loss) per share/unit - basic | $ | 0.43 | $ | (0.82 | ) | ||
Income (loss) per share/unit - diluted | $ | 0.43 | $ | (0.82 | ) |
9. | Investment in Unconsolidated Entities |
December 31, | |||||||
2014 | 2013 | ||||||
Investment in hotels, net of accumulated depreciation | $ | 30,288 | $ | 140,145 | |||
Total assets | $ | 45,374 | $ | 155,848 | |||
Debt | $ | 34,192 | $ | 146,358 | |||
Total liabilities | $ | 36,974 | $ | 152,068 | |||
Equity | $ | 8,400 | $ | 3,780 |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Total revenues | $ | 59,453 | $ | 70,697 | $ | 67,725 | |||||
Net income | $ | 12,561 | $ | 12,892 | $ | 9,278 | |||||
Net income attributable to FelCor | $ | 6,281 | $ | 6,446 | $ | 4,639 | |||||
Depreciation of cost in excess of book value | (1,271 | ) | (1,860 | ) | (1,860 | ) | |||||
Equity in income from unconsolidated entities | $ | 5,010 | $ | 4,586 | $ | 2,779 |
December 31, | |||||||
2014 | 2013 | ||||||
Hotel-related investments | $ | (3,265 | ) | $ | (6,349 | ) | |
Cost in excess of book value of hotel investments | 10,895 | 45,053 | |||||
Land and condominium investments | 7,465 | 8,239 | |||||
$ | 15,095 | $ | 46,943 |
9. | Investment in Unconsolidated Entities (continued) |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Hotel investments | $ | 5,784 | $ | 5,270 | $ | 3,434 | |||||
Other investments | (774 | ) | (684 | ) | (655 | ) | |||||
Equity in income from unconsolidated entities | $ | 5,010 | $ | 4,586 | $ | 2,779 |
10. | Debt |
Encumbered | Interest | Maturity | December 31, | ||||||||||||||
Hotels | Rate (%) | Date | 2014 | 2013 | |||||||||||||
Line of credit | 8 | LIBOR + 3.375 | June 2016(a) | $ | 111,500 | $ | 88,000 | ||||||||||
Term loan | 3 | LIBOR + 2.50 | July 2017(b) | 140,000 | — | ||||||||||||
Mortgage debt | 4 | LIBOR + 3.00 | March 2017 | 64,000 | — | ||||||||||||
Mortgage debt(c) | 4 | 4.95 | October 2022 | 124,278 | 126,220 | ||||||||||||
Mortgage debt | 1 | 4.94 | October 2022 | 31,228 | 31,714 | ||||||||||||
Senior secured notes | 6 | 6.75 | June 2019 | 525,000 | 525,000 | ||||||||||||
Senior secured notes | 9 | 5.625 | March 2023 | 525,000 | 525,000 | ||||||||||||
Knickerbocker loan(d) | |||||||||||||||||
Construction tranche | — | LIBOR + 4.00 | May 2016 | 58,562 | — | ||||||||||||
Cash collateralized tranche | — | LIBOR + 1.25 | May 2016 | 6,299 | 64,861 | ||||||||||||
Retired debt | — | — | — | — | 302,431 | ||||||||||||
Total | 35 | $ | 1,585,867 | $ | 1,663,226 |
(a) | Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions. |
(b) | This debt can be extended up to two years, subject to satisfying certain conditions. |
(c) | This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel. |
(d) | In November 2012, we obtained an $85.0 million construction loan to finance the redevelopment of the Knickerbocker Hotel. This loan can be extended for one year year subject to satisfying certain conditions. In 2014, we drew $58.6 million of the cash collateral to fund construction costs, leaving $6.3 million of cash collateral to be drawn before drawing on the remaining $20.1 million available under the construction loan. |
10. | Debt – (continued) |
Year | ||||
2015 | $ | 2,466 | ||
2016 | 179,013 | |||
2017 | 206,810 | |||
2018 | 2,954 | |||
2019 | 528,106 | |||
Thereafter | 666,518 | |||
$ | 1,585,867 |
12. | Income Taxes |
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
GAAP consolidated net income (loss) attributable to FelCor LP | $ | 92,236 | $ | (62,001 | ) | $ | (128,849 | ) | ||||
Loss (income) allocated to FelCor LP unitholders | (137 | ) | 497 | 842 | ||||||||
GAAP consolidated net income (loss) attributable to FelCor | 92,099 | (61,504 | ) | (128,007 | ) | |||||||
GAAP net loss (income) from REIT operations | (68,796 | ) | 62,513 | 125,088 | ||||||||
GAAP net income (loss) of taxable subsidiaries | 23,303 | 1,009 | (2,919 | ) | ||||||||
Taxes related to joint venture transaction | 5,761 | — | — | |||||||||
Gain/loss differences from dispositions | — | — | (407 | ) | ||||||||
Depreciation and amortization(a) | (461 | ) | 1,646 | 404 | ||||||||
Employee benefits not deductible for tax | (101 | ) | 3,914 | 363 | ||||||||
Management fee recognition | (1,151 | ) | (1,245 | ) | (1,715 | ) | ||||||
Cancellation of debt | (3,188 | ) | — | — | ||||||||
Foreign exchange | — | — | 12,907 | |||||||||
Capitalized TRS start-up costs | 11,859 | 4,981 | — | |||||||||
Other book/tax differences | 181 | 2,754 | 4,884 | |||||||||
Tax income of taxable subsidiaries before utilization of net operating losses | 36,203 | 13,059 | 13,517 | |||||||||
Utilization of net operating loss | (36,203 | ) | (13,059 | ) | (13,517 | ) | ||||||
Net tax income of taxable subsidiaries | $ | — | $ | — | $ | — |
(a) | The changes in book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. |
December 31, | ||||||||
2014 | 2013 | |||||||
Accumulated net operating losses of TRSs | $ | 107,027 | $ | 119,355 | ||||
Tax property basis in excess of book | 952 | 1,017 | ||||||
Accrued employee benefits not deductible for tax | 3,883 | 3,477 | ||||||
Management fee recognition | 81 | 464 | ||||||
Foreign exchange | — | 4,905 | ||||||
Capitalized TRS start-up costs | 6,399 | 1,893 | ||||||
Other | 1,261 | 701 | ||||||
Gross deferred tax asset | 119,603 | 131,812 | ||||||
Valuation allowance | (119,603 | ) | (131,812 | ) | ||||
Deferred tax asset after valuation allowance | $ | — | $ | — |
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
GAAP net income (loss) from REIT operations | $ | 68,796 | $ | (62,513 | ) | $ | (125,088 | ) | ||||
Book/tax differences, net: | ||||||||||||
Depreciation and amortization(a) | 1,831 | 2,173 | 2,084 | |||||||||
Noncontrolling interests | 329 | (4,017 | ) | 4,112 | ||||||||
Gain/loss differences from dispositions | (99,946 | ) | (2,032 | ) | (30,747 | ) | ||||||
Impairment loss not deductible for tax | — | 28,795 | 1,335 | |||||||||
Conversion costs | (3,233 | ) | (2,099 | ) | 31,197 | |||||||
Other | (1,674 | ) | 8,453 | (9,226 | ) | |||||||
Tax loss(b) | $ | (33,897 | ) | $ | (31,240 | ) | $ | (126,333 | ) |
(a) | Book/tax differences in depreciation and amortization principally result from differences in depreciable lives and accelerated depreciation methods. |
(b) | The dividend distribution requirement is 90% of any taxable income (net of capital gains). |
2014 | 2013 | 2012 | |||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||
Preferred Stock – Series A | |||||||||||||||||
Dividend income | $ | — | — | $ | — | — | $ | — | — | ||||||||
Return of capital | 1.95 | (c) | 100.00 | 1.95 | (b) | 100.00 | 5.3625 | (a) | 100.00 | ||||||||
$ | 1.95 | 100.00 | $ | 1.95 | 100.00 | $ | 5.3625 | 100.00 | |||||||||
Preferred Stock – Series C | |||||||||||||||||
Dividend income | $ | — | — | $ | — | — | $ | — | — | ||||||||
Return of capital | 2.00 | (c) | 100.00 | 2.00 | (b) | 100.00 | 5.50 | (a) | 100.00 | ||||||||
$ | 2.00 | 100.00 | $ | 2.00 | 100.00 | $ | 5.50 | 100.00 | |||||||||
Common Stock | |||||||||||||||||
Dividend income | $ | — | — | $ | — | — | $ | — | — | ||||||||
Return of capital | 0.08 | (c) | 100.00 | — | — | — | — | ||||||||||
$ | 0.08 | 100.00 | $ | — | — | $ | — | — |
(a) | Fourth quarter 2011 preferred dividends were paid January 31, 2012, and were treated as 2012 distributions for tax purposes. |
(b) | Fourth quarter 2012 preferred dividends were paid January 31, 2013, and were treated as 2013 distributions for tax purposes. |
(c) | Fourth quarter 2013 preferred and common dividends were paid January 30, 2014, and were treated as 2014 distributions for tax purposes. |
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Balance at beginning of period | $ | 5,039 | $ | 2,902 | ||||
Conversion of units | (56 | ) | (23 | ) | ||||
Redemption value allocation | 1,545 | 2,663 | ||||||
Distributions paid to unitholders | (48 | ) | — | |||||
Comprehensive income (loss): | ||||||||
Foreign exchange translation | (1 | ) | (6 | ) | ||||
Net income (loss) | 137 | (497 | ) | |||||
Balance at end of period | $ | 6,616 | $ | 5,039 |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Room revenue | $ | 713,213 | $ | 692,016 | $ | 667,708 | |||||
Food and beverage revenue | 157,607 | 151,233 | 142,962 | ||||||||
Other operating departments | 47,161 | 46,757 | 48,271 | ||||||||
Total hotel operating revenue | $ | 917,981 | $ | 890,006 | $ | 858,941 |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Room | $ | 188,465 | $ | 184,840 | $ | 179,602 | |||||
Food and beverage | 121,201 | 120,287 | 114,815 | ||||||||
Other operating departments | 22,210 | 21,954 | 21,682 | ||||||||
Total hotel departmental expenses | $ | 331,876 | $ | 327,081 | $ | 316,099 |
15. | Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs — (continued) |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Hotel general and administrative expense | $ | 79,420 | $ | 80,715 | $ | 78,280 | |||||
Marketing | 77,939 | 74,770 | 72,342 | ||||||||
Repair and maintenance | 43,886 | 45,057 | 44,319 | ||||||||
Utilities | 36,925 | 37,573 | 36,988 | ||||||||
Total other property operating costs | $ | 238,170 | $ | 238,115 | $ | 231,929 |
16. | Taxes, Insurance and Lease Expenses |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Hotel lease expense(a) | $ | 31,635 | $ | 44,087 | $ | 41,342 | |||||
Land lease expense(b) | 12,338 | 11,062 | 11,158 | ||||||||
Real estate and other taxes | 31,773 | 30,977 | 29,974 | ||||||||
Property insurance, general liability insurance and other | 9,180 | 10,068 | 9,692 | ||||||||
Total taxes, insurance and lease expense | $ | 84,926 | $ | 96,194 | $ | 92,166 |
(a) | Hotel lease expense is recorded by the consolidated operating lessees of hotels owned by unconsolidated entities, and is partially (generally 49%) offset through noncontrolling interests in other partnerships. Our 50% share of the corresponding lease income is recorded through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $17.3 million, $22.2 million and $19.6 million for the year ended December 31, 2014, 2013, and 2012, respectively. |
(b) | Land lease expense includes percentage rent of $6.4 million, $5.4 million and $5.5 million for the year ended December 31, 2014, 2013, and 2012, respectively. |
Year | |||
2015 | $ | 10,953 | |
2016 | 10,208 | ||
2017 | 6,554 | ||
2018 | 6,220 | ||
2019 | 5,846 | ||
2020 and thereafter | 281,190 | ||
$ | 320,971 |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Net income (loss) attributable to FelCor | $ | 92,099 | $ | (61,504 | ) | $ | (128,007 | ) | |||
Discontinued operations attributable to FelCor | 359 | (16,963 | ) | (57,515 | ) | ||||||
Income (loss) from continuing operations attributable to FelCor | 92,458 | (78,467 | ) | (185,522 | ) | ||||||
Less: Preferred dividends | (38,712 | ) | (38,713 | ) | (38,713 | ) | |||||
Less: Dividends declared on unvested restricted stock | (8 | ) | — | — | |||||||
Less: Undistributed earnings allocated to unvested restricted stock | (20 | ) | — | — | |||||||
Numerator for continuing operations attributable to FelCor common stockholders | 53,718 | (117,180 | ) | (224,235 | ) | ||||||
Discontinued operations attributable to FelCor | (359 | ) | 16,963 | 57,515 | |||||||
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | $ | 53,359 | $ | (100,217 | ) | $ | (166,720 | ) | |||
Denominator: | |||||||||||
Denominator for basic income (loss) per share | 124,158 | 123,818 | 123,634 | ||||||||
Denominator for diluted income (loss) per share | 124,892 | 123,818 | 123,634 | ||||||||
Basic and diluted income (loss) per share data: | |||||||||||
Income (loss) from continuing operations | $ | 0.43 | $ | (0.95 | ) | $ | (1.81 | ) | |||
Discontinued operations | $ | — | $ | 0.14 | $ | 0.47 | |||||
Net income (loss) | $ | 0.43 | $ | (0.81 | ) | $ | (1.35 | ) |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Numerator: | |||||||||||
Net income (loss) attributable to FelCor LP | $ | 92,236 | $ | (62,001 | ) | $ | (128,849 | ) | |||
Discontinued operations attributable to FelCor LP | 360 | (17,047 | ) | (57,804 | ) | ||||||
Income (loss) from continuing operations attributable to FelCor LP | 92,596 | (79,048 | ) | (186,653 | ) | ||||||
Less: Preferred distributions | (38,712 | ) | (38,713 | ) | (38,713 | ) | |||||
Less: Distributions declared on FelCor unvested restricted stock | (8 | ) | — | — | |||||||
Less: Undistributed earnings allocated to FelCor unvested restricted stock | (20 | ) | — | — | |||||||
Numerator for continuing operations attributable to FelCor LP common unitholders | 53,856 | (117,761 | ) | (225,366 | ) | ||||||
Discontinued operations attributable to FelCor LP | (360 | ) | 17,047 | 57,804 | |||||||
Numerator for basic and diluted income (loss) attributable to FelCor LP common unitholders | $ | 53,496 | $ | (100,714 | ) | $ | (167,562 | ) | |||
Denominator: | |||||||||||
Denominator for basic income (loss) per unit | 124,772 | 124,437 | 124,262 | ||||||||
Denominator for diluted income (loss) per unit | 125,511 | 124,437 | 124,262 | ||||||||
Basic and diluted income (loss) per unit data: | |||||||||||
Income (loss) from continuing operations | $ | 0.43 | $ | (0.95 | ) | $ | (1.81 | ) | |||
Discontinued operations | $ | — | $ | 0.14 | $ | 0.47 | |||||
Net income (loss) | $ | 0.43 | $ | (0.81 | ) | $ | (1.35 | ) |
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Series A convertible preferred shares/units | 9,984 | 9,985 | 9,985 | ||||||
FelCor restricted stock units | — | 547 | — |
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Depreciation and amortization from continuing operations | $ | 115,819 | $ | 119,624 | $ | 116,384 | ||||||
Depreciation and amortization from discontinued operations | — | 4,923 | 13,102 | |||||||||
Total depreciation and amortization expense | $ | 115,819 | $ | 124,547 | $ | 129,486 |
2014 | 2013 | 2012 | ||||||||||||||||||
Shares | Weighted Average Fair Market Value at Grant | Shares | Weighted Average Fair Market Value at Grant | Shares | Weighted Average Fair Market Value at Grant | |||||||||||||||
Outstanding at beginning of the year | 5,504,825 | $ | 9.00 | 4,239,825 | $ | 10.45 | 4,290,318 | $ | 10.58 | |||||||||||
Granted: | ||||||||||||||||||||
With 5-year pro rata vesting | — | $ | — | 15,000 | $ | 6.13 | 10,000 | $ | 4.40 | |||||||||||
With up to 4-year pro rata vesting | 1,036,252 | $ | 6.70 | 1,250,000 | $ | 4.09 | — | $ | — | |||||||||||
Forfeited | (2,250 | ) | $ | 9.62 | — | $ | — | (60,493 | ) | $ | 18.60 | |||||||||
Outstanding at end of year | 6,538,827 | $ | 8.64 | 5,504,825 | $ | 9.00 | 4,239,825 | $ | 10.45 | |||||||||||
Vested at end of year | (5,029,308 | ) | $ | 9.52 | (4,234,825 | ) | $ | 10.46 | (3,936,492 | ) | $ | 10.97 | ||||||||
Unvested at end of year | 1,509,519 | $ | 5.70 | 1,270,000 | $ | 4.12 | 303,333 | $ | 3.71 |
Revenue For the Year Ended December 31, | Investment in Hotel Assets as of December 31, | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
California | $ | 277,458 | $ | 257,418 | $ | 241,892 | $ | 450,068 | $ | 468,033 | $ | 480,982 | ||||||||||||
Florida | 135,972 | 124,142 | 119,841 | 234,421 | 244,104 | 264,248 | ||||||||||||||||||
Texas | 85,724 | 78,287 | 75,906 | 148,253 | 95,910 | 104,641 | ||||||||||||||||||
Massachusetts | 85,665 | 76,505 | 68,117 | 172,062 | 183,446 | 189,571 | ||||||||||||||||||
Other states | 328,382 | 342,398 | 341,459 | 594,987 | 647,366 | 738,336 | ||||||||||||||||||
Canada | 8,386 | 14,686 | 14,911 | — | 14,408 | 16,786 | ||||||||||||||||||
Total | $ | 921,587 | $ | 893,436 | $ | 862,126 | $ | 1,599,791 | $ | 1,653,267 | $ | 1,794,564 |
2014 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total revenues | $ | 221,349 | $ | 259,515 | $ | 234,056 | $ | 206,667 | ||||||||
Income (loss) from continuing operations | $ | (20,428 | ) | $ | 9,324 | $ | 44,022 | $ | (5,168 | ) | ||||||
Discontinued operations | $ | 135 | $ | 5 | $ | (8 | ) | $ | (492 | ) | ||||||
Net income (loss) attributable to FelCor | $ | (14,818 | ) | $ | 24,281 | $ | 72,391 | $ | 10,245 | |||||||
Net income (loss) attributable to FelCor common stockholders | $ | (24,496 | ) | $ | 14,603 | $ | 62,713 | $ | 567 | |||||||
Comprehensive income (loss) attributable to FelCor | $ | (15,254 | ) | $ | 24,853 | $ | 47,499 | $ | 10,064 | |||||||
Basic and diluted per common share data: | ||||||||||||||||
Net income (loss) from continuing operations | $ | (0.20 | ) | $ | 0.12 | $ | 0.50 | $ | 0.01 | |||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income (loss) | $ | (0.20 | ) | $ | 0.12 | $ | 0.50 | $ | — | |||||||
Basic weighted average common shares outstanding | 124,146 | 124,169 | 124,168 | 124,188 | ||||||||||||
Diluted weighted average common shares outstanding | 124,146 | 125,386 | 125,526 | 125,146 |
2013 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total revenues | $ | 208,937 | $ | 239,856 | $ | 230,429 | $ | 214,214 | ||||||||
Loss from continuing operations | $ | (27,458 | ) | $ | (28,915 | ) | $ | (8,158 | ) | $ | (19,262 | ) | ||||
Discontinued operations | $ | 853 | $ | 6,120 | $ | 11,947 | $ | (910 | ) | |||||||
Net income (loss) attributable to FelCor | $ | (26,185 | ) | $ | (18,683 | ) | $ | 3,230 | $ | (19,866 | ) | |||||
Net loss attributable to FelCor common stockholders | $ | (35,863 | ) | $ | (28,361 | ) | $ | (6,448 | ) | $ | (29,545 | ) | ||||
Comprehensive income (loss) attributable to FelCor | $ | (26,540 | ) | $ | (19,247 | ) | $ | 3,557 | $ | (20,376 | ) | |||||
Basic and diluted per common share data: | ||||||||||||||||
Net loss from continuing operations | $ | (0.30 | ) | $ | (0.28 | ) | $ | (0.14 | ) | $ | (0.23 | ) | ||||
Discontinued operations | $ | 0.01 | $ | 0.05 | $ | 0.09 | $ | (0.01 | ) | |||||||
Net loss | $ | (0.29 | ) | $ | (0.23 | ) | $ | (0.05 | ) | $ | (0.24 | ) | ||||
Basic weighted average common shares outstanding | 123,814 | 123,814 | 123,817 | 123,827 | ||||||||||||
Diluted weighted average common shares outstanding | 123,814 | 123,814 | 123,817 | 123,827 |
2014 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total revenues | $ | 221,349 | $ | 259,515 | $ | 234,056 | $ | 206,667 | ||||||||
Income (loss) from continuing operations | $ | (20,428 | ) | $ | 9,324 | $ | 44,022 | $ | (5,168 | ) | ||||||
Discontinued operations | $ | 135 | $ | 5 | $ | (8 | ) | $ | (492 | ) | ||||||
Net income (loss) attributable to FelCor LP | $ | (14,939 | ) | $ | 24,352 | $ | 72,576 | $ | 10,247 | |||||||
Net income (loss) attributable to FelCor LP common unitholders | $ | (24,617 | ) | $ | 14,674 | $ | 62,898 | $ | 569 | |||||||
Comprehensive income (loss) attributable to FelCor LP | $ | (15,378 | ) | $ | 24,927 | $ | 47,578 | $ | 10,066 | |||||||
Basic and diluted per common unit data: | ||||||||||||||||
Net income (loss) from continuing operations | $ | (0.20 | ) | $ | 0.12 | $ | 0.50 | $ | 0.01 | |||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income (loss) | $ | (0.20 | ) | $ | 0.12 | $ | 0.50 | $ | — | |||||||
Basic weighted average common units outstanding | 124,764 | 124,783 | 124,781 | 124,799 | ||||||||||||
Diluted weighted average common units outstanding | 124,764 | 126,000 | 126,164 | 125,764 |
2013 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total revenues | $ | 208,937 | $ | 239,856 | $ | 230,429 | $ | 214,214 | ||||||||
Loss from continuing operations | $ | (27,458 | ) | $ | (28,915 | ) | $ | (8,158 | ) | $ | (19,262 | ) | ||||
Discontinued operations | $ | 853 | $ | 6,120 | $ | 11,947 | $ | (910 | ) | |||||||
Net income (loss) attributable to FelCor LP | $ | (26,365 | ) | $ | (18,823 | ) | $ | 3,198 | $ | (20,011 | ) | |||||
Net loss attributable to FelCor LP common unitholders | $ | (36,043 | ) | $ | (28,501 | ) | $ | (6,480 | ) | $ | (29,690 | ) | ||||
Comprehensive income (loss) attributable to FelCor LP | $ | (26,722 | ) | $ | (19,390 | ) | $ | 3,527 | $ | (20,524 | ) | |||||
Basic and diluted per common unit data: | ||||||||||||||||
Net loss from continuing operations | $ | (0.30 | ) | $ | (0.28 | ) | $ | (0.14 | ) | $ | (0.23 | ) | ||||
Discontinued operations | $ | 0.01 | $ | 0.05 | $ | 0.09 | $ | (0.01 | ) | |||||||
Net loss | $ | (0.29 | ) | $ | (0.23 | ) | $ | (0.05 | ) | $ | (0.24 | ) | ||||
Basic weighted average common units outstanding | 124,435 | 124,435 | 124,435 | 124,444 | ||||||||||||
Diluted weighted average common units outstanding | 124,435 | 124,435 | 124,435 | 124,444 |
26. | FelCor LP's Consolidating Financial Information |
26. | FelCor LP's Consolidating Financial Information - (continued) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Net investment in hotels | $ | — | $ | 908,796 | $ | 690,995 | $ | — | $ | 1,599,791 | |||||||||
Hotel development | — | — | 297,466 | — | 297,466 | ||||||||||||||
Equity investment in consolidated entities | 1,364,470 | — | — | (1,364,470 | ) | — | |||||||||||||
Investment in unconsolidated entities | 7,270 | 6,514 | 1,311 | — | 15,095 | ||||||||||||||
Hotels held for sale | — | — | 47,145 | — | 47,145 | ||||||||||||||
Cash and cash equivalents | 5,717 | 32,923 | 8,507 | — | 47,147 | ||||||||||||||
Restricted cash | — | 12,199 | 8,297 | — | 20,496 | ||||||||||||||
Accounts receivable, net | 963 | 26,343 | 499 | — | 27,805 | ||||||||||||||
Deferred expenses, net | 17,203 | — | 8,624 | — | 25,827 | ||||||||||||||
Other assets | 4,866 | 11,558 | 7,462 | — | 23,886 | ||||||||||||||
Total assets | $ | 1,400,489 | $ | 998,333 | $ | 1,070,306 | $ | (1,364,470 | ) | $ | 2,104,658 | ||||||||
Debt, net | $ | 1,050,000 | $ | — | $ | 576,654 | $ | (40,787 | ) | $ | 1,585,867 | ||||||||
Distributions payable | 13,709 | — | 118 | — | 13,827 | ||||||||||||||
Accrued expenses and other liabilities | 27,174 | 94,190 | 14,117 | — | 135,481 | ||||||||||||||
Total liabilities | 1,090,883 | 94,190 | 590,889 | (40,787 | ) | 1,735,175 | |||||||||||||
Redeemable units, at redemption value | 6,616 | — | — | — | 6,616 | ||||||||||||||
Preferred units | 478,749 | — | — | — | 478,749 | ||||||||||||||
Common units | (175,759 | ) | 904,296 | 419,387 | (1,323,683 | ) | (175,759 | ) | |||||||||||
Total FelCor LP partners’ capital | 302,990 | 904,296 | 419,387 | (1,323,683 | ) | 302,990 | |||||||||||||
Noncontrolling interests | — | (153 | ) | 18,588 | — | 18,435 | |||||||||||||
Preferred capital in consolidated joint venture | — | — | 41,442 | — | 41,442 | ||||||||||||||
Total partners’ capital | 302,990 | 904,143 | 479,417 | (1,323,683 | ) | 362,867 | |||||||||||||
Total liabilities and partners’ capital | $ | 1,400,489 | $ | 998,333 | $ | 1,070,306 | $ | (1,364,470 | ) | $ | 2,104,658 |
26. | FelCor LP's Consolidating Financial Information — (continued) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Net investment in hotels | $ | 48,971 | $ | 1,053,724 | $ | 550,572 | $ | — | $ | 1,653,267 | |||||||||
Hotel development | — | — | 216,747 | — | 216,747 | ||||||||||||||
Equity investment in consolidated entities | 1,508,593 | — | — | (1,508,593 | ) | — | |||||||||||||
Investment in unconsolidated entities | 34,090 | 11,497 | 1,356 | — | 46,943 | ||||||||||||||
Hotel held for sale | — | — | 16,319 | — | 16,319 | ||||||||||||||
Cash and cash equivalents | 5,227 | 33,283 | 7,135 | — | 45,645 | ||||||||||||||
Restricted cash | — | 9,051 | 68,176 | — | 77,227 | ||||||||||||||
Accounts receivable, net | 516 | 34,366 | 865 | — | 35,747 | ||||||||||||||
Deferred expenses, net | 20,540 | — | 8,785 | — | 29,325 | ||||||||||||||
Other assets | 6,248 | 10,767 | 17,998 | (11,953 | ) | 23,060 | |||||||||||||
Total assets | $ | 1,624,185 | $ | 1,152,688 | $ | 887,953 | $ | (1,520,546 | ) | $ | 2,144,280 | ||||||||
Debt, net | $ | 1,279,190 | $ | 11,953 | $ | 464,036 | $ | (91,953 | ) | $ | 1,663,226 | ||||||||
Distributions payable | 11,047 | — | — | — | 11,047 | ||||||||||||||
Accrued expenses and other liabilities | 37,980 | 96,494 | 16,264 | — | 150,738 | ||||||||||||||
Total liabilities | 1,328,217 | 108,447 | 480,300 | (91,953 | ) | 1,825,011 | |||||||||||||
Redeemable units, at redemption value | 5,039 | — | — | — | 5,039 | ||||||||||||||
Preferred units | 478,774 | — | — | — | 478,774 | ||||||||||||||
Common units | (212,888 | ) | 1,039,903 | 363,647 | (1,403,550 | ) | (212,888 | ) | |||||||||||
Accumulated other comprehensive income | 25,043 | 4,569 | 20,474 | (25,043 | ) | 25,043 | |||||||||||||
Total FelCor LP partners’ capital | 290,929 | 1,044,472 | 384,121 | (1,428,593 | ) | 290,929 | |||||||||||||
Noncontrolling interests | — | (231 | ) | 23,532 | — | 23,301 | |||||||||||||
Total partners’ capital | 290,929 | 1,044,241 | 407,653 | (1,428,593 | ) | 314,230 | |||||||||||||
Total liabilities and partners’ capital | $ | 1,624,185 | $ | 1,152,688 | $ | 887,953 | $ | (1,520,546 | ) | $ | 2,144,280 |
26. | FelCor LP's Consolidating Financial Information — (continued) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Hotel operating revenue | $ | — | $ | 917,981 | $ | — | $ | — | $ | 917,981 | |||||||||
Percentage lease revenue | 4,181 | — | 62,627 | (66,808 | ) | — | |||||||||||||
Other revenue | 6 | 3,143 | 457 | — | 3,606 | ||||||||||||||
Total revenue | 4,187 | 921,124 | 63,084 | (66,808 | ) | 921,587 | |||||||||||||
Expenses: | |||||||||||||||||||
Hotel operating expenses | — | 606,113 | — | — | 606,113 | ||||||||||||||
Taxes, insurance and lease expense | 1,401 | 135,603 | 14,730 | (66,808 | ) | 84,926 | |||||||||||||
Corporate expenses | 427 | 19,035 | 10,123 | — | 29,585 | ||||||||||||||
Depreciation and amortization | 2,717 | 69,094 | 44,008 | — | 115,819 | ||||||||||||||
Other expenses | 178 | 12,330 | 5,444 | — | 17,952 | ||||||||||||||
Total operating expenses | 4,723 | 842,175 | 74,305 | (66,808 | ) | 854,395 | |||||||||||||
Operating income | (536 | ) | 78,949 | (11,221 | ) | — | 67,192 | ||||||||||||
Interest expense, net | (71,024 | ) | (758 | ) | (18,913 | ) | — | (90,695 | ) | ||||||||||
Debt extinguishment | (3,823 | ) | — | (947 | ) | — | (4,770 | ) | |||||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176 | — | — | — | 30,176 | ||||||||||||||
Gain from remeasurement of unconsolidated entities, net | 20,737 | — | — | — | 20,737 | ||||||||||||||
Other gains, net | — | 100 | — | — | 100 | ||||||||||||||
Income before equity in income from unconsolidated entities | (24,470 | ) | 78,291 | (31,081 | ) | — | 22,740 | ||||||||||||
Equity in income from consolidated entities | 113,267 | — | — | (113,267 | ) | — | |||||||||||||
Equity in income from unconsolidated entities | 4,682 | 374 | (46 | ) | — | 5,010 | |||||||||||||
Income from continuing operations | 93,479 | 78,665 | (31,127 | ) | (113,267 | ) | 27,750 | ||||||||||||
Loss from discontinued operations | — | 27 | (387 | ) | — | (360 | ) | ||||||||||||
Income before gain on sale of hotels | 93,479 | 78,692 | (31,514 | ) | (113,267 | ) | 27,390 | ||||||||||||
Gain on sale of hotels, net | (1,243 | ) | 21,887 | 46,118 | — | 66,762 | |||||||||||||
Net income | 92,236 | 100,579 | 14,604 | (113,267 | ) | 94,152 | |||||||||||||
Income attributable to noncontrolling interests | — | 339 | (1,036 | ) | — | (697 | ) | ||||||||||||
Preferred distributions - consolidated joint venture | — | — | (1,219 | ) | — | (1,219 | ) | ||||||||||||
Net income attributable to FelCor LP | 92,236 | 100,918 | 12,349 | (113,267 | ) | 92,236 | |||||||||||||
Preferred distributions | (38,712 | ) | — | — | — | (38,712 | ) | ||||||||||||
Net income attributable to FelCor LP common unitholders | $ | 53,524 | $ | 100,918 | $ | 12,349 | $ | (113,267 | ) | $ | 53,524 |
26. | FelCor LP's Consolidating Financial Information — (continued) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Hotel operating revenue | $ | — | $ | 890,006 | $ | — | $ | — | $ | 890,006 | |||||||||
Percentage lease revenue | 5,041 | — | 62,903 | (67,944 | ) | — | |||||||||||||
Other revenue | 9 | 2,976 | 445 | — | 3,430 | ||||||||||||||
Total revenue | 5,050 | 892,982 | 63,348 | (67,944 | ) | 893,436 | |||||||||||||
Expenses: | |||||||||||||||||||
Hotel operating expenses | — | 600,931 | — | — | 600,931 | ||||||||||||||
Taxes, insurance and lease expense | 2,078 | 148,932 | 13,128 | (67,944 | ) | 96,194 | |||||||||||||
Corporate expenses | 553 | 17,966 | 8,477 | — | 26,996 | ||||||||||||||
Depreciation and amortization | 4,438 | 71,898 | 43,288 | — | 119,624 | ||||||||||||||
Impairment loss | 14,294 | — | 10,147 | — | 24,441 | ||||||||||||||
Conversion expenses | 23 | 666 | 445 | — | 1,134 | ||||||||||||||
Other expenses | 3,179 | 3,166 | 2,404 | — | 8,749 | ||||||||||||||
Total operating expenses | 24,565 | 843,559 | 77,889 | (67,944 | ) | 878,069 | |||||||||||||
Operating income | (19,515 | ) | 49,423 | (14,541 | ) | — | 15,367 | ||||||||||||
Interest expense, net | (84,206 | ) | (1,270 | ) | (18,311 | ) | — | (103,787 | ) | ||||||||||
Other gains, net | — | — | 41 | — | 41 | ||||||||||||||
Loss before equity in income from unconsolidated entities | (103,721 | ) | 48,153 | (32,811 | ) | — | (88,379 | ) | |||||||||||
Equity in income from consolidated entities | 40,276 | — | — | (40,276 | ) | — | |||||||||||||
Equity in income from unconsolidated entities | 4,183 | 449 | (46 | ) | — | 4,586 | |||||||||||||
Loss from continuing operations | (59,262 | ) | 48,602 | (32,857 | ) | (40,276 | ) | (83,793 | ) | ||||||||||
Income from discontinued operations | (2,739 | ) | 1,842 | 18,907 | — | 18,010 | |||||||||||||
Net loss | (62,001 | ) | 50,444 | (13,950 | ) | (40,276 | ) | (65,783 | ) | ||||||||||
Loss attributable to noncontrolling interests | — | 788 | 2,994 | — | 3,782 | ||||||||||||||
Net loss attributable to FelCor LP | (62,001 | ) | 51,232 | (10,956 | ) | (40,276 | ) | (62,001 | ) | ||||||||||
Preferred distributions | (38,713 | ) | — | — | — | (38,713 | ) | ||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (100,714 | ) | $ | 51,232 | $ | (10,956 | ) | $ | (40,276 | ) | $ | (100,714 | ) |
26. | FelCor LP's Consolidating Financial Information — (continued) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Revenues: | |||||||||||||||||||
Hotel operating revenue | $ | — | $ | 858,941 | $ | — | $ | — | $ | 858,941 | |||||||||
Percentage lease revenue | 5,160 | — | 71,858 | (77,018 | ) | — | |||||||||||||
Other revenue | 21 | 2,752 | 412 | — | 3,185 | ||||||||||||||
Total revenue | 5,181 | 861,693 | 72,270 | (77,018 | ) | 862,126 | |||||||||||||
Expenses: | |||||||||||||||||||
Hotel operating expenses | — | 587,813 | — | — | 587,813 | ||||||||||||||
Taxes, insurance and lease expense | 1,424 | 153,444 | 14,316 | (77,018 | ) | 92,166 | |||||||||||||
Corporate expenses | 533 | 17,015 | 8,580 | — | 26,128 | ||||||||||||||
Depreciation and amortization | 4,778 | 63,533 | 48,073 | — | 116,384 | ||||||||||||||
Conversion expenses | 487 | 14,210 | 16,500 | — | 31,197 | ||||||||||||||
Other expenses | 685 | 3,375 | 566 | — | 4,626 | ||||||||||||||
Total operating expenses | 7,907 | 839,390 | 88,035 | (77,018 | ) | 858,314 | |||||||||||||
Operating income | (2,726 | ) | 22,303 | (15,765 | ) | — | 3,812 | ||||||||||||
Interest expense, net | (86,617 | ) | (16,052 | ) | (18,883 | ) | — | (121,552 | ) | ||||||||||
Debt extinguishment | (55,056 | ) | (6,395 | ) | (10,899 | ) | — | (72,350 | ) | ||||||||||
Loss before equity in income from unconsolidated entities | (144,399 | ) | (144 | ) | (45,547 | ) | — | (190,090 | ) | ||||||||||
Equity in income from consolidated entities | 13,038 | — | — | (13,038 | ) | — | |||||||||||||
Equity in income from unconsolidated entities | 2,589 | 236 | (46 | ) | — | 2,779 | |||||||||||||
Loss from continuing operations | (128,772 | ) | 92 | (45,593 | ) | (13,038 | ) | (187,311 | ) | ||||||||||
Income from discontinued operations | (77 | ) | (9,745 | ) | 67,719 | — | 57,897 | ||||||||||||
Net loss | (128,849 | ) | (9,653 | ) | 22,126 | (13,038 | ) | (129,414 | ) | ||||||||||
Loss attributable to noncontrolling interests | — | 779 | (214 | ) | — | 565 | |||||||||||||
Net loss attributable to FelCor LP | (128,849 | ) | (8,874 | ) | 21,912 | (13,038 | ) | (128,849 | ) | ||||||||||
Preferred distributions | (38,713 | ) | — | — | — | (38,713 | ) | ||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (167,562 | ) | $ | (8,874 | ) | $ | 21,912 | $ | (13,038 | ) | $ | (167,562 | ) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Net income | $ | 92,236 | $ | 100,579 | $ | 14,604 | $ | (113,267 | ) | $ | 94,152 | ||||||||
Foreign currency translation adjustment | (490 | ) | (121 | ) | (369 | ) | 490 | (490 | ) | ||||||||||
Reclassification of foreign currency translation to gain | (24,553 | ) | (4,448 | ) | (20,105 | ) | 24,553 | (24,553 | ) | ||||||||||
Comprehensive income | 67,193 | 96,010 | (5,870 | ) | (88,224 | ) | 69,109 | ||||||||||||
Comprehensive income attributable to noncontrolling interests | — | 339 | (1,036 | ) | — | (697 | ) | ||||||||||||
Preferred distributions - consolidated joint venture | — | — | (1,219 | ) | — | (1,219 | ) | ||||||||||||
Comprehensive income attributable to FelCor LP | $ | 67,193 | $ | 96,349 | $ | (8,125 | ) | $ | (88,224 | ) | $ | 67,193 |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Net loss | $ | (62,001 | ) | $ | 50,444 | $ | (13,950 | ) | $ | (40,276 | ) | $ | (65,783 | ) | |||||
Foreign currency translation adjustment | (1,108 | ) | (213 | ) | (895 | ) | 1,108 | (1,108 | ) | ||||||||||
Comprehensive loss | (63,109 | ) | 50,231 | (14,845 | ) | (39,168 | ) | (66,891 | ) | ||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 788 | 2,994 | — | 3,782 | ||||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (63,109 | ) | $ | 51,019 | $ | (11,851 | ) | $ | (39,168 | ) | $ | (63,109 | ) |
26. | FelCor LP's Consolidating Financial Information — (continued) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Net loss | $ | (128,849 | ) | $ | (9,653 | ) | $ | 22,126 | $ | (13,038 | ) | $ | (129,414 | ) | |||||
Foreign currency translation adjustment | 303 | 16 | 287 | (303 | ) | 303 | |||||||||||||
Comprehensive loss | (128,546 | ) | (9,637 | ) | 22,413 | (13,341 | ) | (129,111 | ) | ||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 779 | (214 | ) | — | 565 | |||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (128,546 | ) | $ | (8,858 | ) | $ | 22,199 | $ | (13,341 | ) | $ | (128,546 | ) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Operating activities: | |||||||||||||||||||
Cash flows from operating activities | $ | (65,903 | ) | $ | 150,663 | $ | 20,058 | $ | — | $ | 104,818 | ||||||||
Investing activities: | |||||||||||||||||||
Improvements and additions to hotels | (135 | ) | (58,017 | ) | (25,512 | ) | — | (83,664 | ) | ||||||||||
Hotel development | — | — | (86,565 | ) | — | (86,565 | ) | ||||||||||||
Net proceeds from asset dispositions | 6,488 | 13,967 | 143,163 | — | 163,618 | ||||||||||||||
Proceeds from unconsolidated joint venture transaction | 3,154 | — | 878 | — | 4,032 | ||||||||||||||
Insurance proceeds | — | 521 | — | — | 521 | ||||||||||||||
Change in restricted cash | — | (3,571 | ) | 60,302 | — | 56,731 | |||||||||||||
Distributions from unconsolidated entities | 7,472 | 5,356 | — | — | 12,828 | ||||||||||||||
Contributions to unconsolidated entities | (7 | ) | — | — | — | (7 | ) | ||||||||||||
Intercompany financing | 334,905 | — | — | (334,905 | ) | — | |||||||||||||
Cash flows from investing activities | 351,877 | (41,744 | ) | 92,266 | (334,905 | ) | 67,494 | ||||||||||||
Financing activities: | |||||||||||||||||||
Proceeds from borrowings | — | — | 473,062 | — | 473,062 | ||||||||||||||
Repayment of borrowings | (236,745 | ) | — | (386,361 | ) | — | (623,106 | ) | |||||||||||
Payment of deferred financing costs | (4 | ) | — | (3,211 | ) | — | (3,215 | ) | |||||||||||
Acquisition of noncontrolling interest | — | — | (5,850 | ) | — | (5,850 | ) | ||||||||||||
Distributions paid to noncontrolling interests | — | (850 | ) | (8,746 | ) | — | (9,596 | ) | |||||||||||
Contributions from noncontrolling interests | — | 1,265 | 5,110 | — | 6,375 | ||||||||||||||
Net proceeds from issuance of preferred equity-consolidated joint venture | — | — | 41,442 | — | 41,442 | ||||||||||||||
Distributions paid to preferred unitholders | (38,712 | ) | — | — | — | (38,712 | ) | ||||||||||||
Distributions paid to common unitholders | (9,981 | ) | — | — | — | (9,981 | ) | ||||||||||||
Intercompany financing | — | (109,609 | ) | (225,296 | ) | 334,905 | — | ||||||||||||
Other | (42 | ) | — | (1,102 | ) | — | (1,144 | ) | |||||||||||
Cash flows used in financing activities | (285,484 | ) | (109,194 | ) | (110,952 | ) | 334,905 | (170,725 | ) | ||||||||||
Effect of exchange rate changes on cash | — | (85 | ) | — | — | (85 | ) | ||||||||||||
Change in cash and cash equivalents | 490 | (360 | ) | 1,372 | — | 1,502 | |||||||||||||
Cash and cash equivalents at beginning of period | 5,227 | 33,283 | 7,135 | — | 45,645 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 5,717 | $ | 32,923 | $ | 8,507 | $ | — | $ | 47,147 |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Operating activities: | |||||||||||||||||||
Cash flows from operating activities | $ | (55,959 | ) | $ | 114,777 | $ | 9,643 | $ | — | $ | 68,461 | ||||||||
Investing activities: | |||||||||||||||||||
Improvements and additions to hotels | 2,383 | (61,239 | ) | (42,501 | ) | — | (101,357 | ) | |||||||||||
Hotel development | — | — | (60,553 | ) | — | (60,553 | ) | ||||||||||||
Net proceeds from asset dispositions | 9,650 | 17,750 | 71,420 | — | 98,820 | ||||||||||||||
Distributions from unconsolidated entities | 8,159 | 1,625 | — | — | 9,784 | ||||||||||||||
Contributions to unconsolidated entities | — | (1,500 | ) | — | — | (1,500 | ) | ||||||||||||
Intercompany financing | 73,730 | — | — | (73,730 | ) | — | |||||||||||||
Other | — | 239 | 699 | — | 938 | ||||||||||||||
Cash flows used in investing activities | 93,922 | (43,125 | ) | (30,935 | ) | (73,730 | ) | (53,868 | ) | ||||||||||
Financing activities: | |||||||||||||||||||
Proceeds from borrowings | — | — | 164,000 | — | 164,000 | ||||||||||||||
Repayment of borrowings | — | — | (136,902 | ) | — | (136,902 | ) | ||||||||||||
Distributions paid to preferred unitholders | (38,713 | ) | — | — | — | (38,713 | ) | ||||||||||||
Intercompany financing | — | (69,561 | ) | (4,169 | ) | 73,730 | — | ||||||||||||
Other | (2,335 | ) | 832 | (1,510 | ) | — | (3,013 | ) | |||||||||||
Cash flows used in financing activities | (41,048 | ) | (68,729 | ) | 21,419 | 73,730 | (14,628 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (65 | ) | — | — | (65 | ) | ||||||||||||
Change in cash and cash equivalents | (3,085 | ) | 2,858 | 127 | — | (100 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 8,312 | 30,425 | 7,008 | — | 45,745 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 5,227 | $ | 33,283 | $ | 7,135 | $ | — | $ | 45,645 |
26. | FelCor LP's Consolidating Financial Information — (continued) |
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | |||||||||||||||
Operating activities: | |||||||||||||||||||
Cash flows from operating activities | $ | (82,558 | ) | $ | 69,045 | $ | 60,822 | $ | — | $ | 47,309 | ||||||||
Investing activities: | |||||||||||||||||||
Improvements and additions to hotels | (7,760 | ) | (79,696 | ) | (34,019 | ) | — | (121,475 | ) | ||||||||||
Hotel development | — | — | (24,849 | ) | — | (24,849 | ) | ||||||||||||
Net proceeds from asset dispositions | (14 | ) | 4,236 | 193,391 | — | 197,613 | |||||||||||||
Distributions from unconsolidated entities | 12,914 | 625 | — | — | 13,539 | ||||||||||||||
Intercompany financing | (49,051 | ) | — | — | 49,051 | — | |||||||||||||
Other | — | 5,285 | 1,028 | — | 6,313 | ||||||||||||||
Cash flows from investing activities | (43,911 | ) | (69,550 | ) | 135,551 | 49,051 | 71,141 | ||||||||||||
Financing activities: | |||||||||||||||||||
Proceeds from borrowings | 525,000 | — | 473,611 | — | 998,611 | ||||||||||||||
Repayment of borrowings | (299,542 | ) | (208,027 | ) | (535,796 | ) | — | (1,043,365 | ) | ||||||||||
Payment of deferred financing costs | (7,719 | ) | (26 | ) | (10,125 | ) | — | (17,870 | ) | ||||||||||
Distributions paid to preferred unitholders | (106,461 | ) | — | — | — | (106,461 | ) | ||||||||||||
Intercompany financing | — | 169,919 | (120,868 | ) | (49,051 | ) | — | ||||||||||||
Other | — | 2,001 | 559 | — | 2,560 | ||||||||||||||
Cash flows used in financing activities | 111,278 | (36,133 | ) | (192,619 | ) | (49,051 | ) | (166,525 | ) | ||||||||||
Effect of exchange rate changes on cash | — | 62 | — | — | 62 | ||||||||||||||
Change in cash and cash equivalents | (15,191 | ) | (36,576 | ) | 3,754 | — | (48,013 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 23,503 | 67,001 | 3,254 | — | 93,758 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 8,312 | $ | 30,425 | $ | 7,008 | $ | — | $ | 45,745 |
Initial Cost | Cost Capitalized Subsequent to Acquisition | Gross Amounts at Which Carried at Close of Period | Accumulated Depreciation Buildings & Improvements | Life Upon Which Depreciation is Computed | ||||||||||||||||||||||||||||||||||||||
Location | Encumbrances | Land | Building and Improvements | Land | Building and Improvements | Land | Building and Improvements | Total | Year Opened | Date Acquired | ||||||||||||||||||||||||||||||||
Birmingham, AL (a) | $ | 23,550 | $ | 2,843 | $ | 29,286 | $ | — | $ | 4,581 | $ | 2,843 | $ | 33,867 | $ | 36,710 | $ | 15,501 | 1987 | 1/3/1996 | 15 - 40 Yrs | |||||||||||||||||||||
Phoenix - Biltmore, AZ (a) | 19,866 | 4,694 | 38,998 | — | 4,468 | 4,694 | 43,466 | 48,160 | 19,993 | 1985 | 1/3/1996 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Indian Wells – Esmeralda Resort & Spa, CA (d) | (l) | 30,948 | 73,507 | — | 6,573 | 30,948 | 80,080 | 111,028 | 13,883 | 1989 | 12/16/2007 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Los Angeles – International Airport – South, CA (a) | (l) | 2,660 | 17,997 | — | 5,878 | 2,660 | 23,875 | 26,535 | 10,233 | 1985 | 3/27/1996 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Milpitas – Silicon Valley, CA (a) | (m) | 4,021 | 23,677 | — | 4,237 | 4,021 | 27,914 | 31,935 | 12,895 | 1987 | 1/3/1996 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Napa Valley, CA (a) | 27,563 | 2,218 | 14,205 | — | 7,036 | 2,218 | 21,241 | 23,459 | 8,437 | 1985 | 5/8/1996 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Oxnard - Mandalay Beach – Hotel & Resort, CA (a) | 16,480 | 2,930 | 22,125 | — | 11,340 | 2,930 | 33,465 | 36,395 | 14,222 | 1986 | 5/8/1996 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
San Diego Bayside, CA (j) | — | (k) | 68,229 | — | 13,383 | — | 81,612 | 81,612 | 42,241 | 1965 | 7/28/1998 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
San Francisco – Airport/Waterfront, CA (a) | — | (k) | 39,929 | — | 7,205 | — | 47,134 | 47,134 | 20,366 | 1986 | 11/6/1995 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
San Francisco – Airport/South San Francisco, CA (a) | (m) | 3,418 | 31,737 | — | 5,322 | 3,418 | 37,059 | 40,477 | 16,821 | 1988 | 1/3/1996 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
San Francisco - Fisherman’s Wharf, CA (e) | — | (k) | 61,883 | — | 18,086 | — | 79,969 | 79,969 | 39,279 | 1970 | 7/28/1998 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
San Francisco –Union Square, CA (f) | 82,810 | 8,466 | 73,684 | (434 | ) | 53,800 | 8,032 | 127,484 | 135,516 | 45,954 | 1970 | 7/28/1998 | 15 - 40 Yrs | |||||||||||||||||||||||||||||
Santa Monica Beach – at the Pier, CA (j) | 16,134 | 10,200 | 16,580 | — | 1,655 | 10,200 | 18,235 | 28,435 | 4,686 | 1967 | 3/11/2004 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Deerfield Beach – Resort & Spa, FL (a) | 31,228 | 4,523 | 29,443 | 68 | 6,957 | 4,591 | 36,400 | 40,991 | 16,537 | 1987 | 1/3/1996 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Ft. Lauderdale – 17th Street, FL (a) | 35,301 | 5,329 | 47,850 | (163 | ) | 7,322 | 5,166 | 55,172 | 60,338 | 25,347 | 1986 | 1/3/1996 | 15 - 40 Yrs | |||||||||||||||||||||||||||||
Miami – International Airport, FL (a) | 13,714 | 4,135 | 24,950 | — | 7,044 | 4,135 | 31,994 | 36,129 | 14,425 | 1983 | 1/3/1996 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Orlando – International Airport, FL (e) | — | 2,549 | 22,188 | 6 | 3,819 | 2,555 | 26,007 | 28,562 | 9,768 | 1984 | 7/28/1998 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Orlando – International Drive South/Convention, FL (a) | (m) | 1,632 | 13,870 | — | 4,190 | 1,632 | 18,060 | 19,692 | 8,871 | 1985 | 7/28/1994 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Orlando – Walt Disney World Resort, FL (c) | — | (k) | 28,092 | — | 3,559 | — | 31,651 | 31,651 | 18,778 | 1987 | 7/28/1997 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
St. Petersburg – Vinoy Resort & Golf Club, FL (d) | (l) | (k) | 100,823 | — | 8,023 | — | 108,846 | 108,846 | 20,826 | 1925 | 12/16/2007 | 15 - 40 Yrs |
Initial Cost | Cost Capitalized Subsequent to Acquisition | Gross Amounts at Which Carried at Close of Period | Accumulated Depreciation Buildings & Improvements | Life Upon Which Depreciation is Computed | ||||||||||||||||||||||||||||||||||||||
Location | Encumbrances | Land | Building and Improvements | Land | Building and Improvements | Land | Building and Improvements | Total | Year Opened | Date Acquired | ||||||||||||||||||||||||||||||||
Atlanta – Buckhead, GA (a) | (m) | 7,303 | 38,996 | (300 | ) | 3,720 | 7,003 | 42,716 | 49,719 | 19,002 | 1988 | 10/17/1996 | 15 - 40 Yrs | |||||||||||||||||||||||||||||
Chicago Lombard/ Oak Brook, IL (a) | 18,176 | 4,400 | 22,018 | — | 159 | 4,400 | 22,177 | 26,577 | 230 | 1989 | 7/25/2014 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
New Orleans – French Quarter, LA (j) | 37,324 | (k) | 50,732 | — | 10,842 | — | 61,574 | 61,574 | 23,692 | 1969 | 7/28/1998 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Boston – at Beacon Hill, MA (j) | — | (k) | 45,192 | — | 9,563 | — | 54,755 | 54,755 | 31,961 | 1968 | 7/28/1998 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Boston – Copley Plaza, MA (h) | (l) | 27,600 | 62,500 | — | 14,666 | 27,600 | 77,166 | 104,766 | 8,413 | 1912 | 8/18/2010 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Boston – Marlborough, MA (a) | (m) | 948 | 8,143 | 761 | 15,649 | 1,709 | 23,792 | 25,501 | 10,346 | 1988 | 6/30/1995 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Minneapolis – Airport, MN (a) | 37,864 | 5,417 | 36,508 | 24 | 3,060 | 5,441 | 39,568 | 45,009 | 18,415 | 1986 | 11/6/1995 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
New York - Morgans (i) | (l) | 16,200 | 29,872 | — | 1,450 | 16,200 | 31,322 | 47,522 | 2,790 | 1984 | 5/23/2011 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
New York - Royalton (i) | (l) | 32,500 | 48,423 | — | 2,570 | 32,500 | 50,993 | 83,493 | 4,584 | 1988 | 5/23/2011 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Philadelphia – Historic District, PA (j) | 12,700 | 3,164 | 27,535 | 7 | 10,987 | 3,171 | 38,522 | 41,693 | 17,295 | 1972 | 7/28/1998 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Philadelphia – Society Hill, PA (b) | (m) | 4,542 | 45,121 | — | 9,677 | 4,542 | 54,798 | 59,340 | 23,076 | 1986 | 10/1/1997 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Pittsburgh – at University Center (Oakland), PA (j) | 11,105 | (k) | 25,031 | — | 3,865 | — | 28,896 | 28,896 | 12,284 | 1988 | 11/1/1998 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Charleston – Mills House, SC (j) | 14,919 | 3,251 | 28,295 | 7 | 8,155 | 3,258 | 36,450 | 39,708 | 13,620 | 1982 | 7/28/1998 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Myrtle Beach – Oceanfront Resort, SC (a) | 17,149 | 2,940 | 24,988 | — | 12,268 | 2,940 | 37,256 | 40,196 | 14,382 | 1987 | 12/5/1996 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Myrtle Beach Resort (g) | (m) | 9,000 | 19,844 | 6 | 31,893 | 9,006 | 51,737 | 60,743 | 16,565 | 1974 | 7/23/2002 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Nashville – Opryland – Airport (Briley Parkway), TN (e) | — | (k) | 27,734 | — | 4,648 | — | 32,382 | 32,382 | 18,557 | 1981 | 7/28/1998 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Austin, TX (c) | — | 2,508 | 21,908 | — | 4,890 | 2,508 | 26,798 | 29,306 | 11,519 | 1987 | 3/20/1997 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Austin Central, TX (a) | 22,848 | 7,400 | 33,285 | — | 7 | 7,400 | 33,292 | 40,692 | 347 | 1984 | 7/25/2014 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Dallas – Love Field, TX (a) | (m) | 1,934 | 16,674 | — | 5,128 | 1,934 | 21,802 | 23,736 | 9,959 | 1986 | 3/29/1995 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Houston - Medical Center, TX (j) | 9,299 | (k) | 22,027 | — | 7,247 | — | 29,274 | 29,274 | 11,348 | 1984 | 7/28/1998 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
San Antonio- International Airport, TX (a) | — | 4,900 | 20,568 | — | 37 | 4,900 | 20,605 | 25,505 | 214 | 1985 | 7/25/2014 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
San Antonio- NW I-10, TX (a) | 9,984 | 3,900 | 12,430 | — | — | 3,900 | 12,430 | 16,330 | 129 | 1981 | 7/25/2014 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Burlington Hotel & Conference Center, VT (b) | (m) | 3,136 | 27,283 | (2 | ) | 7,078 | 3,134 | 34,361 | 37,495 | 13,226 | 1967 | 12/4/1997 | 15 - 40 Yrs | |||||||||||||||||||||||||||||
Total hotels | $ | 458,014 | $ | 231,609 | $ | 1,474,160 | $ | (20 | ) | $ | 352,037 | $ | 231,589 | $ | 1,826,197 | $ | 2,057,786 | $ | 661,017 | |||||||||||||||||||||||
Other properties (less than 5% of total) | $ | — | $ | 550 | $ | 3,686 | $ | — | $ | 267 | $ | 550 | $ | 3,953 | $ | 4,503 | $ | 741 | ||||||||||||||||||||||||
Total | $ | 458,014 | $ | 232,159 | $ | 1,477,846 | $ | (20 | ) | $ | 352,304 | $ | 232,139 | $ | 1,830,150 | $ | 2,062,289 | $ | 661,758 |
(k) | This hotel is subject to a ground lease. |
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reconciliation of Land and Buildings and Improvements: | ||||||||||||
Balance at beginning of period | $ | 2,175,100 | $ | 2,305,896 | $ | 2,528,930 | ||||||
Additions during period: | ||||||||||||
Acquisitions from joint venture transaction | 108,901 | — | — | |||||||||
Improvements | 21,167 | 21,236 | 44,887 | |||||||||
Deductions during period: | ||||||||||||
Disposition of properties | (242,879 | ) | (152,032 | ) | (267,921 | ) | ||||||
Balance at end of period before impairment charges | 2,062,289 | 2,175,100 | 2,305,896 | |||||||||
Cumulative impairment charges on real estate assets owned at end of period | (65,277 | ) | (107,492 | ) | (95,121 | ) | ||||||
Balance at end of period | $ | 1,997,012 | $ | 2,067,608 | $ | 2,210,775 | ||||||
Reconciliation of Accumulated Depreciation | ||||||||||||
Balance at beginning of period | $ | 698,146 | $ | 693,114 | $ | 723,982 | ||||||
Additions during period: | ||||||||||||
Depreciation for the period | 56,564 | 58,643 | 64,953 | |||||||||
Deductions during period: | ||||||||||||
Disposition of properties | (92,952 | ) | (53,611 | ) | (95,821 | ) | ||||||
Balance at end of period | $ | 661,758 | $ | 698,146 | $ | 693,114 |
Exhibit Number | Description of Exhibit | ||
3.1 | Articles of Amendment and Restatement dated June 22, 1995, amending and restating the Charter of FelCor Lodging Trust Incorporated (“FelCor”), as amended or supplemented by Articles of Merger dated June 23, 1995, Articles Supplementary dated April 30, 1996, Articles of Amendment dated August 8, 1996, Articles of Amendment dated June 16, 1997, Articles of Amendment dated October 30, 1997, Articles Supplementary filed May 6, 1998, Articles of Merger and Articles of Amendment dated July 27, 1998, Certificate of Correction dated March 11, 1999, Certificate of Correction to the Articles of Merger between FelCor and Bristol Hotel Company, dated August 30, 1999, Articles Supplementary, dated April 1, 2002, Certificate of Correction, dated March 29, 2004, to Articles Supplementary filed May 2, 1996, Articles Supplementary filed April 2, 2004, Articles Supplementary filed August 20, 2004, Articles Supplementary filed April 6, 2005, and Articles Supplementary filed August 29, 2005 (filed as Exhibit 4.1 to FelCor’s Registration Statement on Form S-3 (Registration No. 333-128862) and incorporated herein by reference). | ||
3.1.1 | Articles Supplementary filed October 31, 2013 (filed as Exhibits 3.1 and 3.2 to FelCor’s Form 8‑K, dated October 29, 2013, and incorporated herein by reference). | ||
3.2 | Amended and Restated Bylaws of FelCor (filed as Exhibit 3.3 to FelCor’s Form 8-K, dated October 29, 2013, and incorporated herein by reference). | ||
4.1 | Form of Share Certificate for Common Stock (filed as Exhibit 4.1 to FelCor’s Form 10-Q for the quarter ended June 30, 1996 and incorporated herein by reference). | ||
4.2 | Form of Share Certificate for $1.95 Series A Cumulative Convertible Preferred Stock (filed as Exhibit 4.4 to FelCor’s Form 8-K, dated May 1, 1996, and incorporated herein by reference). |
4.3 | Form of Share Certificate for 8% Series C Cumulative Redeemable Preferred Stock (filed as Exhibit 4.10.1 to FelCor’s Form 8-K, dated April 6, 2005, and incorporated herein by reference). |
4.4 | Deposit Agreement, dated April 7, 2005, between FelCor and SunTrust Bank, as preferred share depositary (filed as Exhibit 4.11.1 to FelCor’s Form 8-K, dated April 6, 2005, and incorporated herein by reference). |
4.4.1 | Supplement and Amendment to Deposit Agreement, dated August 30, 2005, between FelCor and SunTrust Bank, as depositary (filed as Exhibit 4.11.2 to FelCor’s Form 8-K, dated April 6, 2005, and incorporated herein by reference). |
4.5 | Form of Depositary Receipt evidencing the Depositary Shares, which represent the 8% Series C Cumulative Redeemable Preferred Stock (filed as Exhibit 4.12.1 to FelCor’s Form 8-K, dated April 6, 2005, and incorporated herein by reference). |
4.6 | Indenture, dated as of May 10, 2011, by and between FelCor Escrow Holdings, L.L.C. and Wilmington Trust Company, as trustee, and Deutsche Bank Trust Company Americas, as collateral agent, registrar and paying agent (filed as Exhibit 4.1 to FelCor’s Form 8-K, dated May 23, 2011, and incorporated herein by reference). |
4.6.1 | First Supplemental Indenture, dated as of May 23, 2011, by and among FelCor Escrow Holdings, L.L.C., FelCor LP, FelCor, certain of their subsidiaries, as guarantors, and Wilmington Trust Company, as trustee, and Deutsche Bank Trust Company Americas, as collateral agent, registrar and paying agent (filed as Exhibit 4.2 to FelCor’s Form 8-K, dated May 23, 2011, and incorporated herein by reference). |
4.6.2 | Second Supplemental Indenture, dated as of January 7, 2013, by and among FelCor LP, FelCor, certain of their subsidiaries, as guarantors, and Wilmington Trust Company, as trustee, and Deutsche Bank Trust Company Americas, as collateral agent, registrar and paying agent (filed as Exhibit 4.2 to FelCor’s Form 8-K, dated January 7, 2013, and incorporated herein by reference). |
4.7 | Registration Rights Agreement, dated May 10, 2011, among FelCor LP, FelCor, the subsidiary guarantors named therein, and J.P. Morgan Securities LLC (filed as Exhibit 4.3 to FelCor’s Form 8-K, dated May 23, 2011, and incorporated herein by reference). |
4.8 | Indenture, dated as of December 17, 2012, between FelCor LP, FelCor, the subsidiary guarantors party thereto, and U.S. Bank National Association, as trustee, collateral agent, registrar and paying agent (filed as Exhibit 4.1 to FelCor’s Form 8-K, dated December 17, 2012, and incorporated herein by reference). |
4.8.1 | First Supplemental Indenture, dated as of January 7, 2013, by and among FelCor, FelCor LP, certain of their subsidiaries, as guarantors, and U.S. Bank National Association, as trustee. (filed as Exhibit 4.1 to FelCor’s Form 8-K, dated January 7, 2013, and incorporated herein by reference). |
4.9 | Registration Rights Agreement, dated December 17, 2012, among FelCor LP, FelCor, the subsidiary guarantors named therein, and J.P. Morgan Securities LLC (filed as Exhibit 4.2 to FelCor’s Form 8-K, dated December 17, 2012, and incorporated herein by reference). |
10.1 | Second Amended and Restated Agreement of Limited Partnership of FelCor LP, dated as of December 31, 2001 (filed as Exhibit 10.1 to FelCor’s Form 10-K for the fiscal year ended December 31, 2001 (the “2001 Form 10-K”) and incorporated herein by reference). |
10.1.1 | First Amendment to Second Amended and Restated Agreement of Limited Partnership of FelCor LP, dated April 1, 2002 (filed as Exhibit 10.1.1 to FelCor’s Form 8-K, dated April 1, 2002, and incorporated herein by reference). |
10.1.2 | Second Amendment to Second Amended and Restated Agreement of Limited Partnership of FelCor LP, dated August 31, 2002 (filed as Exhibit 10.1.2 to FelCor’s Form 10-K for the fiscal year ended December 31, 2002 (the “2002 Form 10-K”) and incorporated herein by reference). |
10.1.3 | Third Amendment to Second Amended and Restated Agreement of Limited Partnership of FelCor LP, dated October 1, 2002 (filed as Exhibit 10.1.3 to the 2002 Form 10-K and incorporated herein by reference). |
10.1.4 | Fourth Amendment to Second Amended and Restated Agreement of Limited Partnership of FelCor LP, dated as of July 1, 2003 (filed as Exhibit 10.1.4 to FelCor’s Form 10-Q for the quarter ended March 31, 2004 and incorporated herein by reference). |
10.1.5 | Fifth Amendment to Second Amended and Restated Agreement of Limited Partnership of FelCor LP, dated as of April 2, 2004 (filed as Exhibit 10.1.5 to FelCor’s Form 10-Q for the quarter ended March 31, 2004 and incorporated herein by reference). |
10.1.6 | Sixth Amendment to Second Amended and Restated Agreement of Limited Partnership of FelCor LP, dated as of August 23, 2004 (filed as Exhibit 10.1.6 to FelCor’s Form 8-K, dated August 26, 2004, and incorporated herein by reference). |
10.1.7 | Seventh Amendment to Second Amended and Restated Agreement of Limited Partnership of FelCor LP, dated as of April 7, 2005, which contains Addendum No. 4 to the Second Amended and Restated Agreement of Limited Partnership of FelCor L P (filed as Exhibit 10.1.8 to FelCor’s Form 8-K, dated April 6, 2005, and incorporated herein by reference). |
10.1.8 | Eighth Amendment to Second Amended and Restated Agreement of Limited Partnership of FelCor LP, dated as of August 30, 2005 (filed as Exhibit 10.1.9 to FelCor’s Form 8-K, dated August 29, 2005, and incorporated herein by reference). |
10.2 | Form of Management Agreement between subsidiaries of FelCor, as owner, and a subsidiary of Hilton Hotels Corporation, as manager, with respect to FelCor’s Embassy Suites Hotels branded hotels, including the form of Embassy Suites Hotels License Agreement attached as an exhibit thereto, effective prior to July 28, 2004 (filed as Exhibit 10.5 to the 2001 Form 10-K and incorporated herein by reference). |
10.2.1 | Form of Management Agreement between subsidiaries of FelCor, as owner, and a subsidiary of Hilton Hotels Corporation, as manager, with respect to FelCor’s Embassy Suites Hotels branded hotels, including the form of Embassy Suites Hotels License Agreement attached as an exhibit thereto, effective July 28, 2004 (filed as Exhibit 10.3.2 to FelCor’s Form 10-K for the fiscal year ended December 31, 2004 (the “2004 Form 10-K”) and incorporated herein by reference). |
10.3 | Executive Employment Agreement dated October 19, 2007, between FelCor and Richard A. Smith (filed as Exhibit 10.1 to FelCor’s Form 10-Q for the quarter ended September 30, 2007 and incorporated herein by reference). |
10.3.1 | Letter dated October 16, 2012 amending the 2007 Employment Agreement between FelCor and Richard A. Smith (filed as Exhibit 10.3 to FelCor’s Form 10-Q for the quarter ended September 30, 2012 and incorporated herein by reference). |
10.4 | Form of 2007 Change in Control and Severance Agreement between FelCor and each of Rick Smith, Michael Hughes, Mike DeNicola, Troy Pentecost, Jon Yellen and Tom Corcoran (filed as Exhibit 10.1 to FelCor’s Form 8-K, dated October 23, 2007, and incorporated herein by reference). |
10.5 | Savings and Investment Plan of FelCor (filed as Exhibit 10.10 to the 2001 Form 10-K and incorporated herein by reference). |
10.6 | FelCor’s 2005 Restricted Stock and Stock Option Plan (as amended through October 29, 2012)(filed as Exhibit 10.1 to FelCor’s Form 10-Q for the quarter ended March 31, 2013 and incorporated herein by reference). |
10.7 | Form of Employee Stock Grant Contract under Restricted Stock and Stock Option Plans of FelCor applicable to grants in 2005 and thereafter (filed as Exhibit 10.33 to FelCor’s Form 8-K, dated April 26, 2005, and incorporated herein by reference). |
10.8 | Form of Employee Stock Grant and Supplemental Long-Term Cash Payment Agreement dated as of February 19, 2009 (filed as Exhibit 10.1 to FelCor’s Form 8-K, dated February 20, 2009, and incorporated herein by reference). |
10.8.1 | Amendment to Employee Stock Grant and Supplemental Long-Term Cash Payment Agreement dated as of February 19, 2009 (filed as Exhibit 10.1 to FelCor’s Form 8-K, dated December 28, 2009, and incorporated herein by reference). |
10.9 | Form of Restricted Payment Contract (filed as Exhibit 10.2 to FelCor’s Form 8-K, dated December 28, 2009, and incorporated herein by reference). |
10.10 | Form of Employee Stock Grant Contract (filed as Exhibit 10.3 to FelCor’s Form 8-K, dated December 28, 2009, and incorporated herein by reference). |
10.11 | Form of Performance Equity Grant Agreement (filed as Exhibit 10.2 to FelCor’s Form 10-Q for the quarter ended September 30, 2012 and incorporated herein by reference). |
10.12 | FelCor Lodging Trust Incorporated 2014 Equity Compensation Plan (filed as Exhibit 4.5 to FelCor’s Form S-8, dated May 19, 2014, and incorporated herein by reference). |
10.13 | Form of Indemnification Agreement by and among FelCor, FelCor LP and individual officers and directors of FelCor (filed as Exhibit 10.1 to FelCor’s 10-Q for the quarter ended March 31, 2009 and incorporated herein by reference; superseding the form of Indemnification Agreement that was filed as Exhibit 10.1 to FelCor’s Form 8-K, dated November 9, 2006, and incorporated herein by reference.) |
10.14 | Form of Guaranty Agreement by and among FelCor, FelCor LP and individual employees of FelCor (filed as Exhibit 10.2 to FelCor’s Form 10-Q for the quarter ended March 31, 2009 and incorporated herein by reference). |
10.15 | Summary of FelCor’s Revised Performance-Based Annual Incentive Compensation Programs for Executive Officers (filed as Exhibit 10.1 to FelCor’s Form 8-K, dated August 24, 2012, and incorporated herein by reference). |
10.16* | Summary of Annual Compensation Program for Directors of FelCor. |
10.17 | Amended and Restated Revolving Credit Agreement dated as of December 18, 2012, among FelCor/JPM Hospitality (SPE), L.L.C., DJONT/JPM Hospitality Leasing (SPE), L.L.C., FelCor/JPM Boca Raton Hotel, L.L.C., DJONT/JPM Boca Raton Leasing, L.L.C. and Miami AP Hotel, L.L.C. as borrowers, and JPMorgan Chase Bank, N.A., as administrative agent, and the lenders that are parties thereto (filed as Exhibit 10.2 to FelCor’s Form 8-K, dated December 17, 2012, and incorporated herein by reference). |
10.17.1 | Amended and Restated Guaranty Agreement to the Revolving Credit Agreement dated as of December 18, 2012, by FelCor and FelCor LP in favor of JPMorgan Chase Bank, N.A., as administrative agent, on behalf of the lenders (filed as Exhibit 10.3 to FelCor’s Form 8-K, dated December 17, 2012, and incorporated herein by reference). |
10.17.2 | Form of Fee and Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing under the Revolving Credit Agreement for the benefit of JPMorgan Chase Bank, N.A., as administrative agent for the lenders (filed as Exhibit 10.4 to FelCor’s Form 10-Q for the quarter ended March 31, 2011, and incorporated herein by reference). |
10.17.3 | Amendment No. 1 to Amended and Restated Revolving Credit Agreement dated as of March 1, 2013, among FelCor/JPM Hospitality (SPE), L.L.C., DJONT/JPM Hospitality Leasing (SPE), L.L.C., FelCor/JPM Boca Raton Hotel, L.L.C., DJONT/JPM Boca Raton Leasing, L.L.C., Miami AP Hotel, L.L.C. and Charleston Mills House Hotel, L.L.C. as borrowers, and JPMorgan Chase Bank, N.A., as administrative agent, and the lenders that are parties thereto (filed as Exhibit 10.2 to FelCor’s Form 10-Q for the quarter ended March 31, 2013, and incorporated herein by reference). |
10.17.4 | Amendment No. 2 to Amended and Restated Revolving Credit Agreement dated as of May 23, 2014, among FelCor/JPM Hospitality (SPE), L.L.C., DJONT/JPM Hospitality Leasing (SPE), L.L.C., FelCor/JPM Boca Raton Hotel, L.L.C., DJONT/JPM Boca Raton Leasing, L.L.C., Miami AP Hotel, L.L.C. and Charleston Mills House Hotel, L.L.C as borrowers, and JPMorgan Chase Bank, N.A., as administrative agent, and the lenders that are parties thereto (filed as Exhibit 10.1 to FelCor's Form 10-Q for the quarter ended June 30, 2014, and incorporated herein by reference). |
10.17.5 | Amendment No. 3 to Amended and Restated Revolving Credit Agreement, dated as of August 15, 2014, among FelCor/JPM Hospitality (SPE), L.L.C., DJONT/JPM Hospitality Leasing (SPE), L.L.C., Miami AP Hotel, L.L.C., Charleston Mills House Hotel, L.L.C., FelCor Myrtle Kingston Hotel, L.L.C., and FelCor Myrtle Kingston Lessee, L.L.C., as borrowers, and JPMorgan Chase Bank, N.A., as administrative agent, and the lenders that are parties thereto (filed as Exhibit 10.1 to FelCor's Form 8-K, dated August 15, 2014, and incorporated herein by reference). |
10.18 | Form of [Fee and] Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing for the benefit of Deutsch Bank Trust Company, as collateral agent, relating to FelCor LP’s 6.75% senior secured notes due 2019 (filed as Exhibit 10.1 to FelCor’s Form 8-K, dated May 23, 2011, and incorporated herein by reference). |
10.18.1 | Pledge Agreement, dated as of May 23, 2011, among FelCor LP, FelCor, the subsidiaries named therein, and Deutsche Bank Trust Company Americas, as collateral agent (filed as Exhibit 10.2 to FelCor’s Form 8-K, dated May 23, 2011, and incorporated herein by reference). |
10.19 | Form of [Fee and] Leasehold Mortgage, Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing for the benefit of U.S. Bank National Association, as collateral agent, relating to FelCor LP’s 5.625% Senior Secured Notes due 2023 (filed as Exhibit 10.3 to FelCor’s Form 10-Q for the quarter ended March 31, 2013, and incorporated herein by reference). |
10.19.1 | Pledge Agreement, dated as of December 17, 2012, by FelCor LP, in favor of U.S. Bank National Association, as collateral agent (filed as Exhibit 10.1 to FelCor’s Form 8-K, dated December 17, 2012, and incorporated herein by reference). |
10.20 | Credit Agreement, dated as of July 21, 2014, among FelCor/JPM Phoenix Hotel, L.L.C., DJONT/JPM Phoenix Leasing, L.L.C., FelCor Union Square Hotel, L.L.C., FelCor Union Square Lessee, L.L.C., FelCor FQ Hotel, L.L.C., FelCor FQ Lessee, L.L.C., as borrowers, and Deutsche Bank AG New York Branch, as administrative agent, and the lenders that are parties thereto (filed as Exhibit 10.1 to FelCor's Form 8-K, dated July 21, 2014, and incorporated herein by reference). |
10.20.1 | Form of Guaranty, to be made by FelCor and FelCor LP, as guarantors, in favor of Deutsche Bank AG New York Branch, as administrative agent, for the benefit of the lenders (filed as Exhibit 10.2 to FelCor's Form 8-K, dated July 21, 2014, and incorporated herein by reference). |
10.20.2 | Form of Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing under the Credit Agreement for the benefit of Deutsche Bank AG New York Branch, as administrative agent for the lenders (filed as Exhibit 10.3 to FelCor's Form 8-K, dated July 21, 2014, and incorporated herein by reference). |
21.1* | List of Subsidiaries of FelCor. |
21.2* | List of Subsidiaries of FelCor LP. |
23* | Consent of PricewaterhouseCoopers LLP. |
31.1* | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor. |
31.2* | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor. |
31.3* | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor LP. |
31.4* | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for FelCor LP. |
32.1* | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) for FelCor. |
32.2* | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) for FelCor LP. |
101.INS | XBRL Instance Document. Submitted electronically with this report. |
101.SCH | XBRL Taxonomy Extension Schema Document. Submitted electronically with this report. |
101.CAL | XBRL Taxonomy Calculation Linkbase Document. Submitted electronically with this report. |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. Submitted electronically with this report. |
101.LAB | XBRL Taxonomy Label Linkbase Document. Submitted electronically with this report. |
101.PRE | XBRL Taxonomy Presentation Linkbase Document. Submitted electronically with this report. |
FELCOR LODGING TRUST INCORPORATED | |||
February 27, 2015 | By: | /s/ Jonathan H. Yellen | |
Name: | Jonathan H. Yellen | ||
Title: | Executive Vice President, General Counsel and Secretary |
Date | Signature | |||||
February 27, 2015 | /s/ Richard A. Smith | |||||
Richard A. Smith President and Director (Chief Executive Officer) | ||||||
February 27, 2015 | /s/ Michael C. Hughes | |||||
Michael C. Hughes Senior Vice President and Chief Financial Officer (Principal Financial Officer) | ||||||
February 27, 2015 | /s/ Jeffrey D. Symes | |||||
Jeffrey D. Symes Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) | ||||||
February 27, 2015 | /s/ Thomas J. Corcoran, Jr. | |||||
Thomas J. Corcoran, Jr. Chairman of the Board and Director | ||||||
February 27, 2015 | /s/ Glenn A. Carlin | |||||
Glenn A. Carlin, Director | ||||||
February 27, 2015 | /s/Robert F. Cotter | |||||
Robert F. Cotter, Director | ||||||
February 27, 2015 | /s/Christopher J. Hartung | |||||
Christopher J. Hartung, Director | ||||||
February 27, 2015 | /s/ Thomas C. Hendrick | |||||
Thomas C. Hendrick, Director |
Date | Signature | |||||
February 27, 2015 | /s/ Charles A. Ledsinger, Jr. | |||||
Charles A. Ledsinger, Jr., Director | ||||||
February 27, 2015 | /s/ Robert H. Lutz, Jr. | |||||
Robert H. Lutz, Jr., Director | ||||||
February 27, 2015 | /s/ Robert A. Mathewson | |||||
Robert A. Mathewson, Director | ||||||
February 27, 2015 | /s/ Mark D. Rozells | |||||
Mark D. Rozells, Director |
FELCOR LODGING LIMITED PARTNERSHIP | |||
a Delaware limited partnership | |||
By: | FelCor Lodging Trust Incorporated | ||
Its General Partner | |||
February 27, 2015 | By: | /s/ Jonathan H. Yellen | |
Name: | Jonathan H. Yellen | ||
Title: | Executive Vice President, General Counsel and Secretary |
Date | Signature | |||||
/s/ Richard A. Smith | ||||||
February 27, 2015 | Richard A. Smith President and Director (Chief Executive Officer) | |||||
February 27, 2015 | /s/ Michael C. Hughes | |||||
Michael C. Hughes Senior Vice President and Chief Financial Officer (Principal Financial Officer) | ||||||
February 27, 2015 | /s/ Jeffrey D. Symes | |||||
Jeffrey D. Symes Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) |
February 27, 2015 | /s/ Thomas J. Corcoran, Jr. | |||||
Thomas J. Corcoran, Jr. Chairman of the Board and Director | ||||||
February 27, 2015 | /s/ Glenn A. Carlin | |||||
Glenn A. Carlin, Director | ||||||
February 27, 2015 | /s/Robert F. Cotter | |||||
Robert F. Cotter, Director | ||||||
February 27, 2015 | /s/Christopher J. Hartung | |||||
Christopher J. Hartung, Director |
Date | Signature | |||||
February 27, 2015 | /s/ Thomas C. Hendrick | |||||
Thomas C. Hendrick, Director | ||||||
February 27, 2015 | /s/ Charles A. Ledsinger, Jr. | |||||
Charles A. Ledsinger, Jr., Director | ||||||
February 27, 2015 | /s/ Robert H. Lutz, Jr. | |||||
Robert H. Lutz, Jr., Director | ||||||
February 27, 2015 | /s/ Robert A. Mathewson | |||||
Robert A. Mathewson, Director | ||||||
February 27, 2015 | /s/ Mark D. Rozells | |||||
Mark D. Rozells, Director |
Stipend | ||
Lead Independent Director | $20,000 | |
Chair, Audit Committee | $17,500 | |
Chair, Compensation Committee | $15,000 | |
Chair, Corporate Governance and Nominating Committee | $12,000 | |
Other Member, Audit Committee | $10,000 |
Name | State and Form of Organization |
BHR Canada Tenant Company | Nova Scotia, Canada - Unlimited Liability Company |
BHR Lodging Tenant Company | Delaware - Corporation |
BHR Operations, L.L.C. | Delaware - Limited Liability Company |
Birmingham ES Hotel, LLC | Delaware - Limited Liability Company |
Birmingham ES Leasing, LLC | Delaware - Limited Liability Company |
Birmingham Hotel Holdco, LLC | Delaware - Limited Liability Company |
Birmingham Leasing Holdco, LLC | Delaware - Limited Liability Company |
Brighton at Kingston Plantation, L.L.C. | Delaware - Limited Liability Company |
Charleston Mills House Hotel Holdco, LLC | Delaware - Limited Liability Company |
Charleston Mills House Hotel, LLC | Delaware - Limited Liability Company |
Deerfield Beach ES Hotel, LLC | Delaware - Limited Liability Company |
Deerfield Beach ES Leasing, LLC | Delaware - Limited Liability Company |
Deerfield Beach Hotel Holdco, LLC | Delaware - Limited Liability Company |
Deerfield Beach Leasing Holdco, LLC | Delaware - Limited Liability Company |
DJONT Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT Operations, L.L.C. | Delaware - Limited Liability Company |
DJONT/Charlotte Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/CMB Buckhead Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/CMB FCOAM, L.L.C. | Delaware - Limited Liability Company |
DJONT/CMB New Orleans Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/CMB Orsouth Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/CMB SSF Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/EPT Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/EPT Manager, Inc. | Delaware - Corporation |
DJONT/Indianapolis Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Atlanta ES Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Austin Leasing, L.P. | Delaware - Limited Partnership |
DJONT/JPM Austin Tenant Co., L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Boca Raton Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM BWI Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Hospitality Leasing (SPE), L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Hospitality Leasing Holdco (SPE), L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Orlando Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Phoenix Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Wilmington Leasing, L.L.C. | Delaware - Limited Liability Company |
E.S. Charlotte Limited Partnership | Delaware - Limited Partnership |
E.S. North, an Indiana Limited Partnership | Indiana - Limited Partnership |
EPT Atlanta-Perimeter Center Limited Partnership | Delaware - Limited Partnership |
EPT Austin Limited Partnership | Delaware - Limited Partnership |
EPT Meadowlands Limited Partnership | Delaware - Limited Partnership |
EPT Raleigh Limited Partnership | Delaware - Limited Partnership |
FCH HH Knickerbocker Leasing, L.L.C. | Delaware - Limited Partnership |
FCH HH Knickerbocker Owner, L.P. | Delaware - Limited Partnership |
FCH/DT BWI Holdings, L.P. | Delaware - Limited Partnership |
FCH/DT BWI Hotel, L.L.C. | Delaware - Limited Liability Company |
FCH/DT Holdings, L.P. | Delaware - Limited Partnership |
FCH/DT Hotels, L.L.C. | Delaware - Limited Liability Company |
FCH/PSH, L.P. | Delaware - Limited Partnership |
FCH/SH Leasing II, L.L.C. | Delaware - Limited Liability Company |
FCH/SH Leasing, L.L.C. | Delaware - Limited Liability Company |
FelCor Austin Downtown Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Austin Downtown Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor Austin Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Austin Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor Baton Rouge Owner, LLC | Delaware - Limited Liability Company |
FelCor Canada Co. | Nova Scotia, Canada - Unlimited Liability Company |
FelCor Canada Holding GP, L.L.C. | Delaware - Limited Liability Company |
FelCor Canada Holding, L.P. | Delaware - Limited Partnership |
FelCor Chat-Lem, L.L.C. | Delaware - Limited Liability Company |
FelCor Copley Plaza Leasing, L.L.C. | Delaware - Limited Liability Company |
FelCor Copley Plaza, L.L.C. | Delaware - Limited Liability Company |
FelCor Dallas Love Field Owner, LLC | Delaware - Limited Liability Company |
FelCor Eight Hotels, L.L.C. | Delaware - Limited Liability Company |
FelCor Escrow Holdings, L.L.C. | Delaware - Limited Liability Company |
FelCor Esmeralda (SPE), LLC | Delaware - Limited Liability Company |
FelCor Esmeralda Leasing (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor FQ Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor FQ Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor Holdings Trust | Massachusetts - Business Trust |
FelCor Hotel Asset Company, L.L.C. | Delaware - Limited Liability Company |
FelCor Hotel Operating Company, L.L.C. | Delaware - Limited Liability Company |
FelCor Lodging Holding Company, L.L.C. | Delaware - Limited Liability Company |
FelCor Lodging Limited Partnership | Delaware - Limited Partnership |
FelCor Lombard Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Lombard Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor Milpitas Owner, LLC | Delaware - Limited Liability Company |
FelCor Myrtle Kingston Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Myrtle Kingston Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor Napa Development, L.L.C. | Delaware - Limited Liability Company |
FelCor Pennsylvania Company, L.L.C. | Delaware - Limited Liability Company |
FelCor Raleigh Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Raleigh Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor S-4 Hotels (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor S-4 Leasing (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor San Antonio NW Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor San Antonio NW Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor Southpark Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Southpark Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor St. Pete (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor St. Pete Leasing (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor TRS Borrower 4, L.L.C. | Delaware - Limited Liability Company |
FelCor TRS Guarantor GP, L.L.C. | Delaware - Limited Liability Company |
FelCor TRS Guarantor, L.P. | Delaware - Limited Partnership |
FelCor TRS Holdings, L.L.C. | Delaware - Limited Partnership |
FelCor Union Square Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/Charlotte Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CMB Buckhead Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CMB Marlborough Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CMB New Orleans Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CMB Orsouth Holdings, L.P. | Delaware - Limited Partnership |
FelCor/CMB Orsouth Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CMB SSF Holdings, L.P. | Delaware - Limited Partnership |
FelCor/CMB SSF Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CSS (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor/CSS Holdings, L.P. | Delaware - Limited Partnership |
FelCor/CSS Hotels, L.L.C. | Delaware - Limited Liability Company |
FelCor/Indianapolis Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/Iowa-New Orleans Chat-Lem Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Atlanta ES Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Austin Holdings, L.P. | Delaware - Limited Partnership |
FelCor/JPM Austin Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Boca Raton Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM BWI Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Hospitality (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Hospitality Holdco (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Hotels, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Orlando Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Phoenix Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Wilmington Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/LAX Holdings, L.P. | Delaware - Limited Partnership |
FelCor/LAX Hotels, L.L.C. | Delaware - Limited Liability Company |
FelCor/MM S-7 Holdings, L.P. | Delaware - Limited Partnership |
FelCor/MM S-7 Hotels, L.L.C. | Delaware - Limited Liability Company |
FelCor/New Orleans Annex, L.L.C. | Delaware - Limited Liability Company |
Ft. Lauderdale ES Hotel, LLC | Delaware - Limited Liability Company |
Ft. Lauderdale ES Leasing, LLC | Delaware - Limited Liability Company |
Ft. Lauderdale Hotel Holdco, LLC | Delaware - Limited Liability Company |
Ft. Lauderdale Leasing Holdco, LLC | Delaware - Limited Liability Company |
Grande Palms, L.L.C. | Delaware - Limited Liability Company |
HI Chat-Lem/Iowa-New Orleans Joint Venture | Louisiana - General Partnership |
Kingston Plantation Development Corp. | Delaware - Corporation |
Knickerbocker Holding Partnership, L.P. | Delaware - Limited Partnership |
Knickerbocker Hotel Owner GP, L.L.C. | Delaware - Limited Liability Company |
Knickerbocker Hotel Owner, L.L.C. | Delaware - Limited Liability Company |
Knickerbocker Leasing Holdco GP, L.L.C. | Delaware - Limited Liability Company |
Knickerbocker Leasing Holdco, L.L.C. | Delaware - Limited Liability Company |
Knickerbocker Master Lessee, L.P. | Delaware - Limited Partnership |
Knickerbocker TRS, L.L.C. | Delaware - Limited Liability Company |
Los Angeles International Airport Hotel Associates, a Texas Limited Partnership | Texas - Limited Partnership |
Lovefield Beverage Corporation | Texas - Corporation |
Madison 237 Hotel Leasing, L.L.C. | Delaware - Limited Liability Company |
Madison 237 Hotel, L.L.C. | Delaware - Limited Liability Company |
Margate Towers at Kingston Plantation, L.L.C. | Delaware - Limited Liability Company |
MHV Joint Venture | Texas - General Partnership |
Miami AP Hotel Holdco, LLC | Delaware - Limited Liability Company |
Miami AP Hotel, LLC | Delaware - Limited Liability Company |
Minneapolis ES Hotel, LLC | Delaware - Limited Liability Company |
Minneapolis ES Leasing, LLC | Delaware - Limited Liability Company |
Minneapolis Hotel Holdco, LLC | Delaware - Limited Liability Company |
Minneapolis Leasing Holdco, LLC | Delaware - Limited Liability Company |
Myrtle Beach Leasing, LLC | Delaware - Limited Liability Company |
Myrtle Beach Owner, LLC | Delaware - Limited Liability Company |
Napa Creek Residential, LLC | Delaware - Limited Liability Company |
Napa ES Hotel, LLC | Delaware - Limited Liability Company |
Napa ES Leasing, LLC | Delaware - Limited Liability Company |
Napa Hotel Holdco, LLC | Delaware - Limited Liability Company |
Napa Leasing Holdco, LLC | Delaware - Limited Liability Company |
Park Central Joint Venture | Texas - General Partnership |
Plantation Laundry Services, L.L.C. | Delaware - Limited Liability Company |
Promus/FCH Condominium Company, L.L.C. | Delaware - Limited Liability Company |
Promus/FCH Development Company, L.L.C. | Delaware - Limited Liability Company |
Promus/FelCor Hotels, L.L.C. | Delaware - Limited Liability Company |
Promus/FelCor Lombard Venture | Illinois - General Partnership |
Promus/FelCor Manager, Inc. | Delaware - Corporation |
Promus/FelCor Parsippany Venture | New Jersey - General Partnership |
Promus/FelCor San Antonio Venture | Texas - General Partnership |
Royale Palms Rental, L.L.C. | Delaware - Limited Liability Company |
Royalton 44 Hotel Leasing, L.L.C. | Delaware - Limited Liability Company |
Royalton 44 Hotel, L.L.C. | Delaware - Limited Liability Company |
Santa Barbara Owner, L.L.C. | Delaware - Limited Liability Company |
Name | State and Form of Organization |
BHR Canada Tenant Company | Nova Scotia, Canada - Unlimited Liability Company |
BHR Lodging Tenant Company | Delaware - Corporation |
BHR Operations, L.L.C. | Delaware - Limited Liability Company |
Birmingham ES Hotel, LLC | Delaware - Limited Liability Company |
Birmingham ES Leasing, LLC | Delaware - Limited Liability Company |
Birmingham Hotel Holdco, LLC | Delaware - Limited Liability Company |
Birmingham Leasing Holdco, LLC | Delaware - Limited Liability Company |
Brighton at Kingston Plantation, L.L.C. | Delaware - Limited Liability Company |
Charleston Mills House Hotel Holdco, LLC | Delaware - Limited Liability Company |
Charleston Mills House Hotel, LLC | Delaware - Limited Liability Company |
Deerfield Beach ES Hotel, LLC | Delaware - Limited Liability Company |
Deerfield Beach ES Leasing, LLC | Delaware - Limited Liability Company |
Deerfield Beach Hotel Holdco, LLC | Delaware - Limited Liability Company |
Deerfield Beach Leasing Holdco, LLC | Delaware - Limited Liability Company |
DJONT Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT Operations, L.L.C. | Delaware - Limited Liability Company |
DJONT/Charlotte Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/CMB Buckhead Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/CMB FCOAM, L.L.C. | Delaware - Limited Liability Company |
DJONT/CMB New Orleans Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/CMB Orsouth Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/CMB SSF Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/EPT Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/EPT Manager, Inc. | Delaware - Corporation |
DJONT/Indianapolis Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Atlanta ES Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Austin Leasing, L.P. | Delaware - Limited Partnership |
DJONT/JPM Austin Tenant Co., L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Boca Raton Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM BWI Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Hospitality Leasing (SPE), L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Hospitality Leasing Holdco (SPE), L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Orlando Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Phoenix Leasing, L.L.C. | Delaware - Limited Liability Company |
DJONT/JPM Wilmington Leasing, L.L.C. | Delaware - Limited Liability Company |
E.S. Charlotte Limited Partnership | Delaware - Limited Partnership |
E.S. North, an Indiana Limited Partnership | Indiana - Limited Partnership |
EPT Atlanta-Perimeter Center Limited Partnership | Delaware - Limited Partnership |
EPT Austin Limited Partnership | Delaware - Limited Partnership |
EPT Meadowlands Limited Partnership | Delaware - Limited Partnership |
EPT Raleigh Limited Partnership | Delaware - Limited Partnership |
FCH HH Knickerbocker Leasing, L.L.C. | Delaware - Limited Partnership |
FCH HH Knickerbocker Owner, L.P. | Delaware - Limited Partnership |
FCH/DT BWI Holdings, L.P. | Delaware - Limited Partnership |
FCH/DT BWI Hotel, L.L.C. | Delaware - Limited Liability Company |
FCH/DT Holdings, L.P. | Delaware - Limited Partnership |
FCH/DT Hotels, L.L.C. | Delaware - Limited Liability Company |
FCH/PSH, L.P. | Delaware - Limited Partnership |
FCH/SH Leasing II, L.L.C. | Delaware - Limited Liability Company |
FCH/SH Leasing, L.L.C. | Delaware - Limited Liability Company |
FelCor Austin Downtown Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Austin Downtown Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor Austin Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Baton Rouge Owner, LLC | Delaware - Limited Liability Company |
FelCor Canada Co. | Nova Scotia, Canada - Unlimited Liability Company |
FelCor Canada Holding GP, L.L.C. | Delaware - Limited Liability Company |
FelCor Canada Holding, L.P. | Delaware - Limited Partnership |
FelCor Chat-Lem, L.L.C. | Delaware - Limited Liability Company |
FelCor Copley Plaza Leasing, L.L.C. | Delaware - Limited Liability Company |
FelCor Copley Plaza, L.L.C. | Delaware - Limited Liability Company |
FelCor Dallas Love Field Owner, LLC | Delaware - Limited Liability Company |
FelCor Eight Hotels, L.L.C. | Delaware - Limited Liability Company |
FelCor Escrow Holdings, L.L.C. | Delaware - Limited Liability Company |
FelCor Esmeralda (SPE), LLC | Delaware - Limited Liability Company |
FelCor Esmeralda Leasing (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor FQ Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor FQ Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor Hotel Asset Company, L.L.C. | Delaware - Limited Liability Company |
FelCor Hotel Operating Company, L.L.C. | Delaware - Limited Liability Company |
FelCor Lodging Holding Company, L.L.C. | Delaware - Limited Liability Company |
FelCor Lombard Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Lombard Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor Milpitas Owner, LLC | Delaware - Limited Liability Company |
FelCor Myrtle Kingston Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Myrtle Kingston Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor Napa Development, L.L.C. | Delaware - Limited Liability Company |
FelCor Pennsylvania Company, L.L.C. | Delaware - Limited Liability Company |
FelCor Raleigh Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Raleigh Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor S-4 Hotels (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor S-4 Leasing (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor San Antonio NW Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor San Antonio NW Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor Southpark Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Southpark Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor St. Pete (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor St. Pete Leasing (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor TRS Borrower 4, L.L.C. | Delaware - Limited Liability Company |
FelCor TRS Guarantor GP, L.L.C. | Delaware - Limited Liability Company |
FelCor TRS Guarantor, L.P. | Delaware - Limited Partnership |
FelCor TRS Holdings, L.L.C. | Delaware - Limited Partnership |
FelCor Union Square Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor Union Square Lessee, L.L.C. | Delaware - Limited Liability Company |
FelCor/Charlotte Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CMB Buckhead Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CMB Marlborough Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CMB New Orleans Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CMB Orsouth Holdings, L.P. | Delaware - Limited Partnership |
FelCor/CMB Orsouth Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CMB SSF Holdings, L.P. | Delaware - Limited Partnership |
FelCor/CMB SSF Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/CSS (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor/CSS Holdings, L.P. | Delaware - Limited Partnership |
FelCor/CSS Hotels, L.L.C. | Delaware - Limited Liability Company |
FelCor/Indianapolis Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/Iowa-New Orleans Chat-Lem Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Atlanta ES Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Austin Holdings, L.P. | Delaware - Limited Partnership |
FelCor/JPM Austin Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Boca Raton Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM BWI Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Hospitality (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Hospitality Holdco (SPE), L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Hotels, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Orlando Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Phoenix Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/JPM Wilmington Hotel, L.L.C. | Delaware - Limited Liability Company |
FelCor/LAX Holdings, L.P. | Delaware - Limited Partnership |
FelCor/LAX Hotels, L.L.C. | Delaware - Limited Liability Company |
FelCor/MM S-7 Holdings, L.P. | Delaware - Limited Partnership |
FelCor/MM S-7 Hotels, L.L.C. | Delaware - Limited Liability Company |
FelCor/New Orleans Annex, L.L.C. | Delaware - Limited Liability Company |
Ft. Lauderdale ES Hotel, LLC | Delaware - Limited Liability Company |
Ft. Lauderdale ES Leasing, LLC | Delaware - Limited Liability Company |
Ft. Lauderdale Hotel Holdco, LLC | Delaware - Limited Liability Company |
Ft. Lauderdale Leasing Holdco, LLC | Delaware - Limited Liability Company |
Grande Palms, L.L.C. | Delaware - Limited Liability Company |
HI Chat-Lem/Iowa-New Orleans Joint Venture | Louisiana - General Partnership |
Kingston Plantation Development Corp. | Delaware - Corporation |
Knickerbocker Holding Partnership, L.P. | Delaware - Limited Partnership |
Knickerbocker Hotel Owner GP, L.L.C. | Delaware - Limited Liability Company |
Knickerbocker Hotel Owner, L.L.C. | Delaware - Limited Liability Company |
Knickerbocker Leasing Holdco GP, L.L.C. | Delaware - Limited Liability Company |
Knickerbocker Leasing Holdco, L.L.C. | Delaware - Limited Liability Company |
Knickerbocker Master Lessee, L.P. | Delaware - Limited Partnership |
Knickerbocker TRS, L.L.C. | Delaware - Limited Liability Company |
Los Angeles International Airport Hotel Associates, a Texas Limited Partnership | Texas - Limited Partnership |
Lovefield Beverage Corporation | Texas - Corporation |
Madison 237 Hotel Leasing, L.L.C. | Delaware - Limited Liability Company |
Madison 237 Hotel, L.L.C. | Delaware - Limited Liability Company |
Margate Towers at Kingston Plantation, L.L.C. | Delaware - Limited Liability Company |
MHV Joint Venture | Texas - General Partnership |
Miami AP Hotel Holdco, LLC | Delaware - Limited Liability Company |
Miami AP Hotel, LLC | Delaware - Limited Liability Company |
Minneapolis ES Hotel, LLC | Delaware - Limited Liability Company |
Minneapolis ES Leasing, LLC | Delaware - Limited Liability Company |
Minneapolis Hotel Holdco, LLC | Delaware - Limited Liability Company |
Minneapolis Leasing Holdco, LLC | Delaware - Limited Liability Company |
Myrtle Beach Leasing, LLC | Delaware - Limited Liability Company |
Myrtle Beach Owner, LLC | Delaware - Limited Liability Company |
Napa Creek Residential, LLC | Delaware - Limited Liability Company |
Napa ES Hotel, LLC | Delaware - Limited Liability Company |
Napa ES Leasing, LLC | Delaware - Limited Liability Company |
Napa Hotel Holdco, LLC | Delaware - Limited Liability Company |
Napa Leasing Holdco, LLC | Delaware - Limited Liability Company |
Park Central Joint Venture | Texas - General Partnership |
Plantation Laundry Services, L.L.C. | Delaware - Limited Liability Company |
Promus/FCH Condominium Company, L.L.C. | Delaware - Limited Liability Company |
Promus/FCH Development Company, L.L.C. | Delaware - Limited Liability Company |
Promus/FelCor Hotels, L.L.C. | Delaware - Limited Liability Company |
Promus/FelCor Lombard Venture | Illinois - General Partnership |
Promus/FelCor Manager, Inc. | Delaware - Corporation |
Promus/FelCor Parsippany Venture | New Jersey - General Partnership |
Promus/FelCor San Antonio Venture | Texas - General Partnership |
Royale Palms Rental, L.L.C. | Delaware - Limited Liability Company |
Royalton 44 Hotel Leasing, L.L.C. | Delaware - Limited Liability Company |
Royalton 44 Hotel, L.L.C. | Delaware - Limited Liability Company |
Santa Barbara Owner, L.L.C. | Delaware - Limited Liability Company |
1. | I have reviewed this Annual Report on Form 10-K of FelCor Lodging Trust Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
February 27, 2015 | /s/ Richard A. Smith | |
Richard A. Smith Chief Executive Officer |
1. | I have reviewed this Annual Report on Form 10-K of FelCor Lodging Trust Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: October 31, 2014 | /s/ Michael C. Hughes | |
Michael C. Hughes Chief Financial Officer |
1. | I have reviewed this Annual Report on Form 10-K of FelCor Lodging Limited Partnership; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
February 27, 2015 | /s/ Richard A. Smith | |
Richard A. Smith Chief Executive Officer of FelCor Lodging Trust Incorporated, as general partner of FelCor Lodging Limited Partnership |
1. | I have reviewed this Annual Report on Form 10-K of FelCor Lodging Limited Partnership; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
February 27, 2015 | /s/ Michael C. Hughes | |
Michael C. Hughes Chief Financial Officer of FelCor Lodging Trust Incorporated, as general partner of FelCor Lodging Limited Partnership |
/s/ Richard A. Smith | |
Richard A. Smith | |
Chief Executive Officer | |
/s/ Michael C. Hughes | |
Michael C. Hughes | |
Chief Financial Officer |
/s/ Richard A. Smith | |
Richard A. Smith | |
Chief Executive Officer of FelCor Lodging Trust Incorporated, as general partner of FelCor Lodging Limited Partnership | |
/s/ Michael C. Hughes | |
Michael C. Hughes | |
Chief Financial Officer of FelCor Lodging Trust Incorporated, as general partner of FelCor Lodging Limited Partnership |
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Investment in Hotels (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in hotels | Investment in hotels consisted of the following (in thousands):
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FelCor LP's Consolidating Financial Information (Tables) (FelCor Lodging LP [Member])
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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FelCor Lodging LP [Member]
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Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Balance Sheet | CONSOLIDATING BALANCE SHEET December 31, 2014 (in thousands)
FELCOR LODGING LIMITED PARTNERSHIP CONSOLIDATING BALANCE SHEET December 31, 2013 (in thousands)
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Schedule of Condensed Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2014 (in thousands)
FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2013 (in thousands)
FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2012 (in thousands)
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Schedule of Condensed Statement of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the year ended December 31, 2014 (in thousands)
FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For the Year Ended December 31, 2013 (in thousands)
FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For the Year Ended December 31, 2012 (in thousands)
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Schedule of Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 (in thousands)
26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2013 (in thousands)
FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2012 (in thousands)
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Land Leases and Hotel Rent (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Future Minimum Lease Payments under Land Lease Obligations and Hotel Leases | Future minimum lease payments under our land lease obligations and hotel leases at December 31, 2014, were as follows (in thousands):
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