Investment in Unconsolidated Entities

3 Months Ended

Mar. 31, 2017

Investment in Unconsolidated Entities [Abstract]

Investment in Unconsolidated Entities

Investment in Unconsolidated Entities

At March 31, 2017 and December 31, 2016, we owned 50% interests in joint ventures that owned two hotels. We also own 50% interests in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services at these locations. We account for our investments in these unconsolidated entities under the equity method. We consolidate all of our majority-owned subsidiaries in our financial statements. We make adjustments to our equity in income from unconsolidated entities related to the difference between our basis in investment in unconsolidated entities compared to the historical basis of the assets recorded by the joint ventures.

The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands):

	March 31,		December 31,
	2017		2016
Investment in hotels and other properties, net of accumulated depreciation	$	20,471	$	20,898
Total assets	$	25,810	$	27,052
Debt, net of unamortized debt issuance costs	$	21,933	$	22,065
Total liabilities	$	24,437	$	24,311
Equity	$	1,373	$	2,741

Our unconsolidated entities’ debt at March 31, 2017 and December 31, 2016 consisted entirely of non-recourse mortgage debt.

2. Investment in Unconsolidated Entities — (continued)

The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands):

	Three Months Ended March 31,
	2017			2016
Total revenues	$	5,226		$	5,503
Net loss	$	(67	)	$	(114	)
Net loss attributable to FelCor	$	(33	)	$	(57	)
Depreciation of cost in excess of book value	(97		)	(97		)
Equity in loss from unconsolidated entities	$	(130	)	$	(154	)

The following table summarizes the components of our investments in unconsolidated entities (in thousands):

	March 31,			December 31,
	2017			2016
Equity basis of hotel joint venture investments	$	(4,645	)	$	(4,533	)
Cost of hotel investments in excess of joint venture book value	6,846			6,942
Equity basis of land and condominium joint venture investments	5,331			5,903
Investment in unconsolidated entities	$	7,532		$	8,312

The following table summarizes the components of our equity in income from unconsolidated entities (in thousands):

	Three Months Ended
	March 31,
	2017			2016
Hotel investments	$	441		$	375
Other investments	(571		)	(529		)
Equity in loss from unconsolidated entities	$	(130	)	$	(154	)