XML 72 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues:      
Rooms $ 628,870us-gaap_OccupancyRevenue $ 558,751us-gaap_OccupancyRevenue $ 509,902us-gaap_OccupancyRevenue
Food and beverage 195,077us-gaap_FoodAndBeverageRevenue 193,043us-gaap_FoodAndBeverageRevenue 174,963us-gaap_FoodAndBeverageRevenue
Other 48,915us-gaap_OtherHotelOperatingRevenue 47,894us-gaap_OtherHotelOperatingRevenue 42,022us-gaap_OtherHotelOperatingRevenue
Total revenues 872,862us-gaap_RevenueFromLeasedAndOwnedHotels 799,688us-gaap_RevenueFromLeasedAndOwnedHotels 726,887us-gaap_RevenueFromLeasedAndOwnedHotels
Operating Expenses:      
Rooms 162,870us-gaap_OccupancyCosts 151,040us-gaap_OccupancyCosts 135,437us-gaap_OccupancyCosts
Food and beverage 135,402us-gaap_FoodAndBeverageCostOfSales 136,454us-gaap_FoodAndBeverageCostOfSales 124,890us-gaap_FoodAndBeverageCostOfSales
Management fees 30,027us-gaap_OwnedPropertyManagementCosts 25,546us-gaap_OwnedPropertyManagementCosts 24,307us-gaap_OwnedPropertyManagementCosts
Other hotel expenses 295,826us-gaap_OtherDirectCostsOfHotels 284,523us-gaap_OtherDirectCostsOfHotels 254,265us-gaap_OtherDirectCostsOfHotels
Depreciation and amortization 99,650us-gaap_DepreciationAndAmortization 103,895us-gaap_DepreciationAndAmortization 97,004us-gaap_DepreciationAndAmortization
Impairment losses 0us-gaap_AssetImpairmentCharges 0us-gaap_AssetImpairmentCharges 30,844us-gaap_AssetImpairmentCharges
Hotel acquisition costs 2,177us-gaap_BusinessCombinationAcquisitionRelatedCosts 0us-gaap_BusinessCombinationAcquisitionRelatedCosts 10,591us-gaap_BusinessCombinationAcquisitionRelatedCosts
Corporate expenses 22,267us-gaap_GeneralAndAdministrativeExpense 23,072us-gaap_GeneralAndAdministrativeExpense 21,095us-gaap_GeneralAndAdministrativeExpense
Gain on insurance proceeds (1,825)us-gaap_InsuranceRecoveries 0us-gaap_InsuranceRecoveries 0us-gaap_InsuranceRecoveries
Gain on litigation settlement, net (10,999)us-gaap_GainLossRelatedToLitigationSettlement 0us-gaap_GainLossRelatedToLitigationSettlement 0us-gaap_GainLossRelatedToLitigationSettlement
Total operating expenses 735,395us-gaap_CostsAndExpenses 724,530us-gaap_CostsAndExpenses 698,433us-gaap_CostsAndExpenses
Operating income 137,467us-gaap_OperatingIncomeLoss 75,158us-gaap_OperatingIncomeLoss 28,454us-gaap_OperatingIncomeLoss
Interest income (3,027)us-gaap_InvestmentIncomeInterest (6,328)us-gaap_InvestmentIncomeInterest (305)us-gaap_InvestmentIncomeInterest
Interest expense 58,278us-gaap_InterestExpense 57,279us-gaap_InterestExpense 53,771us-gaap_InterestExpense
Gain on prepayment of note receivable (13,550)us-gaap_NonoperatingGainsLosses 0us-gaap_NonoperatingGainsLosses 0us-gaap_NonoperatingGainsLosses
Gain on sales of hotel properties, net (50,969)us-gaap_GainsLossesOnSalesOfInvestmentRealEstate 0us-gaap_GainsLossesOnSalesOfInvestmentRealEstate 0us-gaap_GainsLossesOnSalesOfInvestmentRealEstate
Gain on hotel property acquisition (23,894)us-gaap_BusinessCombinationBargainPurchaseGainRecognizedAmount 0us-gaap_BusinessCombinationBargainPurchaseGainRecognizedAmount 0us-gaap_BusinessCombinationBargainPurchaseGainRecognizedAmount
Loss (gain) on early extinguishment of debt 1,616us-gaap_GainsLossesOnExtinguishmentOfDebt 1,492us-gaap_GainsLossesOnExtinguishmentOfDebt (144)us-gaap_GainsLossesOnExtinguishmentOfDebt
Total other (income) expenses, net (31,546)us-gaap_NonoperatingIncomeExpense 52,443us-gaap_NonoperatingIncomeExpense 53,322us-gaap_NonoperatingIncomeExpense
Income (loss) from continuing operations before income taxes 169,013us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest 22,715us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (24,868)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
Income tax (expense) benefit (5,636)us-gaap_IncomeTaxExpenseBenefit 1,113us-gaap_IncomeTaxExpenseBenefit 6,793us-gaap_IncomeTaxExpenseBenefit
Income (loss) from continuing operations 163,377us-gaap_IncomeLossFromContinuingOperations 23,828us-gaap_IncomeLossFromContinuingOperations (18,075)us-gaap_IncomeLossFromContinuingOperations
Income from discontinued operations, net of income taxes 0us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 25,237us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 1,483us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Net income (loss) $ 163,377us-gaap_NetIncomeLoss $ 49,065us-gaap_NetIncomeLoss $ (16,592)us-gaap_NetIncomeLoss
Earnings (loss) per share:      
Continuing operations (in dollars per share) $ 0.83us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ 0.12us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare $ (0.10)us-gaap_IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
Discontinued operations (in dollars per share) $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.13us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.01us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
Basic and diluted loss per share (in dollars per share) $ 0.83us-gaap_EarningsPerShareBasicAndDiluted $ 0.25us-gaap_EarningsPerShareBasicAndDiluted $ (0.09)us-gaap_EarningsPerShareBasicAndDiluted
Weighted-average number of common shares outstanding:      
Basic (in shares) 195,943,813us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 195,478,353us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 180,826,124us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted (in shares) 196,682,981us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 195,862,506us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 180,826,124us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding