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CONSOLIDATED STATEMENTS OF CASH FLOWS - (SUMMIT HOTEL OP, LP) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
OPERATING ACTIVITIES    
Net income (loss) $ 8,553 $ (3,161)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Depreciation and amortization 24,814 16,658
Amortization of prepaid lease 24 24
Loss on impairment of assets 1,500 2,098
Equity-based compensation 1,270 515
Deferred tax asset 567 (776)
(Gain) loss on disposal of assets (1,666) 187
(Gain) loss on derivative financial instruments (2) 1
Changes in operating assets and liabilities:    
Restricted cash released (funded) (721) 201
Trade receivables (6,250) (3,183)
Prepaid expenses and other (940) 939
Accounts payable and accrued expenses 7,765 (365)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 34,914 13,138
INVESTING ACTIVITIES    
Acquisitions of hotel properties (388,456) (50,525)
Investment in hotel properties under development (154)  
Acquisition of land held for development (2,800)  
Improvements and additions to hotel properties (18,292) (11,666)
Purchases of office furniture and equipment (316)  
Proceeds from asset dispositions, net of closing costs 25,094 16,786
Restricted cash released (funded) (14,156) (1,845)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (399,080) (47,250)
FINANCING ACTIVITIES    
Proceeds from issuance of debt 268,150 127,085
Principal payments on debt (96,810) (78,859)
Financing fees on debt (2,160) (1,944)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 384,599 35,198
Net change in cash and cash equivalents 20,433 1,086
CASH AND CASH EQUIVALENTS    
Beginning of period 13,980 10,537
End of period 34,413 11,623
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash payments for interest 8,495 7,657
Capitalized interest 154  
Cash payments for income taxes, net of refunds 676 317
SUMMIT HOTEL OP, LP
   
OPERATING ACTIVITIES    
Net income (loss) 8,553 (3,161)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Depreciation and amortization 24,814 16,658
Amortization of prepaid lease 24 24
Loss on impairment of assets 1,500 2,098
Equity-based compensation 1,270 515
Deferred tax asset 567 (776)
(Gain) loss on disposal of assets (1,666) 187
(Gain) loss on derivative financial instruments (2) 1
Changes in operating assets and liabilities:    
Restricted cash released (funded) (721) 201
Trade receivables (6,250) (3,183)
Prepaid expenses and other (940) 939
Accounts payable and accrued expenses 7,765 (365)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 34,914 13,138
INVESTING ACTIVITIES    
Acquisitions of hotel properties (388,456) (50,525)
Investment in hotel properties under development (154)  
Acquisition of land held for development (2,800)  
Improvements and additions to hotel properties (18,292) (11,666)
Purchases of office furniture and equipment (316)  
Proceeds from asset dispositions, net of closing costs 25,094 16,786
Restricted cash released (funded) (14,156) (1,845)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (399,080) (47,250)
FINANCING ACTIVITIES    
Proceeds from issuance of debt 268,150 127,085
Principal payments on debt (96,810) (78,859)
Financing fees on debt (2,160) (1,944)
Contributions 237,262 (349)
Distributions (21,843) (10,735)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 384,599 35,198
Net change in cash and cash equivalents 20,433 1,086
CASH AND CASH EQUIVALENTS    
Beginning of period 13,980 10,537
End of period 34,413 11,623
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash payments for interest 8,495 7,657
Capitalized interest 154  
Cash payments for income taxes, net of refunds $ 676 $ 317