XML 26 R6.htm IDEA: XBRL DOCUMENT v2.3.0.15
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2011
SUMMIT HOTEL OP, LP
Sep. 30, 2010
Predecessor
OPERATING ACTIVITIES   
Net income (loss)$ (7,175,394)$ (7,175,394)$ (6,924,991)
Adjustments to reconcile net income (loss) to net cash from operating activities:   
Depreciation and amortization22,069,95422,069,95420,327,601
Amortization of prepaid lease35,55035,55035,550
Equity-based compensation353,685353,685 
(Gain) loss on disposal of assets36,03136,03139,723
Changes in operating assets and liabilities:   
Trade receivables(2,448,764)(2,448,764)(2,164,776)
Prepaid expenses and other4,125,2394,125,239(2,113,426)
Accounts payable and related party accounts payable(736,091)(736,091)145,008
Accrued expenses3,918,1883,918,1883,022,345
Restricted cash released (funded)403,781403,781(1,409,446)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES20,582,17920,582,17910,957,588
INVESTING ACTIVITIES   
Land and hotel acquisitions and construction in progress(50,017,000)(50,017,000)(1,191,422)
Purchases of other property and equipment(21,234,766)(21,234,766)(1,050,096)
Proceeds from asset dispositions, net of closing costs359,936359,93610,980
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(70,891,830)(70,891,830)(2,230,538)
FINANCING ACTIVITIES   
Proceeds from issuance of debt65,382,52865,382,5284,271,847
Principal payments on debt(228,228,653)(228,228,653)(8,256,596)
Financing fees on debt(3,953,546)(3,953,546)(1,199,196)
Contributions 240,840,458 
Proceeds from sale of common stock, net of offering costs240,840,458  
Distributions to members and dividends paid(14,590,474)(14,590,474)(535,261)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES59,450,31359,450,313(5,719,206)
NET CHANGE IN CASH AND CASH EQUIVALENTS9,140,6629,140,6623,007,844
CASH AND CASH EQUIVALENTS   
BEGINNING OF PERIOD7,977,4187,977,4188,239,225
END OF PERIOD17,118,08017,118,08011,247,069
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:   
Cash payments for interest15,632,25615,632,25619,069,854
Cash payments for state income taxes, net of refunds$ 616,276$ 616,276$ (3,726)