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CONSOLIDATED/COMBINED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Mar. 20, 2014
Dec. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from financing activities:          
Cash and cash equivalents, beginning of period     $ 131,861    
Cash and cash equivalents, end of period   $ 131,861 46,829 $ 131,861  
Successor          
Cash flows from operating activities:          
Net income (loss)   (14,841) (94,637)    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and amortization   2,796 68,500    
Amortization of deferred financing costs   595 11,161    
Change in fair value of contingent consideration   0 780    
Equity in (earnings) losses of unconsolidated entities   (352) (238)    
Other adjustments, net   549 146    
Distributions from variable interest entities   257 860    
Changes in assets and liabilities:          
Prepaid expenses and other assets   (7,923) (15,175)    
Restricted cash   (783) (11,602)    
Due to affiliates   5,042 1,259    
Accounts payable and accrued expenses   5,010 45,453    
Net cash provided by (used in) operating activities   (9,650) 6,507    
Cash flows from investing activities:          
Acquisition of hotel assets, net of cash received   (41,388) (629,760)    
Real estate investment improvements and purchases of property and equipment   (3,659) (46,523)    
Acquisition deposits   (75,000) (40,504)    
Increase in restricted cash related to real estate improvements   (2,035) (55,259)    
Net cash used in investing activities   (122,082) (772,046)    
Cash flows from financing activities:          
Proceeds from issuance of common stock, net   249,569 631,698    
Payments of offering costs   (28,071) (79,280)    
Dividends/Distributions paid   (1,950) (19,153)    
Contributions from members   0 0    
Distribution to members   0 0    
Affiliate financing advancement   2,570 0    
Repayments of promissory and mortgage notes payable   0 (291,849)    
Payment of deferred consideration payable   0 (3,500)    
Affiliate financing repayment   (3,214) 0    
Proceeds from affiliate note payable used to fund acquisition deposit   40,500 0    
Repayment of affiliate note payable used to fund acquisition deposit   (40,500) 0    
Mandatorily redeemable preferred securities redemptions   0 (152,574)    
Proceeds from mortgage notes payable   45,500 624,100    
Proceeds from promissory note payable   1,775 0    
Deferred financing fees   (2,586) (27,944)    
Restricted cash for debt service   0 (991)    
Net cash provided by (used in) financing activities   263,593 680,507    
Net change in cash and cash equivalents   131,861 (85,032)    
Cash and cash equivalents, beginning of period   0 131,861    
Cash and cash equivalents, end of period $ 0 131,861 46,829 131,861  
Supplemental disclosure of cash flow information:          
Interest paid   4,645 68,108    
Income taxes paid   760 6,408    
Non-cash investing and financing activities:          
Reclassification of deferred offering costs to additional paid-in capital   1,505 0    
Offering costs payable   2,481 308    
Real estate investment improvements and purchases of property and equipment in accounts payable and accrued expenses   1,033 17,518    
Proceeds receivable from stock sales [1]   1,564 90    
Seller financing of real estate investments   58,074 0    
Seller financing of investment in unconsolidated entities   5,000 0    
Mortgage and mezzanine debt assumed on real estate investments   0 904,185    
Mandatorily redeemable preferred securities issued in acquisition of property and equipment   0 447,097    
Contingent consideration on acquisition   2,268 0    
Deferred consideration on acquisition   3,400 0    
Dividends declared but not paid   1,368 4,936    
Common stock issued through distribution reinvestment plan   1,520 $ 18,150    
Predecessor          
Cash flows from operating activities:          
Net income (loss) (605)       $ 105
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and amortization 994       5,105
Amortization of deferred financing costs 75       196
Change in fair value of contingent consideration 0       0
Equity in (earnings) losses of unconsolidated entities 166       65
Other adjustments, net 0       74
Distributions from variable interest entities 0       0
Changes in assets and liabilities:          
Prepaid expenses and other assets (581)       455
Restricted cash 0       0
Due to affiliates 0       0
Accounts payable and accrued expenses (605)       (182)
Net cash provided by (used in) operating activities (556)       5,818
Cash flows from investing activities:          
Acquisition of hotel assets, net of cash received 0       0
Real estate investment improvements and purchases of property and equipment (83)       (3,436)
Acquisition deposits 0       0
Increase in restricted cash related to real estate improvements (468)       1,163
Net cash used in investing activities (551)       (2,273)
Cash flows from financing activities:          
Proceeds from issuance of common stock, net 0       0
Payments of offering costs 0       0
Dividends/Distributions paid (800)       0
Contributions from members 0       227
Distribution to members 0       (3,922)
Affiliate financing advancement 0       0
Repayments of promissory and mortgage notes payable (137)       0
Payment of deferred consideration payable 0       0
Affiliate financing repayment 0       0
Proceeds from affiliate note payable used to fund acquisition deposit 0       0
Repayment of affiliate note payable used to fund acquisition deposit 0       0
Mandatorily redeemable preferred securities redemptions 0       (391)
Proceeds from mortgage notes payable 0       3,440
Proceeds from promissory note payable 0       0
Deferred financing fees 0       (31)
Restricted cash for debt service 0       0
Net cash provided by (used in) financing activities (937)       (677)
Net change in cash and cash equivalents (2,044)       2,868
Cash and cash equivalents, beginning of period 10,520 $ 8,476   $ 10,520 7,652
Cash and cash equivalents, end of period 8,476       10,520
Supplemental disclosure of cash flow information:          
Interest paid 458       1,548
Income taxes paid 0       0
Non-cash investing and financing activities:          
Reclassification of deferred offering costs to additional paid-in capital 0       0
Offering costs payable 0       0
Real estate investment improvements and purchases of property and equipment in accounts payable and accrued expenses 0       0
Proceeds receivable from stock sales [1]         0
Seller financing of real estate investments 0       0
Seller financing of investment in unconsolidated entities 0       0
Mortgage and mezzanine debt assumed on real estate investments 0       0
Mandatorily redeemable preferred securities issued in acquisition of property and equipment 0       0
Contingent consideration on acquisition 0       0
Deferred consideration on acquisition 0       0
Dividends declared but not paid 0       0
Common stock issued through distribution reinvestment plan $ 0       $ 0
[1] The proceeds receivable from the sale of shares of common equity was received by the Company prior to the filing date of this Annual Report on Form 10-K.