XML 60 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (1,353) $ (10,220) $ (17,477)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 7,294 8,788 9,996
Amortization of intangible assets and deferred financing costs 1,115 628 469
Net gains on dispositions of assets (1,806) (7,833) (1,452)
Stock-based compensation expense 56 44 29
Provision for impairment loss 7,086 10,172 14,308
Unrealized (gain) loss on derivative instruments (10,028) 247 0
Amortization of warrant issuance cost 58 53 0
Deferred income taxes 0 5,610 (1,904)
Changes in operating assets and liabilities:      
(Increase) decrease in assets 593 1,192 6,185
Increase (decrease) in liabilities (998) (2,098) (7,289)
Net cash provided by operating activities 2,017 6,583 2,865
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additions to hotel properties (5,133) (8,462) (4,964)
Acquisition and development of hotel properties 0 (11,500) 0
Proceeds from sale of hotel assets 20,746 24,185 13,111
Net cash provided by investing activities 15,613 4,223 8,147
CASH FLOWS FROM FINANCING ACTIVITIES:      
Deferred financing costs (1,081) (2,422) (331)
Principal payments on long-term debt (34,033) (61,204) (24,426)
Proceeds from long-term debt, net 10,671 39,172 20,610
Payments on revolving debt (38,478) (31,897) (51,708)
Proceeds from revolving debt 47,064 20,905 46,359
Redemption of operating partnership units 0 (114) (397)
Distributions to noncontrolling interest 0 (10) (49)
Preferred stock offering 0 28,806 0
Common stock offering 0 0 89
Dividends paid (2,619) (3,430) (1,213)
Net cash used in financing activities (18,476) (10,194) (11,066)
Increase (decrease) in cash and cash equivalents (846) 612 (54)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 891 279 333
CASH AND CASH EQUIVALENTS, END OF YEAR 45 891 279
SUPPLEMENTAL CASH FLOW INFORMATION      
Interest paid, net of amounts capitalized 8,496 9,640 11,953
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES      
Dividends declared $ 3,349 $ 3,169 $ 1,474