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FelCor Lodging Trust Reports 2nd Qtr Net Loss
of $41 million Compared with a Loss of $27 million
a Year Earlier; Revenues Up 9.1%

.

IRVING, Texas, July 28, 2004 - FelCor Lodging Trust Incorporated (NYSE: FCH - News), the nation's second largest hotel real estate investment trust (REIT), today reported operating results for the second quarter and six months ended June 30, 2004.

Second Quarter Results:

FelCor's second quarter results reflect improving hotel industry fundamentals. FelCor had seven consecutive months of hotel portfolio revenue per available room ("RevPAR") increases and had its first quarterly increase in average daily rate ("ADR") since the first quarter of 2001.

FelCor's second quarter revenues were $330 million, which reflect an increase of $28 million, or 9.1 percent, compared to the second quarter in 2003. The increase was primarily related to a 7.3 percent increase in its hotel portfolio RevPAR. For the quarter, occupancy increased 5.5 percent, to 68.6 percent, and ADR increased 1.7 percent, to $97.78, compared to the same quarter of 2003.

The operating margin for FelCor's hotels during the second quarter 2004 was 30.7 percent, which represents a 170 basis point decrease, compared to the same period in 2003. The deterioration in margins largely resulted from the 5.5 percent increase in occupancy with only a 1.7 percent increase in ADR, coupled with increases in labor related costs, compared to the second quarter of 2003.

FelCor's net loss applicable to common stockholders for the second quarter of 2004 was $41 million, or a net loss of $0.69 per share. This is compared to the prior year second quarter net loss of $27 million, or $0.46 per share. Second quarter 2004 Funds From Operations ("FFO") was a loss of $9 million, or $0.15 per share. FFO for the same period last year was $12 million, or $0.19 per share. Second quarter 2004 Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") totaled $42 million, compared to $63 million in the second quarter of 2003.

Results of operations for the second quarter of 2004 include a net $31 million ($0.50 per share) of costs associated with the early retirement of $500 million of senior notes. Results of operations for the second quarter of 2003 included $10 million ($0.17 per share) of expenses related to impairment losses, the charge off of deferred financing costs, net of gain on early extinguishment of debt. Second quarter of 2003 also included $3 million of EBITDA related to hotels that were sold in 2003.

In accordance with the Securities and Exchange Commission's (SEC) guidance on non-GAAP financial measures, FFO and EBITDA have not been adjusted to add back the costs associated with the early retirement of senior notes, impairment charges and the charge off of deferred debt costs. Accompanying this press release is a discussion of the non-GAAP financial measures, FFO and EBITDA, and a reconciliation of these measures to the Company's net loss.

The second quarter 2004 operating results (before the expenses related to the early retirement of senior notes) were consistent with the high end of FelCor's previously provided EBITDA guidance of $73 million, and exceeded the high end of its FFO guidance of $0.34 per share by $0.01.

Consistent with FelCor's objectives to reduce its outstanding debt, reduce its interest expense and extend the maturities of its debt, FelCor completed the following capital transactions since March 31, 2004:

  • Issued 4.6 million shares of its $1.95 Series A Convertible Preferred Stock at a yield of 8.375%, realizing net proceeds of $105 million;
  • Issued $290 million of its Senior Floating Rate Notes due 2011 at a yield of LIBOR plus 4.25% ($115 million of which was issued after June 30, 2004);
  • Borrowed $194 million under its Secured Debt Facility ($25 million of which was borrowed after June 30, 2004) and cancelled the balance of the facility, effective July 28, 2004; -- $107 million borrowed under the facility has been converted into nine separate fixed rate CMBS loans, bearing interest at an average rate of 6.5%;
  • $87 million borrowed under the facility has been converted into a cross-collateralized floating rate CMBS loan, bearing interest at LIBOR plus 2.11%;
  • Purchased, pursuant to tender offers and in the open market, a total of $440 million of its 9.5% Senior Notes due 2008 that, at retirement, bore interest at the rate of 10% per year ($115 million of which was purchased after June 30, 2004);
  • Redeemed all $175 million of its 7.375% Senior Notes due October 2004; and
  • Terminated $400 million of fixed-to-floating interest rate swaps. 
Six Months Results:

For the six months ended June 30, 2004, FelCor's revenues were $636 million, which reflected an increase of 8.8 percent, compared to the same period in 2003. The increase in revenue principally resulted from a 5.8 percent increase in RevPAR.

The operating margin for FelCor's hotels during the six months ended June 30, 2004, was 29.9 percent, which reflects a 130 basis point decrease, compared to the same period in 2003. The deterioration in margins principally resulted from the 5.3 percent increase in occupancy with only a 0.5% increase in ADR, coupled with increases in labor related costs, compared to the same period in 2003.

FelCor's net loss applicable to common stockholders for the six months ended June 30, 2004, was $68 million, or a net loss per share of $1.15. This is compared to the prior year net loss of $55 million, or $0.93 per share. FFO for the six months ended June 30, 2004, was a loss of $1 million, or $0.02 per share. FFO for the same period last year was $21 million, or $0.34 per share. EBITDA for the six months ended June 30, 2004, totaled $101 million, compared to $123 million in the same period of 2003.

FelCor's results of operations for the six months ended June 30, 2004, include $31 million ($0.51 per share) of costs primarily related to the early retirement of $500 million of its senior notes. Results of operations for the six months ended June 30, 2003, included $9 million ($0.15 per share) of expenses related to impairment losses, the charge off of deferred financing costs, net of gain on early extinguishment of debt. During the first six months of 2003, operating results included $5 million of EBITDA related to hotels that were sold in 2003.

In accordance with the SEC's guidance on non-GAAP financial measures, FFO and EBITDA have not been adjusted to add back the costs associated with the early retirement of senior notes, impairment charges, the charge off of deferred debt costs or income from the early retirement of debt.

"The economy continues to improve and ADR is on the upswing," said Thomas J. Corcoran, Jr., FelCor's President and CEO. "With the occupancy gains for the last four quarters, our hotels are gaining confidence in their ability to drive ADR. We experienced growth in second quarter ADR, the first quarterly ADR growth in three years. With the increase in ADR in the second quarter, in June we saw improvement in operating margins over the prior year period -- the first time since December of 2002. The lodging industry is well into a recovery and we expect the second half of the year will continue to reflect these overall improving trends."

Capital Structure:

At June 30, 2004, FelCor had $1.9 billion of debt outstanding, with a weighted average life of five years. As of July 28, FelCor had approximately $160 million in cash and cash equivalents. FelCor has no significant remaining debt maturities (other than those that may be extended at FelCor's option) until 2007, when $125 million of its senior notes mature. The capital transactions completed through July 2004 have reduced FelCor's debt by $131 million, reduced its average cost of debt from 7.82% to 7.35%, and extended the average maturity of its debt by approximately one year.

"We have continued to strengthen FelCor's financial position by reducing the amount and cost of our debt, as well as extending the length of our maturities," said Andrew J. Welch, FelCor's Senior Vice President and Treasurer. "We will continue to reduce debt with proceeds from asset sales and opportunistically access the capital markets to further lower our cost of capital and increase our financial flexibility."

Other Highlights:

FelCor has declared the second quarter dividend on each of its $1.95 Series A Cumulative Convertible Preferred Stock and its 9% Series B Cumulative Redeemable Preferred Stock.

FelCor currently has 26 remaining non-strategic hotels identified for sale, with expected proceeds of approximately $200 million over the next 18 months. During 2004, through July 28, FelCor has sold eight hotels for proceeds of $46 million, including three hotels for $13 million during the second quarter and one hotel for $3 million during July. For the remainder of 2004, proceeds from the sale of non-strategic hotels are currently estimated to be approximately $80 million.

2004 Guidance:

Current estimates for the third quarter and full year 2004 operating results, exclusive of future capital transactions, are as follows:

                                      Third                Full Year
                                     Quarter                 2004
     FFO per share                $0.27 to $0.31         $0.34 to $0.41
     EBITDA                         $65 to $67 million    $218 to $223 million
     Net loss per share           $0.25 to $0.22         $1.85 to $1.77
     RevPAR                          4% to 6%               5% to 6%
 

Included in third quarter and full year guidance is an expected $8 million gain related to FelCor's 50% joint venture share of the Margate residential condominium project in Myrtle Beach, South Carolina.

Included in Net Loss, FFO and EBITDA guidance are the following (in millions, except per share data):

                                      Third Quarter 2004    Full Year 2004
                                               Per Share            Per Share
                                      Dollars    Amount    Dollars    Amount
     Loss on extinguishment of debt     $8                  $36
     Charge off of debt costs            1                    5
     Gain on swap termination          ---                   (1)
       Total                            $9       $0.14      $40       $0.64
 

During the first 27 days of July, total portfolio RevPAR increased 4.9 percent, occupancy increased 2.6 percent and ADR increased 2.2 percent, compared to the same period in 2003.

FelCor currently anticipates its 2004 total capital expenditures to be in the range of $75 to $100 million with $34 million having been spent through June 30, 2004.
 
 

Results of Operations
(in thousands, except per share data)

                                         Three Months          Six Months
                                        Ended June 30,        Ended June 30,
                                       2004       2003       2004       2003
    Revenues:
       Hotel operating revenue:
         Room                       $260,699   $238,347   $504,218   $462,613
         Food and beverage            51,875     47,553     98,455     90,637
         Other operating departments  16,992     16,043     33,177     31,008
       Retail space rental
        and other revenue                180        236        425        618
           Total revenues            329,746    302,179    636,275    584,876

    Expenses:
       Hotel departmental expenses:
         Room                         69,322     60,801    134,285    118,354
         Food and beverage            40,674     36,511     78,143     71,031
         Other operating departments   8,698      7,175     16,879     13,936
       Other property related costs   92,549     84,355    183,841    168,048
       Management and franchise fees  17,184     15,347     32,751     30,398
       Taxes, insurance
        and lease expense             30,967     31,254     62,154     61,534
       Corporate expenses              4,393      3,737      7,779      7,160
       Depreciation                   30,148     34,317     60,797     67,993
           Total operating expenses  293,935    273,497    576,629    538,454

    Operating income                  35,811     28,682     59,646     46,422
       Interest expense, net         (39,737)   (41,007)   (80,857)   (80,826)
       Charge off of debt related
        costs                         (3,944)    (2,834)    (4,174)    (2,834)
       Loss on early extinguishment
        of debt                      (28,246)       ---    (28,246)       ---
       Gain on swap termination        1,005        ---      1,005        ---

    Loss before equity in income
     from unconsolidated entities,
     minority interests and gain
     on sale of assets               (35,111)   (15,159)   (52,626)   (37,238)
       Equity in income from
        unconsolidated entities        2,691        726      3,673        578
       Gain on sale of assets            ---        153        ---        153
       Minority interests              2,312      1,384      3,381      2,511
    Loss from continuing operations  (30,108)   (12,896)   (45,572)   (33,996)
       Discontinued operations        (1,565)    (7,307)    (6,800)    (7,298)
    Net loss                         (31,673)   (20,203)   (52,372)   (41,294)
       Preferred dividends            (8,970)    (6,728)   (15,696)   (13,454)
    Net loss applicable
     to common stockholders         $(40,643)  $(26,931)  $(68,068)  $(54,748)

    Basic and diluted
     per common share data:
       Net loss from continuing
        operations                  $  (0.66)  $  (0.34)  $  (1.04)  $  (0.81)
       Net loss                     $  (0.69)  $  (0.46)  $  (1.15)  $  (0.93)
       Weighted average common
        shares outstanding            58,950     58,591     58,952     58,562
 

                      Reconciliation of Net Loss to FFO
                    (in thousands, except per share data)

                                       Three Months Ended June 30,
                                      2004                     2003
                                            Per Share                Per Share
                            Dollars  Shares  Amount   Dollars  Shares   Amount

    Net loss              $(31,673)                  $(20,203)
      Preferred
       dividends            (8,970)                    (6,728)
    Net loss applicable
     to common
     stockholders         $(40,643)  58,950  $(0.69) $(26,931) 58,591   (0.46)
      Depreciation from
       continuing
       operations           30,148      ---    0.51    34,317     ---    0.59
      Depreciation from
       unconsolidated
       entities and
       discontinued
       operations            1,870      ---    0.03     5,609     ---    0.10
      Loss on sale
       of assets             1,214      ---    0.02       330     ---    0.01
      Minority interest
       in FelCor LP         (2,078)   3,033   (0.02)   (1,493)   3,254  (0.05)
      Conversion of options
       and unvested
       restricted stock        ---      ---     ---       ---      309    ---
    FFO                    $(9,489)  61,983  $(0.15)  $11,832   62,154 $ 0.19
 

                                         Six Months Ended June 30,
                                      2004                      2003
                                            Per Share                Per Share
                            Dollars  Shares  Amount   Dollars  Shares   Amount

    Net loss              $(52,372)                  $(41,294)
      Preferred
       dividends           (15,696)                   (13,454)
    Net loss applicable
     to common
     stockholders         $(68,068)  58,952  $(1.15) $(54,748)  58,562 $(0.93)
      Depreciation from
       continuing
       operations           60,797      ---    1.03    67,993      ---   1.16
      Depreciation from
       unconsolidated
       entities and
       discontinued
       operations            3,888      ---    0.07    10,899      ---   0.19
      Loss on sale
       of assets               941      ---    0.02       330      ---   0.01
      Lease termination
       costs(A)              4,900      ---    0.08                ---
      Minority interest
       in FelCor LP         (3,485)   3,033   (0.07)   (3,050)   3,271  (0.09)
      Conversion of
       options and unvested
       restricted stock        ---      ---     ---       ---      309    ---
    FFO                    $(1,027)  61,985  $(0.02) $ 21,424   62,142 $ 0.34

    (A)  FelCor considers this lease termination cost, which was associated
         with the early termination of a lease as part of the overall
         settlement of a lease dispute, to be unusual or non-recurring in
         accordance with Item 10 of Regulation S-K.
 

Consistent with SEC guidance, FFO has not been adjusted for the following amounts included in net loss (in thousands):

                                       Three Months Ended    Six Months Ended
                                             June 30,            June 30,
                                          2004      2003      2004      2003
    Charge off of deferred debt costs   $ 3,944   $ 2,834   $ 4,174   $ 2,834
    Loss (gain) on early extinguishment
     of debt                             28,246      (307)   28,246    (1,260)
    Gain on swap termination             (1,005)      ---    (1,005)      ---
    Impairment losses                       ---     7,824       ---     7,824
                                        $31,185   $10,351   $31,415   $ 9,398

    Per share amounts                   $  0.50   $  0.17   $  0.51   $  0.15
 

                     Reconciliation of Net Loss to EBITDA
                                (in thousands)

                                     Three Months Ended     Six Months Ended
                                           June 30,              June 30,
                                       2004       2003       2004       2003
    Net loss                        $(31,673)  $(20,203)  $(52,372)  $(41,294)
       Depreciation from
        continuing operations         30,148     34,317     60,797     67,993
       Depreciation from
        unconsolidated entities and
         discontinued operations       1,870      5,609      3,888     10,899
       Loss on sale of assets          1,214        330        941        330
       Minority interest
        in FelCor Lodging LP          (2,078)    (1,493)    (3,485)    (3,050)
       Lease termination costs(A)        ---        ---      4,900        ---
       Interest expense               40,334     41,561     82,178     81,751
       Interest expense from
        unconsolidated entities and
        discontinued operations        1,407      2,296      2,727      5,073
       Amortization expense              519        564      1,022      1,080
    EBITDA                          $ 41,741   $ 62,981   $100,596   $122,782

     (A)  FelCor considers this lease termination cost, associated with the
          early termination of a lease, to be unusual or non-recurring in
          accordance with Item 10 of Regulation S-K.
 

Consistent with SEC guidance, EBITDA has not been adjusted for the following amounts included in net loss (in thousands):

                                     Three Months Ended      Six Months Ended
                                           June 30,              June 30,
                                       2004       2003       2004       2003
    Charge off of deferred
     debt costs                     $  3,944   $  2,834   $  4,174   $  2,834
    Loss (gain) on early
     extinguishment of debt           28,246       (307)    28,246     (1,260)
    Gain on swap termination          (1,005)       ---     (1,005)       ---
    Impairment losses                    ---      7,824        ---      7,824
                                     $31,185    $10,351    $31,415   $  9,398

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminish predictably over time. Since real estate values, instead, have historically risen or fallen with market conditions, most industry investors consider supplemental measurements of performance to be helpful in evaluating a real estate company's operations. FelCor considers Funds From Operations, or FFO, and Earnings Before Interest, Taxes, Depreciation and Amortization, or EBITDA, to be supplemental measures of a REIT's performance and should be considered along with, but not as an alternative to, net income as a measure of the Company's operating performance.

The White Paper on Funds From Operations approved by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net income or loss (computed in accordance with generally accepted accounting principles), excluding gains or losses from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. FFO and EBITDA are not measures of operating performance under generally accepted accounting principles in the U.S., or GAAP. However, FelCor believes that FFO and EBITDA are helpful to management and investors as supplemental measures of the performance of an equity REIT. FelCor computes FFO in accordance with the standards established by NAREIT. This may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently than FelCor does.

FFO and EBITDA should not be considered as alternatives to net income, operating profit, cash flow from operations, or any other operating performance measure prescribed by GAAP. Neither should FFO, FFO per share or EBITDA be considered as measures of our liquidity or indicative of funds available for our cash needs, including our ability to make cash distributions. FFO per share does not measure, and should not be used as a measure of, amounts that accrue directly to the benefit of stockholders.

                            Hotel Operating Profit
                            (dollars in thousands)

                                      Three Months Ended     Six Months Ended
                                           June 30,              June 30,
                                       2004       2003       2004       2003
    Total revenue                   $329,746   $302,179   $636,275   $584,876
    Retail space rental
     and other revenue                  (180)      (236)      (425)      (618)
    Hotel revenue                    329,566    301,943    635,850    584,258
    Hotel operating expenses        (228,427)  (204,189)  (445,899)  (401,767)
    Hotel operating profit          $101,139   $ 97,754   $189,951   $182,491
    Operating margin                    30.7%      32.4%      29.9%      31.2%

    Corporate expenses                 4,393      3,737      7,779      7,160
    Corporate expenses as a
     percentage of total revenues        1.3%       1.2%       1.2%       1.2%
 

                       Hotel Operating Expense Composition
                              (dollars in thousands)

                    Three Months Ended June 30,     Six Months Ended June 30,
                       2004            2003           2004           2003
    Hotel                  % of           % of           % of           % of
     departmental          Hotel          Hotel          Hotel          Hotel
     expenses:            Revenue        Revenue        Revenue        Revenue
     Room        $  69,322 21.0%  $60,801 20.1% $134,285 21.1% $118,354 20.2%
     Food and
      beverage      40,674 12.4    36,511 12.1    78,143 12.3    71,031 12.2
     Other operating
      departments    8,698  2.6     7,175  2.4    16,879  2.7    13,936  2.4
      Total hotel
       departmental
       expenses    118,694 36.0   104,487 34.6   229,307 36.1   203,321 34.8

    Other property
     related costs:
     Administrative
      and general   30,715  9.3    28,167  9.3    60,577  9.5    56,678  9.7
     Marketing and
      advertising   28,361  8.6    25,371  8.4    55,594  8.8    50,101  8.6
     Repairs and
      maintenance   17,901  5.5    16,164  5.3    35,813  5.6    32,276  5.5
     Energy         15,572  4.7    14,653  4.9    31,857  5.0    28,993  5.0
      Total other
       property
       related
       costs        92,549 28.1    84,355 27.9   183,841 28.9   168,048 28.8
    Management and
     franchise
     fees           17,184  5.2    15,347  5.1    32,751  5.1    30,398  5.2
    Hotel
     operating
     expenses     $228,427 69.3% $204,189 67.6% $445,899 70.1% $401,767 68.8%
 

                                      Three Months          Six Months
                                      Ended June 30,       Ended June 30,
                                      2004       2003       2004       2003
    Supplemental information:
    Compensation and benefits
     expense (included in hotel
     operating expenses)            $107,963   $ 96,649   $210,722   $191,018

    Reconciliation of total
     operating expenses to hotel
     operating expenses:
    Total operating expenses        $293,935   $273,497   $576,629   $538,454
       Taxes, insurance
        and lease expense            (30,967)   (31,254)   (62,154)   (61,534)
       Corporate expenses             (4,393)    (3,737)    (7,779)    (7,160)
       Depreciation                  (30,148)   (34,317)   (60,797)   (67,993)
    Hotel operating expenses        $228,427   $204,189   $445,899   $401,767
 

Hotel operating profit and operating margin are commonly recognized non- GAAP measures of performance that we utilize to measure the relative performance of our individual hotels and groups of hotels and give investors a more complete understanding of the operating results over which FelCor's individual hotels and operating managers have direct control. FelCor believes that hotel operating profit and operating margin are useful to investors by providing greater transparency with respect to significant measures used by management in its financial and operational decision-making.

                         Selected Balance Sheet Data
                                (in thousands)

                                                    June 30,    December 31,
                                                      2004          2003
    Investment in hotels                           $4,020,894    $3,989,964
    Accumulated depreciation                         (936,781)     (886,168)
    Investments in hotels,
     net of accumulated depreciation               $3,084,113    $3,103,796

    Total cash and cash equivalents                $  148,146    $  246,036
    Total assets                                    3,460,802     3,590,893
    Total debt                                      1,872,795     2,037,355
    Total stockholders' equity                     $1,333,138    $1,296,272
 

            Reconciliation of Estimated Net Loss to FFO and EBITDA
                     (in millions, except per share data)

                                           Third Quarter 2004 Guidance
                                        Low Guidance         High Guidance
                                             Per Share             Per Share
                                    Dollars   Amount(A)   Dollars   Amount(A)
    Net loss                        $ (6)                 $ (4)
       Preferred dividends            (9)                   (9)
    Net loss applicable
     to common stockholders          (15)     $(0.25)      (13)     $(0.22)
       Depreciation                   31                    31
       Minority interest
        in FelCor LP                   1                     1
    FFO(B)                          $ 17      $ 0.27      $ 19      $ 0.31

    Net loss                        $ (6)                 $ (4)
       Depreciation                   31                    31
       Interest expense               38                    38
       Amortization expense            1                     1
       Minority interest
        in FelCor LP                   1                     1
    EBITDA(B)                       $ 65                  $ 67
 

                                             Full Year 2004 Guidance
                                        Low Guidance         High Guidance
                                             Per Share             Per Share
                                    Dollars   Amount(A)   Dollars   Amount(A)
    Net loss(B)                    $ (75)                $ (70)
       Preferred dividends           (34)                  (34)
    Net loss applicable
     to common stockholders         (109)     $(1.85)     (104)     $(1.77)
       Lease termination costs         5                     5
       Depreciation                  129                   129
       Minority interest
        in FelCor LP                  (4)                   (4)
    FFO(B)                         $  21      $ 0.34     $  26      $ 0.41

    Net loss                       $ (75)                $ (70)
       Lease termination costs         5                     5
       Depreciation                  129                   129
       Interest expense              161                   161
       Amortization expense            2                     2
       Minority interest
        in FelCor LP                  (4)                   (4)
    EBITDA(B)                      $ 218                 $ 223

    (A) Weighted average shares of 58.9 million, plus minority interest and
        unvested restricted stock of 3.4 million, provide the 62.3 million
        weighted average shares and units, used to compute FFO per share.
    (B) Included in Net Loss, FFO and EBITDA guidance are the following:

                                   Third Quarter 2004      Full Year 2004
                                             Per Share             Per Share
                                    Dollars    Amount    Dollars     Amount

    Loss on extinguishment of debt    $8                   $36
    Charge off of debt costs           1                     5
    Gain on swap termination         ---                    (1)
       Total                          $9      $ 0.14       $40      $ 0.64
 

FelCor has published its Second Quarter 2004 Supplemental Information, which provides additional corporate data, financial highlights and portfolio statistical data for the quarter and six months ended June 30, 2004. Investors are encouraged to access the Supplemental Information on FelCor's Web site at http://www.felcor.com , on its Investor Relations page in the "Financial Reports" section. The Supplemental Information also will be furnished upon request. Requests may be made by e-mail to information@felcor.com or by writing to the Vice President of Investor Relations, FelCor Lodging Trust Incorporated, 545 E. John Carpenter Freeway, Suite 1300, Irving, Texas, 75062.

FelCor is the nation's second largest lodging REIT and the nation's largest owner of full service, all-suite hotels. FelCor's consolidated portfolio of continuing operations is comprised of 152 hotels, located in 33 states and Canada. FelCor owns 71 upscale, all-suite hotels, and is the largest owner of Embassy Suites Hotels® and Doubletree Guest Suites® hotels. FelCor's portfolio also includes 71 hotels in the upscale and full service segments. FelCor has a current market capitalization of approximately $3.0 billion. Additional information can be found on FelCor's Web site at http://www.felcor.com .

With the exception of historical information, the matters discussed in this release include "forward looking statements" within the meaning of the federal securities laws. 

   

 
Contact:

FelCor Lodging Trust Incorporated
http://www.felcor.com
 

Also See: FelCor Reports Net Loss for the 1st Qtr of 2004 of $27.4 million Compared to Prior Year 1st Qtr Net Loss of $27.8 million; Occupancy Up 5.2%, to 64.4% / April 2004
FelCor Reports 2003 Net Loss of $337 million Compared to the Prior Year Net Loss of $205 million; Hotel Portfolio RevPAR for the Full Year 2003 Declines 4.4% Compared to 2002, Occupancy Decreased to 62.4% / February 2004


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