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FelCor Lodging Trust Posts 2nd Qtr 2011 Net Loss of $42.3 million
Compared
to Net Income of $21.6 million in the Year-ago Quarter;
RevPAR for its 67 Hotels Increased 6.2% for the Quarter

Hotel Operating Statistics

IRVING, Texas--August 2, 2011--FelCor Lodging Trust Incorporated (NYSE: FCH), owner of 78 primarily upper-upscale hotels and resorts, today reported operating results for the second quarter ended June 30, 2011.

Summary:

  • Revenue per available room ("RevPAR") for 67 comparable hotels increased 6.2% for the quarter.
  • Same-store Hotel EBITDA margin increased 144 basis points for the quarter. Hotel EBITDA increased 11% during the quarter, representing more than two times hotel revenue growth.
  • Adjusted FFO per share was $0.13 and Adjusted EBITDA was $64.3 million for the quarter. Before asset sales and debt transactions, Adjusted FFO per share would have been $0.16.
  • Sold six hotels during 2011, including three in July, for gross proceeds of $100 million.
  • Repaid almost $450 million of debt this year, with proceeds from asset sales and the senior notes and equity offerings, reducing average interest rate by 50 basis points during the quarter.
  • Purchased the Royalton and Morgans hotels in midtown Manhattan for $140 million.
  • Net loss was $42.3 million for the quarter.

Second Quarter Operating Results:

RevPAR (for 67 comparable hotels) was $102.28, a 6.2% increase compared to the same period in 2010. The increase was driven by a 3.7% increase in average daily rate ("ADR") to $131.86 and a 2.4% increase in occupancy to 77.6%. Comparable hotels exclude the eight hotels marketed for sale, three hotels in discontinued operations and two hotels acquired in 2011.

“We continue to successfully execute our strategy to improve our portfolio quality and long-term growth and to restructure our balance sheet. We issued senior notes at a very favorable rate and used the proceeds to acquire two strategic hotels in Manhattan and retire higher cost debt. We also sold six non-strategic hotels this year and used the net proceeds to repay debt. We are mid-way through the first group of asset sales, which have progressed faster than anticipated, and expect to complete the sale of these remaining hotels this year,” said Richard A. Smith, FelCor's President and Chief Executive Officer.

“RevPAR growth continues to accelerate, but slower than expected. The U.S. economy is expanding, but headwinds lingered in the second quarter. Our transient RevPAR was strong, increasing 8% compared to prior year, although group RevPAR increased only 1%. We expect stronger RevPAR in the second half of the year, reflecting improved group booking pace and continued improvement in transient rates. Our aggressive asset management philosophy continues to show positive results. We remain the best performing hotel REIT by RevPAR growth, since we completed the renovation program in 2008 and implemented significant operational changes. We remain focused on limiting cost increases as occupancy recovers. This produced better hotel EBITDA margins than expected during the second quarter, which allowed us to meet the low-end of our expectations, and our cost per occupied room remains more than $3 below 2008,” added Mr. Smith.

Hotel EBITDA was $70.9 million, compared to $63.7 million for the same period in 2010, an 11% increase. Hotel EBITDA and other same-store metrics reflect 75 consolidated hotels at the end of the quarter (67 comparable hotels plus eight hotels marketed for sale). The same-store metrics include the Fairmont Boston, which was acquired in August 2010, and exclude five hotels owned at June 30 (three Embassy Suites Hotels sold in July, which were classified as discontinued operations, and Royalton and Morgans, which were acquired in May 2011). Hotel EBITDA margin was 28.0%, a 144 basis point increase compared to the same period in 2010.

Adjusted EBITDA (which includes our pro rata share of joint ventures) was $64.3 million compared to $56.5 million for the same period in 2010, a 14% increase. Same-store Adjusted EBITDA was $61.6 million for the quarter, a 12.6% increase, compared to the same period in 2010.

Adjusted funds from operations (“FFO”) was $16.4 million, or $0.13 per share, compared to $6.7 million, or $0.10 per share, for the same period in 2010, a $0.03 per share improvement.

Net loss attributable to common stockholders was $51.9 million, or $0.42 per share for the quarter, compared to net income of $11.9 million, or $0.17 per share, for the same period in 2010. Our 2011 net loss included $23.7 million of net losses from debt extinguishment and $12.3 million of impairment charges, which were partially offset by $6.7 million of net gains on asset sales. Our 2010 net income included a $46.1 million gain from debt extinguishment.

EBITDA, Adjusted EBITDA, same-store Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA margin, FFO, Adjusted FFO and Adjusted FFO per share are all non-GAAP financial measures. See our discussion of “Non-GAAP Financial Measures” beginning on page 15 for a reconciliation of each of these measures to the most comparable GAAP financial measure and for information regarding the use, limitations and importance of these non-GAAP financial measures.

Balance Sheet:

In May, we completed the sale of $525 million of 6.75% senior secured notes maturing in 2019. Combined with the $158 million in net proceeds from the April equity offering, we raised $669 million in net proceeds, after fees and expenses, which were used to fund the $140 million acquisition of the Royalton and Morgans hotels in New York, redeem $144 million of 10% senior secured notes due 2014 (for total consideration of $158 million), retire the remaining $46 million of 9% senior notes that matured in June 2011, retire a $7.3 million CMBS loan that matured in June 2011 and repay the balance under our line of credit ($145 million at March 31).

In June, we refinanced $24.0 million of a $27.8 million CMBS loan that bore interest at 8.77% and was scheduled to mature in 2013. The remaining $3.8 million principal was forgiven as part of a prior agreement with the special servicer.

At June 30, 2011, we had $1.6 billion of consolidated debt, with an average interest rate of 7.4% and weighted average maturity of five years. We had $231.0 million of cash and cash equivalents and full availability under our $225 million line of credit, providing the company with over $400 million of liquidity.

We have one remaining debt maturity in 2011: a $178.2 million CMBS principal amount that is secured by nine hotels. We repaid $45.3 million of the original $250 million principal balance in the second quarter, and an additional $26.5 million in July, using proceeds from the sales of three hotels that secured the loan. We expect to refinance the remaining balance prior to maturity.

“We are very pleased with our recent senior note offering. The interest rate and eight-year term are very attractive and fit our strategy to lower financing costs and stagger maturities. Proceeds from our recent equity and bond offerings were used to repay higher-cost debt, and we reduced our average interest rate by 50 basis points this quarter. The full availability under our line of credit, combined with over $200 million of cash, provides tremendous financial flexibility. As we sell additional hotels, we will continue to look for accretive ways to refinance or repay existing debt to lower our average interest rate and stagger maturities. We expect our leverage to continue to decline from improved operations and from asset sales,” stated Andrew J. Welch, FelCor's Executive Vice President and Chief Financial Officer.

Portfolio Management:

For the quarter, we spent $36.3 million on capital improvements at our hotels (including our pro rata share of joint venture expenditures). During 2011, we intend to spend approximately $85 million on capital improvement and ROI projects. Approximately $60 million, or 6% of our annual revenue, will be focused on renovating seven hotels, as part of our long-term capital program to maintain our portfolio quality and competitive positioning. In May, we completed the construction of a new $5 million, stand-alone, high-efficiency laundry facility at Kingston Plantation in Myrtle Beach that services approximately 700 condominiums and our two hotels. We expect our return on investment to be greater than our original projection (less than a five-year payback). Next year, we intend to further increase our return by providing services to other hotels. Moving this facility also frees valuable first-floor space at the Embassy Suites, which allows us to pursue further revenue generation opportunity. Our remaining 2011 capital expenditures will include the first phase of the redevelopment at the Fairmont Boston Copley Plaza (including renovation of the guest rooms and corridors, and the development of a new state-of-the-art fitness center and day spa).

In May, we acquired two midtown Manhattan hotels, Royalton and Morgans, for $140.0 million. The hotels are in excellent condition and are recently renovated. The purchase price, $496,000 per key, is approximately 60% of estimated replacement cost and represents a 10% stabilized yield on EBITDA. We expect the hotels to generate approximately $6 million of EBITDA during 2011, and increasing to nearly $8 million in 2012. We have begun redevelopment projects at the Morgans to add guest rooms, improve the fitness center and guest lounge, as well as re-concepting the food and beverage offerings, all of which will further enhance our return on investment.

During the second quarter, we sold three non-strategic hotels (Embassy Suites – Phoenix - Tempe, Sheraton Suites – Chicago - O’Hare and Hilton Suites – Lexington) for combined gross proceeds of $54 million. After the end of the quarter, we sold three hotels (Embassy Suites Hotels in Orlando - North, DFW – South and Corpus Christi) for combined gross proceeds of $46 million. We currently have agreements to sell, or are negotiating contracts to sell, five additional hotels.

Outlook:

We are maintaining our second half 2011 guidance, which assumes lodging demand continues to recover and low supply growth. We have updated our outlook for the completed sale of six non-strategic hotels during the first half of the year (representing approximately $6 million of EBITDA) and for second quarter actual results (which met the low-end of our expectations). Our prior guidance assumed the sale of only one hotel. In addition, we have updated our interest expense to account for our recent senior notes offering and recently repaid debt. Our guidance includes only dispositions of those hotels that have been sold or hotels that we have contracts to sell with hard deposits. Our updated guidance assumes no acquisitions, dispositions or debt repayment beyond what has already occurred. We will update our guidance as we sell additional hotels.

For 2011, we anticipate:

  • RevPAR: increasing between 6% and 7.5%;
  • Adjusted EBITDA: between $207 million and $213 million;
  • Adjusted FFO per share: between $0.17 and $0.22;
  • Net loss attributable to FelCor: between $121 million and $115 million;
  • Interest expense: approximately $141 million;
  • Capital expenditures: approximately $85 million; and
  • Weighted average shares and units outstanding: 117.4 million.

FelCor, a real estate investment trust, is the nation's largest owner of upper-upscale, all-suite hotels. FelCor owns interests in 78 properties located in major markets throughout 22 states. FelCor's diversified portfolio of hotels and resorts are flagged under global brands such as: Doubletree ®, Embassy Suites Hotels®, Hilton®, Fairmont®, Marriott®, Renaissance®, Sheraton®, Westin® and Holiday Inn®. Additional information can be found on the Company's Web site at www.felcor.com.

We invite you to listen to our second quarter earnings Conference Call on Tuesday, August 2, 2011, at 11:00 a.m. (Central Time). The conference call will be Webcast simultaneously on FelCor's Web site at www.felcor.com. Interested investors and other parties who wish to access the call can go to FelCor's Web site and click on the conference call microphone icon on either the “Investor Relations” or “News Releases” page. The conference call replay also will be archived on the Company's Web site.

With the exception of historical information, the matters discussed in this news release include “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties, and the occurrence of future events, may cause actual results to differ materially from those anticipated at the time the forward-looking statements are made. Current economic circumstances or an economic slowdown and the impact on the lodging industry, operating risks associated with the hotel business, relationships with our property managers, risks associated with our level of indebtedness and our ability to meet debt covenants in our debt agreements, our ability to complete acquisitions, dispositions and debt refinancing, the availability of capital, the impact on the travel industry from security precautions, our ability to continue to qualify as a Real Estate Investment Trust for federal income tax purposes and numerous other factors may affect future results, performance and achievements. Certain of these risks and uncertainties are described in greater detail in our filings with the Securities and Exchange Commission. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that actual results will not differ materially. We undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.

SUPPLEMENTAL INFORMATION

INTRODUCTION

The following information is presented in order to help our investors understand FelCor's financial position as of and for the three and six month periods ended June 30, 2011.


TABLE OF CONTENTS




Page
Consolidated Statements of Operations(a)
7
Consolidated Balance Sheets(a)
8
Consolidated Debt Summary
9
Schedule of Encumbered Hotels
10
Capital Expenditures
11
Supplemental Financial Data
11
Portfolio Summary
11
Hotel Portfolio Composition
12
Detailed Operating Statistics by Brand
13
Comparable Hotels Operating Statistics for FelCor's Top Markets
14
Non-GAAP Financial Measures
15

(a) Our consolidated statements of operations and balance sheets have been prepared without audit. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been omitted. The consolidated statements of operations and balance sheets should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Quarterly Report on Form 10-Q.



Consolidated Statements of Operations

(in thousands, except per share data)





Three Months Ended

Six Months Ended



June 30,

June 30,




2011


2010



2011


2010
Revenues:









Hotel operating revenue:









Room

$ 199,188

$ 179,004


$ 375,168

$ 341,835
Food and beverage


42,576


34,756



79,711


67,411
Other operating departments


14,591


13,944



26,969


26,518
Other revenue


1,011


1,007



1,236


1,372
Total revenues


257,366


228,711



483,084


437,136
Expenses:









Hotel departmental expenses:









Room


52,433


46,308



99,633


89,689
Food and beverage


31,534


26,488



60,692


52,013
Other operating departments


6,651


6,191



12,549


11,996
Other property related costs


67,646


61,222



133,946


120,862
Management and franchise fees


11,849


10,970



22,332


20,699
Taxes, insurance and lease expense


23,563


23,595



43,621


45,245
Corporate expenses


6,910


6,510



16,447


16,357
Depreciation and amortization


34,011


34,158



67,861


68,639
Impairment loss


11,706






11,706



Other expenses


1,616


801



2,247


1,362
Total operating expenses


247,919


216,243



471,034


426,862
Operating income


9,447


12,468



12,050


10,274
Interest expense, net


(34,875 )

(35,856 )


(68,348 )

(70,582 )
Debt extinguishment


(23,660 )

46,186



(23,905 )

46,186
Gain on involuntary conversion, net


21






171



Income (loss) before equity in loss from unconsolidated entities




(49,067 )

22,798



(80,032 )

(14,122 )
Equity in income (loss) from unconsolidated entities


31


286



(1,552 )

(1,188 )
Income (loss) from continuing operations


(49,036 )

23,084



(81,584 )

(15,310 )
Discontinued operations


6,639


(1,094 )


7,461


(25,642 )
Net income (loss)


(42,397 )

21,990



(74,123 )

(40,952 )

Net income attributable to noncontrolling interests in other partnerships




(51 )

(325 )


(109 )

(96 )

Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP




183


(51 )


303


274
Net income (loss) attributable to FelCor


(42,265 )

21,614



(73,929 )

(40,774 )
Preferred dividends


(9,678 )

(9,678 )


(19,356 )

(19,356 )

Net income (loss) attributable to FelCor common stockholders



$ (51,943 )
$ 11,936


$ (93,285 )
$ (60,130 )
Basic and diluted per common share data:









Income (loss) from continuing operations

$ (0.48 )
$ 0.19


$ (0.92 )
$ (0.53 )
Net income (loss)

$ (0.42 )
$ 0.17


$ (0.85 )
$ (0.92 )

Basic and diluted weighted average common shares outstanding




122,992


66,531



109,249


65,014


Consolidated Balance Sheets

(in thousands)





June 30,
December 31,




2011


2010
Assets




Investment in hotels, net of accumulated depreciation of $964,606 and $982,564 at June 30, 2011 and December 31, 2010, respectively



$ 1,998,232

$ 1,985,779
Investment in unconsolidated entities


72,733


75,920
Hotels held for sale


43,846



Cash and cash equivalents


231,049


200,972
Restricted cash


41,609


16,702

Accounts receivable, net of allowance for doubtful accounts of $344 and $696 at June 30, 2011 and December 31, 2010, respectively




39,266


27,851

Deferred expenses, net of accumulated amortization of $11,850 and $17,892 at June 30, 2011 and December 31, 2010, respectively




31,811


19,940
Other assets


34,281


32,271
Total assets

$ 2,492,827

$ 2,359,435
Liabilities and Equity




Debt, net of discount of $36,740 and $53,193 at June 30, 2011 and December 31, 2010, respectively



$ 1,612,106

$ 1,548,309
Distributions payable


76,293


76,293
Accrued expenses and other liabilities


142,967


144,451
Total liabilities


1,831,366


1,769,053
Commitments and contingencies




Redeemable noncontrolling interests in FelCor LP, 640 and 285 units issued and outstanding at June 30, 2011 and December 31, 2010, respectively




3,887


2,004
Equity:




Preferred stock, $0.01 par value, 20,000 shares authorized:




Series A Cumulative Convertible Preferred Stock, 12,880 shares, liquidation value of $322,011, issued and outstanding at June 30, 2011 and December 31, 2010




309,362


309,362

Series C Cumulative Redeemable Preferred Stock, 68 shares, liquidation value of $169,950, issued and outstanding at June 30, 2011 and December 31, 2010




169,412


169,412

Common stock, $0.01 par value, 200,000 shares authorized and 124,569 shares issued at June 30, 2011, and 101,038 shares issued, including shares in treasury, at December 31, 2010




1,246


1,010
Additional paid-in capital


2,350,883


2,190,308
Accumulated other comprehensive income


27,931


26,457
Accumulated deficit


(2,221,290 )

(2,054,625 )

Less: Common stock in treasury, at cost, of 4,156 shares at December 31, 2010







(73,341

)

Total FelCor stockholders’ equity


637,544


568,583
Noncontrolling interests in other partnerships


20,030


19,795
Total equity


657,574


588,378
Total liabilities and equity

$ 2,492,827

$ 2,359,435


Consolidated Debt Summary

(dollars in thousands)





Encumbered
Hotels


Interest Rate

(%)


Maturity Date

June 30,
2011


December 31,
2010

Line of credit(a)

11 hotels
L + 4.50
August 2014(b)
$
$
Mortgage debt










Mortgage debt(c)

10 hotels
L + 0.93(d)
November 2011

204,714

250,000
Mortgage debt(e)

9 hotels
L + 5.10(f)
April 2015

211,968

212,000
Mortgage debt

7 hotels
9.02
April 2014

110,973

113,220
Mortgage debt

5 hotels(g)
6.66
June - August 2014

68,300

69,206
Mortgage debt(h)

1 hotel
L + 1.50
June 2012

24,000

27,770
Mortgage debt

1 hotel
5.81
July 2016

11,100

11,321

Other






4.25
August 2011

791

524
Senior notes










Senior secured notes

6 hotels
6.75
June 2019

525,000

Senior secured notes(i)

14 hotels
10.00
October 2014

455,260

582,821
Retired debt







281,447
Total

64 hotels




$ 1,612,106
$ 1,548,309

(a) We currently have full availability under our $225 million line of credit.

(b) The line of credit can be extended for one year (to 2015), subject to satisfying certain conditions.

(c) $26.5 million was repaid on this note after June 30, 2011 from proceeds of a hotel sale.

(d) We purchased an interest rate cap ($250 million notional amount) that caps LIBOR at 7.8% and expires November 2011.

(e) $8.6 million was repaid on this note after June 30, 2011 from proceeds of a hotel sale.

(f) LIBOR (for this loan) is subject to a 3% floor. We purchased an interest rate cap ($212 million notional amount) that caps LIBOR at 5.0% and expires May 2012.

(g) The hotels securing this debt are subject to separate loan agreements and are not cross-collateralized.

(h) This note was repaid after June 30, 2011.

(i) $492 million in aggregate principal outstanding (after redemption of $144 million in aggregate principal in June 2011) and were initially sold at a discount that provided an effective yield of 12.875% before transaction costs.



Schedule of Encumbered Hotels

(dollars in millions)




June 30, 2011

Consolidated Debt
Balance
Encumbered Hotels
Line of credit
$

Boca Raton - ES, Charlotte SouthPark - DT, Dana Point - DTGS, Houston Medical Center - HI, Myrtle Beach - HLT, Mandalay Beach - ES, Nashville Airport - ES, Philadelphia Independence Mall - HI, Pittsburgh University Center - HI, Santa Barbara Goleta - HI and Santa Monica at the Pier - HI

CMBS debt
$ 205

Anaheim - ES, Bloomington - ES, Charleston Mills House - HI, Dallas DFW South - ES, Deerfield Beach - ES, Jacksonville - ES, Dallas Love Field - ES, Raleigh/Durham - DTGS, San Antonio Airport - HI and Tampa Rocky Point - DTGS

Mortgage debt
$ 212

Atlanta Buckhead - ES, Atlanta Galleria - SS, Boston Marlboro - ES, Burlington - SH, Corpus Christi - ES, Ft. Lauderdale Cypress Creek - SS, Orlando South - ES, Philadelphia Society Hill - SH and South San Francisco - ES

Mortgage debt
$ 111

Baton Rouge - ES, Birmingham - ES, Ft. Lauderdale - ES, Miami Airport - ES, Milpitas - ES, Minneapolis Airport - ES and Napa Valley - ES
CMBS debt(a)
$ 68

Atlanta Airport - ES, Austin - DTGS, BWI Airport - ES, Orlando Airport - HI and Phoenix Biltmore - ES
CMBS debt
$ 24

New Orleans Convention Center - ES
CMBS debt
$ 11

Indianapolis North - ES
Senior secured notes
$ 525

Boston Copley - FMT, Los Angeles International Airport - ES, Indian Wells Esmeralda Resort & Spa - REN, St. Petersburg Vinoy Resort & Golf Club - REN, Morgans and Royalton
Senior secured notes
$ 455

Atlanta Airport - SH, Boston Beacon Hill - HI, Dallas Market Center - ES, Myrtle Beach Resort - ES, Nashville Opryland - Airport - HI, New Orleans French Quarter - HI, Orlando North - ES, Orlando Walt Disney World® - DTGS, San Diego on the Bay - HI, San Francisco Waterfront - ES, San Francisco Fisherman's Wharf - HI, San Francisco Union Square - MAR, Toronto Airport - HI and Toronto Yorkdale - HI

(a) The hotels under this debt are subject to separate loan agreements and are not cross-collateralized.



Capital Expenditures

(in thousands)





Three Months Ended

Six Months Ended



June 30,

June 30,




2011


2010



2011


2010
Improvements and additions to majority-owned hotels

$ 20,206

$ 10,194


$ 35,244

$ 18,393

Partners' pro rata share of additions to consolidated joint venture hotels




(251 )

(87 )


(440 )

(122 )
Pro rata share of additions to unconsolidated hotels


339


543



1,472


970
Total additions to hotels(a)

$

20,294



$ 10,650


$ 36,276

$ 19,241

(a) Includes capitalized interest, property taxes, ground leases and certain employee costs.



Supplemental Financial Data

(in thousands, except per share information)





June 30,
December 31,
Total Enterprise Value


2011


2010
Common shares outstanding


124,569


96,882
Units outstanding


640


285
Combined shares and units outstanding


125,209


97,167
Common stock price

$ 5.33

$ 7.04
Market capitalization

$ 667,364

$ 684,056
Series A preferred stock


309,362


309,362
Series C preferred stock


169,412


169,412
Consolidated debt


1,612,106


1,548,309
Noncontrolling interests of consolidated debt


(2,934 )

(3,754 )
Pro rata share of unconsolidated debt


76,447


77,295
Cash and cash equivalents


(231,049 )

(200,972 )
Total enterprise value

$ 2,600,708

$ 2,583,708


Portfolio Summary


Description

Hotels
Rooms

Comparable hotels at June 30, 2011



67

19,513
Hotels marketed for sale

8

2,397
Same-store hotels

75

21,910

Hotels acquired in 2011 (Royalton, Morgans)



2

282
Discontinued operations (sold in July)

3

732
Consolidated hotels

80

22,924
Unconsolidated hotels

1

171

Total hotels at June 30, 2011



81

23,095
Hotels sold July

(3 )
(732 )

Hotels owned at August 1, 2011



78

22,363

Hotel Portfolio Composition

The following table illustrates the distribution of comparable hotels (excludes eight hotels in continuing operations that are currently being marketed for sale, and Royalton and Morgans, which were acquired in May 2011).

Brand

Hotels
Rooms

% of Total
Rooms


% of 2010
Hotel EBITDA(a)

Embassy Suites Hotels
37

9,757

50


58
Holiday Inn
13

4,338

22


19
Doubletree and Hilton
8

1,856

10


10
Sheraton and Westin
5

1,858

9


8
Renaissance and Marriott
3

1,321

7


3
Fairmont
1

383

2


2 (b)












Market










South Florida
5

1,439

7


8
Los Angeles area
4

899

5


7
San Francisco area
6

2,138

11


7
Boston
3

915

5


5
Atlanta
3

952

5


5
Philadelphia
2

729

4


4
Central California Coast
2

408

2


4
Myrtle Beach
2

640

3


4
New Orleans
2

744

4


4
San Antonio
3

874

5


4
Orlando
3

761

4


4
Minneapolis
2

528

3


4
San Diego
1

600

3


3
Dallas
2

784

4


3
Other
27

7,102

35


34












Location










Urban
18

5,919

30


33
Suburban
25

6,158

32


28
Airport
14

4,509

23


22
Resort
10

2,927

15


17

(a) Hotel EBITDA is more fully described on page 22.

(b) Represents Hotel EBITDA from date of acquisition (August 2010).

The following tables set forth occupancy, ADR and RevPAR for the three and six months ended June 30, 2011 and 2010, and the percentage changes therein for the periods presented, for our same-store Consolidated Hotels (excluding Morgans and Royalton, which were acquired in May 2011) included in continuing operations.



Detailed Operating Statistics by Brand





Occupancy (%)



Three Months Ended



Six Months Ended




June 30,



June 30,




2011
2010
%Variance

2011
2010
%Variance
Embassy Suites Hotels

78.7
76.6
2.8


75.5
73.9
2.2
Holiday Inn

79.2
78.1
1.4


74.0
73.8
0.3
Doubletree and Hilton

75.9
75.5
0.5


69.7
69.5
0.3
Sheraton and Westin

71.2
70.0
1.7


69.1
67.3
2.7
Renaissance and Marriott

72.8
67.8
7.4


71.9
66.6
8.0
Fairmont

84.1
84.6
(0.6 )

68.6
68.2
0.6
Comparable hotels

77.6
75.8
2.4


73.6
72.2
2.0
Hotels marketed for sale

66.0
67.8
(2.7 )

67.2
66.4
1.1
Total same-store hotels

76.3
74.9
1.9


72.9
71.6
1.9


















ADR ($)



Three Months Ended



Six Months Ended




June 30,



June 30,




2011
2010
%Variance

2011
2010
%Variance
Embassy Suites Hotels

129.86
127.12
2.2


131.46
129.48
1.5
Holiday Inn

122.69
116.33
5.5


116.89
110.29
6.0
Doubletree and Hilton

126.28
118.61
6.5


126.72
116.83
8.5
Sheraton and Westin

109.05
106.79
2.1


109.94
105.45
4.3
Renaissance and Marriott

177.78
168.37
5.6


187.10
175.96
6.3
Fairmont

268.90
253.54
6.1


242.34
223.61
8.4
Comparable hotels

131.86
127.13
3.7


131.29
126.25
4.0
Hotels marketed for sale

108.91
110.28
(1.2 )

111.62
110.79
0.7
Total same-store hotels

129.68
125.45
3.4


129.30
124.68
3.7


















RevPAR ($)



Three Months Ended



Six Months Ended




June 30,



June 30,




2011
2010
%Variance

2011
2010
%Variance
Embassy Suites Hotels

102.22
97.32
5.0


99.25
95.63
3.8
Holiday Inn

97.16
90.86
6.9


86.51
81.39
6.3
Doubletree and Hilton

95.82
89.51
7.1


88.29
81.16
8.8
Sheraton and Westin

77.64
74.75
3.9


75.98
70.99
7.0
Renaissance and Marriott

129.46
114.15
13.4


134.50
117.12
14.8
Fairmont

226.12
214.52
5.4


166.30
152.56
9.0
Comparable hotels

102.28
96.34
6.2


96.68
91.19
6.0
Hotels marketed for sale

71.87
74.76
(3.9 )

74.96
73.57
1.9
Total same-store hotels

98.94
93.97
5.3


94.29
89.25
5.7


Comparable Hotels(a) Operating Statistics for Our Top Markets





Occupancy (%)



Three Months Ended



Six Months Ended




June 30,



June 30,




2011
2010
%Variance

2011
2010
%Variance
South Florida

76.5
75.6
1.2


79.8
80.3
(0.6 )
Los Angeles area

83.0
77.7
6.9


78.4
74.1
5.8
San Francisco area

80.7
78.8
2.4


74.5
72.1
3.4
Boston

84.2
84.9
(0.8 )

76.4
75.7
0.9
Atlanta

79.4
76.8
3.4


77.1
76.3
1.2
Philadelphia

82.4
80.4
2.5


70.2
70.5
(0.4 )
Central California Coast

76.3
80.4
(5.1 )

72.5
75.1
(3.5 )
Myrtle Beach

72.8
73.4
(0.9 )

56.9
58.9
(3.4 )
New Orleans

79.0
73.7
7.2


74.5
71.2
4.6
San Antonio

75.6
76.7
(1.5 )

74.8
75.7
(1.3 )
Orlando

82.5
77.9
5.9


84.2
82.7
1.7
Minneapolis

78.9
77.6
1.7


77.1
73.7
4.6
San Diego

79.3
78.8
0.7


76.6
75.2
1.9
Dallas

64.4
64.7
(0.5 )

67.0
63.1
6.2



ADR ($)



Three Months Ended



Six Months Ended




June 30,



June 30,




2011
2010
%Variance

2011
2010
%Variance
South Florida

120.27
114.69
4.9


139.85
140.49
(0.5 )
Los Angeles area

139.67
136.03
2.7


139.01
134.27
3.5
San Francisco area

139.78
129.18
8.2


137.18
126.28
8.6
Boston

204.13
188.61
8.2


178.61
166.41
7.3
Atlanta

103.22
102.77
0.4


104.98
103.81
1.1
Philadelphia

140.67
131.80
6.7


133.90
123.10
8.8
Central California Coast

152.74
157.51
(3.0 )

143.86
148.58
(3.2 )
Myrtle Beach

154.56
144.16
7.2


134.64
126.35
6.6
New Orleans

140.19
128.85
8.8


141.64
130.57
8.5
San Antonio

94.20
98.55
(4.4 )

94.70
98.44
(3.8 )
Orlando

110.99
107.63
3.1


116.33
111.12
4.7
Minneapolis

131.30
125.63
4.5


125.85
124.06
1.4
San Diego

113.59
118.10
(3.8 )

117.64
116.68
0.8
Dallas

106.50
110.58
(3.7 )

114.77
111.42
3.0



RevPAR ($)



Three Months Ended



Six Months Ended




June 30,



June 30,




2011
2010
%Variance

2011
2010
%Variance
South Florida

92.00
86.68
6.1


111.65
112.86
(1.1 )
Los Angeles area

115.90
105.64
9.7


108.99
99.47
9.6
San Francisco area

112.77
101.79
10.8


102.20
91.00
12.3
Boston

171.97
160.18
7.4


136.54
126.04
8.3
Atlanta

81.95
78.94
3.8


80.99
79.16
2.3
Philadelphia

115.84
105.94
9.3


93.93
86.74
8.3
Central California Coast

116.55
126.61
(7.9 )

104.25
111.55
(6.5 )
Myrtle Beach

112.44
105.87
6.2


76.58
74.38
3.0
New Orleans

110.77
94.97
16.6


105.57
93.01
13.5
San Antonio

71.21
75.62
(5.8 )

70.80
74.55
(5.0 )
Orlando

91.61
83.87
9.2


97.89
91.94
6.5
Minneapolis

103.56
97.47
6.2


97.01
91.39
6.1
San Diego

90.14
93.04
(3.1 )

90.11
87.71
2.7
Dallas

68.55
71.55
(4.2 )

76.96
70.36
9.4

(a) Excludes eight hotels in continuing operations that are currently being marketed for sale, as well as Royalton and Morgans, which were acquired in May 2011.

Non-GAAP Financial Measures

We refer in this release to certain “non-GAAP financial measures.” These measures, including FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, same-store Adjusted EBITDA, Hotel EBITDA and Hotel EBITDA margin, are measures of our financial performance that are not calculated and presented in accordance with generally accepted accounting principles (“GAAP”). The following tables reconcile each of these non-GAAP measures to the most comparable GAAP financial measure. Immediately following the reconciliations, we include a discussion of why we believe these measures are useful supplemental measures of our performance and the limitations of such measures.


Reconciliation of Net Income (Loss) to FFO and Adjusted FFO

(in thousands, except per share data)





Three Months Ended June 30,



2011

2010



Dollars
Shares

Per Share
Amount



Dollars
Shares

Per Share
Amount

Net income (loss)

$ (42,397 )





$ 21,990




Noncontrolling interests


132







(376 )



Preferred dividends


(9,678 )






(9,678 )



Net income (loss) attributable to FelCor common stockholders




(51,943 )






11,936




Less: undistributed earnings allocated to unvested restricted stock












(352 )



Numerator for basic and diluted income (loss) attributable to common stockholders




(51,943 )
122,992

(0.42 )


11,584

66,531

0.17
Depreciation and amortization


34,011



0.26



34,158



0.50

Depreciation, discontinued operations and unconsolidated entities




4,402



0.04



6,566



0.10
Gain on sale of hotels, net


(6,660 )


(0.05 )







Gain on involuntary conversion, net


(21 )











Noncontrolling interests in FelCor LP


(183 )
433





51

295


Undistributed earnings allocated to restricted stock












352



0.01

Conversion of options and unvested restricted stock














828


FFO


(20,394 )
123,425

(0.17 )


52,711

67,654

0.78
Impairment loss


11,706



0.09








Impairment loss, discontinued operations


598












Acquisition costs


827



0.01








Debt extinguishment, including discontinued operations




23,710



0.19



(46,060 )


(0.68 )

Conversion of options and unvested restricted stock






855

0.01








Adjusted FFO

$ 16,447

124,280
$ 0.13


$ 6,651

67,654
$ 0.10


Reconciliation of Net Loss to FFO and Adjusted FFO

(in thousands, except per share data)





Six Months Ended June 30,



2011

2010



Dollars
Shares

Per Share
Amount



Dollars
Shares

Per Share
Amount

Net loss

$ (74,123 )





$ (40,952 )



Noncontrolling interests


194







178




Preferred dividends


(19,356 )






(19,356 )



Net loss attributable to FelCor common stockholders




(93,285 )
109,249
$ (0.85 )


(60,130 )
65,014

$ (0.92 )
Depreciation and amortization


67,861



0.61



68,639




1.04

Depreciation, discontinued operations and unconsolidated entities




9,448



0.09



13,346




0.21
Noncontrolling interests in FelCor LP


(303 )
359





(274 )
295



Gain on sale of hotels, net


(6,660 )


(0.06 )








Gain on involuntary conversion, net


(171 )












Gain on sale of unconsolidated entities










(559 )



(0.01 )

Conversion of options and unvested restricted stock














651



FFO


(23,110 )
109,608

(0.21 )


21,022

65,960


0.32
Impairment loss


11,706



0.11









Impairment loss, discontinued operations


598



0.01



21,060




0.32
Acquisition costs


946



0.01









Debt extinguishment, including discontinued operations




23,961



0.22



(46,060 )



(0.70 )

Conversion of options and unvested restricted stock






860

(0.01 )




(651 )


Adjusted FFO

$ 14,101

110,468
$ 0.13


$ (3,978 )
65,309

$ (0.06 )


Reconciliation of Net Income (Loss) to EBITDA, Adjusted EBITDA,
Same-store Adjusted EBITDA and Hotel EBITDA

(in thousands)





Three Months Ended

Six Months Ended



June 30,

June 30,




2011


2010



2011


2010
Net income (loss)

$ (42,397 )
$ 21,990


$ (74,123 )
$ (40,952 )
Depreciation and amortization


34,011


34,158



67,861


68,639

Depreciation, discontinued operations and unconsolidated entities




4,402


6,566



9,448


13,346
Interest expense


34,928


35,952



68,442


70,782

Interest expense, discontinued operations and unconsolidated entities




1,462


2,529



2,964


5,543
Amortization of stock compensation


1,774


1,642



3,577


3,257
Noncontrolling interests in other partnerships


(51 )

(325 )


(109 )

(96 )
EBITDA


34,129


102,512



78,060


120,519
Impairment loss


11,706






11,706



Impairment loss, discontinued operations


598






598


21,060

Debt extinguishment, including discontinued operations




23,710


(46,060 )


23,961


(46,060 )
Acquisition costs


827






946



Gain on sale of hotels, net


(6,660 )





(6,660 )


Gain on involuntary conversion, net


(21 )





(171 )


Gain on sale of unconsolidated subsidiary












(559 )
Adjusted EBITDA


64,289


56,452



108,440


94,960
Adjusted EBITDA from discontinued operations


(2,134 )

(4,149 )


(5,156 )

(6,060 )
Adjusted EBITDA from acquired hotels(a)


(567 )

2,394



(567 )

315
Same-store Adjusted EBITDA


61,588


54,697



102,717


89,215
Other revenue


(1,011 )

(1,007 )


(1,236 )

(1,372 )

Equity in income from unconsolidated entities (excluding interest and depreciation expense)




(4,947 )

(4,874 )


(8,287 )

(7,857 )

Noncontrolling interests in other partnerships (excluding interest and depreciation expense)




610


935



1,237


1,327
Consolidated hotel lease expense


10,497


10,015



18,801


17,773
Unconsolidated taxes, insurance and lease expense


(1,753 )

(1,671 )


(3,436 )

(3,363 )
Interest income


(53 )

(96 )


(94 )

(200 )
Other expenses (excluding acquisition costs)


789


801



1,301


1,362

Corporate expenses (excluding amortization expense of stock compensation)




5,136


4,868



12,870


13,100
Hotel EBITDA

$ 70,856

$ 63,668


$ 123,873

$ 109,985

(a) For same-store metrics, we have included the hotel acquired in August 2010 and excluded the two hotels acquired in May 2011 for all periods presented.



Hotel EBITDA and Hotel EBITDA Margin

(dollars in thousands)





Three Months Ended

Six Months Ended



June 30,

June 30,




2011


2010



2011


2010
Total revenues

$ 257,366

$ 228,711


$ 483,084

$ 437,136
Other revenue


(1,011 )

(1,007 )


(1,236 )

(1,372 )
Hotel operating revenue


256,355


227,704



481,848


435,764
Revenue from acquired hotels(a)


(3,343 )

12,034



(3,343 )

17,889
Same-store hotel operating revenue


253,012


239,738



478,505


453,653
Same-store hotel operating expenses


(182,156 )

(176,070 )


(354,632 )

(343,668 )
Hotel EBITDA

$ 70,856

$ 63,668


$ 123,873

$ 109,985
Hotel EBITDA margin(b)


28.0 %

26.6 %


25.9 %

24.2 %

(a) For same-store metrics, we have included the hotel acquired in August 2010 and excluded the two hotels acquired in May 2011 for all periods presented.

(b) Hotel EBITDA as a percentage of same-store hotel operating revenue.



Reconciliation of Total Operating Expenses to Same-store Hotel Operating Expenses

(in thousands)




Three Months Ended

Six Months Ended


June 30,

June 30,



2011


2010



2011


2010
Total operating expenses
$ 247,919

$ 216,243


$ 471,034

$ 426,862
Unconsolidated taxes, insurance and lease expense

1,753


1,671



3,436


3,363
Consolidated hotel lease expense

(10,497 )

(10,015 )


(18,801 )

(17,773 )
Corporate expenses

(6,910 )

(6,510 )


(16,447 )

(16,357 )
Depreciation and amortization

(34,011 )

(34,158 )


(67,861 )

(68,639 )
Impairment loss

(11,706 )





(11,706 )


Other expenses

(1,616 )

(801 )


(2,247 )

(1,362 )
Expenses from acquired hotels(a)

(2,776 )

9,640



(2,776 )

17,574
Same-store hotel operating expenses
$ 182,156

$ 176,070


$ 354,632

$ 343,668

(a) For same-store metrics, we have included the hotel acquired in August 2010 and excluded the two hotels acquired in May 2011 for all periods presented.



Reconciliation of Ratio of Operating Income to Total Revenues to Hotel EBITDA Margin





Three Months Ended

Six Months Ended



June 30,

June 30,



2011
2010

2011
2010
Ratio of operating income to total revenues

3.7 %
5.5 %

2.5 %
2.4 %
Other revenue

(0.4 )
(0.4 )

(0.3 )
(0.3 )
Revenue from acquired hotels(a)

(1.1 )
4.8


(0.5 )
3.8

Unconsolidated taxes, insurance and lease expense



(0.7 )
(0.7 )

(0.7 )
(0.7 )
Consolidated hotel lease expense

4.1

4.2


3.9

3.9
Other expenses

0.6

0.3


0.5

0.3
Corporate expenses

2.7

2.7


3.4

3.6
Depreciation and amortization

13.4

14.2


14.1

15.1
Impairment loss

4.6




2.4


Expenses from acquired hotels(a)

1.1

(4.0 )

0.6

(3.9 )
Hotel EBITDA margin

28.0 %
26.6 %

25.9 %
24.2 %

(a) For same-store metrics, we have included the hotel acquired in August 2010 and excluded the two hotels acquired in May 2011 for all periods presented.



Reconciliation of Forecasted Net Loss to Forecasted Adjusted FFO and
Adjusted EBITDA

(in millions, except per share and unit data)





Full Year 2011 Guidance



Low Guidance

High Guidance



Dollars

Per Share
Amount(a)



Dollars

Per Share
Amount(a)

Net loss

$ (121 )



$ (115 )

Preferred dividends


(39 )




(39 )

Net loss attributable to FelCor common stockholders




(160 )
$ (1.38 )


(154 )
$ (1.33 )
Depreciation(b)


154





154


Gain on sale of hotels, net


(8 )




(8 )

Noncontrolling interests in FelCor LP


(1 )




(1 )

FFO


(15 )
$ (0.13 )


(9 )
$ (0.08 )
Debt extinguishment


22





22


Impairment


12





12


Acquisition costs


1





1


Adjusted FFO

$ 20

$ 0.17


$ 26

$ 0.22











Net loss

$ (121 )



$ (115 )

Depreciation(b)


154





154


Interest expense(b)


141





141


Amortization expense


7





7


Noncontrolling interests in FelCor LP


(1 )




(1 )

EBITDA


180





186


Debt extinguishment


22





22


Impairment


12





12


Gain on sale of hotels, net


(8 )




(8 )

Acquisition costs


1





1


Adjusted EBITDA

$ 207




$ 213


(a) Weighted average shares and units are 117.4 million.

(b) Includes pro rata portion of unconsolidated entities.

Substantially all of our non-current assets consist of real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to be helpful in evaluating a real estate company's operations. These supplemental measures are not measures of operating performance under GAAP. However, we consider these non-GAAP measures to be supplemental measures of a hotel REIT's performance and should be considered along with, but not as an alternative to, net income (loss) attributable to FelCor as a measure of our operating performance.

FFO and EBITDA

The White Paper on Funds From Operations approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), defines FFO as net income or loss attributable to parent (computed in accordance with GAAP), 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 FFO on the same basis. We compute FFO in accordance with 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 we do.

EBITDA is a commonly used measure of performance in many industries. We define EBITDA as net income or loss attributable to parent (computed in accordance with GAAP) plus interest expenses, income taxes, depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDA on the same basis.

Adjustments to FFO and EBITDA

We adjust FFO and EBITDA when evaluating our performance because management believes that the exclusion of certain additional items, including but not limited to those described below, provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted FFO, and Adjusted EBITDA when combined with GAAP net income attributable to FelCor, EBITDA and FFO, is beneficial to an investor's better understanding of our operating performance.

  • Gains and losses related to debt extinguishment and interest rate swaps - We exclude gains and losses related to debt extinguishment and interest rate swaps from FFO and EBITDA because we believe that it is not indicative of ongoing operating performance of our hotel assets. This also represents an acceleration of interest expense or a reduction of interest expense, and interest expense is excluded from EBITDA.
  • Impairment losses - We exclude the effect of impairment losses and gains or losses on disposition of assets in computing Adjusted FFO and Adjusted EBITDA because we believe that including these is not consistent with reflecting the ongoing performance of our remaining assets. Additionally, we believe that impairment charges and gains or losses on disposition of assets represent accelerated depreciation, or excess depreciation, and depreciation is excluded from FFO by the NAREIT definition and from EBITDA.
  • Cumulative effect of a change in accounting principle - Infrequently, the Financial Accounting Standards Board promulgates new accounting standards that require the consolidated statements of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments in computing Adjusted FFO and Adjusted EBITDA because they do not reflect our actual performance for that period.

In addition, to derive Adjusted EBITDA we exclude gains or losses on the sale of depreciable assets because we believe that including them in EBITDA is not consistent with reflecting the ongoing performance of our remaining assets. Additionally, the gain or loss on sale of depreciable assets represents either accelerated depreciation or excess depreciation in previous periods, and depreciation is excluded from EBITDA.

Hotel EBITDA and Hotel EBITDA Margin

Hotel EBITDA and Hotel EBITDA margin are commonly used measures of performance in the hotel industry and give investors a more complete understanding of the operating results over which our individual hotels and brand/managers have direct control. We believe that Hotel EBITDA and Hotel EBITDA margin are useful to investors by providing greater transparency with respect to two significant measures that we use in our financial and operational decision-making. Additionally, using these measures facilitates comparisons with other hotel REITs and hotel owners. We present Hotel EBITDA and Hotel EBITDA margin by eliminating all revenues and expenses from continuing operations not directly associated with hotel operations, including corporate-level expenses, depreciation and amortization, and expenses related to our capital structure. We eliminate corporate-level costs and expenses because we believe property-level results provide investors with supplemental information into the ongoing operational performance of our hotels and the effectiveness of management on a property-level basis. We eliminate depreciation and amortization because, even though depreciation and amortization are property-level expenses, we do not believe that these non-cash expenses, which are based on historical cost accounting for real estate assets, and implicitly assume that the value of real estate assets diminishes predictably over time, accurately reflect an adjustment in the value of our assets. We also eliminate consolidated percentage rent paid to unconsolidated entities, which is effectively eliminated by noncontrolling interests and equity in income from unconsolidated subsidiaries, and include the cost of unconsolidated taxes, insurance and lease expense, to reflect the entire operating costs applicable to our Consolidated Hotels. Hotel EBITDA and Hotel EBITDA margins are presented on a same-store basis.

Use and Limitations of Non-GAAP Measures

Our management and Board of Directors use FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-store Adjusted EBITDA, Hotel EBITDA and Hotel EBITDA margin to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. We use Hotel EBITDA and Hotel EBITDA margin in evaluating hotel-level performance and the operating efficiency of our hotel managers.

The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures that we incurred and will incur, such as depreciation, interest and capital expenditures. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the most comparable GAAP financial measures, and our consolidated statements of operations and cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.

These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.




.
Contact: 

FelCor Lodging Trust Incorporated
Stephen A. Schafer, 972-444-4912
Vice President Strategic Planning & Investor Relations,
sschafer@felcor.com
 

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Also See: FelCor Lodging Trust Posts 1st Qtr 2011 Loss of $41.3 million Compared to a Loss of $72 million in the Year-ago Quarter; RevPAR for its 80 Hotels Increased 6.3% for the Quarter / Hotel Operating Statistics / April 2011

FelCor Lodging Trust Posts 4th Qtr 2010 Loss of $103.1 million Compared to a Loss of $60.4 million in the Prior Year Period; Total Revenues Increase to $232 million, compared to $219 million in the Year-ago Period / Hotel Operating Statistics / February 2011

FelCor Lodging Trust Posts 4th Qtr 2009 Loss of $60.4 million Compared to a Loss of $98.1 million in the Prior Year Period; Total Revenues Drop to $219.1 million, compared to $249.0 million in the Year-ago Period / Hotel Operating Statistics / February 2010

FelCor Lodging Trust Reports 4th Qtr Net Loss of $98.1 million Compared to Prior Year Net Loss of $13.0 million; Suspends Common Dividend, Postpones Any Further Redevelopment Spending / February 2009
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