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| CHICAGO-- April 13, 1999--Prudential Mortgage Capital Company,
a subsidiary of The Prudential Insurance Company of America, has originated
a $100 million commercial mortgage loan to FelCor Lodging Trust, Inc. The
10-year loan is secured by a cross-collateralized real estate portfolio
of seven Embassy Suites hotels. Also participating in the loan, and advised
by Prudential, is New York State Teachers' Retirement System (NYSTRS).
The hotel properties are located in Birmingham, Ala.; Milpitas, Calif.; Napa, Calif.; Ft. Lauderdale, Fla.; Miami, Fla.; Baton Rouge, La.; and Minneapolis, Minn. The combined 1,922 suite rooms were constructed from 1985 to 1988, and were renovated in 1996. "This type of commercial mortgage financing offers our borrowers the necessary flexibility to run their business while receiving the benefits associated with a long term, fixed-rate loan," says David Durning, managing director, Prudential Mortgage Capital Company. "It's a great example of the types of transactions that we are focused on for 1999." Prudential Mortgage Capital's Chicago office, which serves the Central portion of the United States, has invested over $380 million, year-to-date, for the portfolio and capital markets programs. Prudential Mortgage Capital Company is a national commercial real estate lender for Prudential's general account portfolio and the capital markets. Nationwide, Prudential has originated close to $800 million in commercial mortgage loans for the portfolio and capital markets programs in 1999. New York State Teachers' Retirement System is responsible for administering the state's public school teachers retirement benefit's fund. The System has total assets of $80 billion, including approximately $3 billion in commercial real estate mortgages. |
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| Also See: | FelCor's Comparable Hotel Portfolio Achieves 6.2% RevPAR Increase During 1998 / Feb 1999 |