|IRVING, Texas…May 17, 1999—FelCor Lodging Trust Incorporated
(NYSE:FCH), one of the nation’s largest hotel real estate investment trusts
(REITs), today announced the closing of a 10-year, $75 million First Mortgage
Term Loan with Massachusetts Mutual Life Insurance Company. The non-recourse
loan, secured by six Embassy Suites® hotels, carries a fixed rate coupon
of 7.55%, matures in May 2009 and amortizes over 25 years. The loan
was used to reduce FelCor’s outstanding borrowings to $572 million under
its existing $850 million Line of Credit.
“The completion of this previously announced financing transaction,
together with the financing of $475 million of debt completed in April
1999, allows FelCor to extend its debt maturities,” stated Thomas J. Corcoran
Jr., FelCor’s President and Chief Executive Officer. “Our focus and commitment
to a sound financial structure is evidenced by the Company’s 38% consolidated
debt-to-asset ratio,” stated Corcoran.
FelCor Lodging Trust is one of the nation's largest hotel REITs with
188 hotels and nearly 50,000 rooms and suites. The Company?s hotel
portfolio is concentrated primarily in the upscale and full-service segments.
FelCor is the owner of the largest numbers of Embassy Suites, Crowne Plaza®,
Holiday Inn® and independently owned Doubletree®-branded hotels.
Other leading hotel brands under which FelCor?s hotels are operated include
Sheraton Suites®, Sheraton® and Westin®. FelCor has a
current market capitalization of approximately $3.6 billion.
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 and are qualified by cautionary statements
contained herein and in FelCor's filings with the Securities and Exchange