|Tom Corcoran Appointed as Chairman of the Board of FelCor Lodging
IRVING, Texas, Feb. 7, 2006 - FelCor Lodging Trust Incorporated (NYSE: FCH - News), one of the nation's largest hotel real estate investment trusts (REITs), today announced that its Board of Directors has appointed Thomas J. Corcoran, Jr., as Chairman of the Board. With this appointment, Mr. Corcoran concurrently received a five-year employment agreement with FelCor. The Company also has announced Donald J. McNamara will resign his position as Chairman but remain on FelCor's Board of Directors. In addition, Michael D. Rose will resign from the Board of Directors of FelCor effective February 7, 2006.
"I am proud to have led FelCor from its early days to its position today in the industry as one of the nation's largest REITs. When my partner Hervey Feldman and I started FelCor in the early '90s, our vision was to create a company that focused on, and executed, a value-added strategy for our shareholders, employees and hotels. At the same time, we wanted FelCor to be a company that fostered an entrepreneurial spirit, a culture of working together as a family and having fun. I am very pleased at all that we have accomplished over the years," said Tom Corcoran. "I will always feel a great sense of proprietorship for FelCor and have never been more optimistic about its future."
Mr. Corcoran co-founded FelCor, Inc. in 1991 with Hervey Feldman, and has served as President and CEO since the Company's formation. In 1994, FelCor went public with a market capitalization of approximately $120 million as a hotel REIT. In 1996, the Company listed on the New York Stock Exchange as FCH and in 1998, changed its name to FelCor Lodging Trust Incorporated.
During Mr. Corcoran's tenure as CEO, FelCor grew from six hotels to a nationally-branded portfolio of 117 hotels. From its early days as a "Suite REIT," comprised of Embassy Suites Hotels® and Doubletree Guest Suites® hotels, FelCor's portfolio has grown to include global brands, including Hilton®, Sheraton®, Westin® and Holiday Inn®, with a market capitalization of $3.2 billion.
Mr. Corcoran has more than 30 years experience in the hospitality industry. His board appointments include: Board of Trustees for the American Hotel Foundation; Secretary/Treasurer of the American Hotel & Lodging Association (AH&LA); Co-chair of AH&LA's Industry Real Estate Financing Advisory Council; Chairman of Embassy Suites' Advisory Council to Hilton Hotels; and Vice Chairman of the Board of the International Association of Holiday Inns.
"This is a very exciting time for our industry. We successfully weathered the impact of 9-11, a three-year period of declining revenues and occupancies, and emerged as not only a survivor, but stronger than ever. The future is very bright," Mr. Corcoran added.
Mr. Corcoran's long history of management in the lodging and food service industries began with Brock Hotel Corporation in Topeka, KS. During his 11 years with Brock, Mr. Corcoran's roles in the company included President and Chief Executive Officer and a member of the board of directors of Chuck E. Cheese Entertainment, Inc.
Mr. Corcoran is a graduate of Washburn University where he received
a Juris Doctorate.
FelCor Appoints Richard A. Smith as President and Chief Executive Officer
FelCor today announced that its Board of Directors has appointed Richard A. Smith as President and Chief Executive Officer. Mr. Smith succeeds Thomas J. Corcoran, Jr., who has served as President and CEO of FelCor since its founding.
"I am extremely pleased that Rick has been promoted to President and CEO of FelCor. Since he first joined FelCor, his leadership has been evident throughout the Company. Rick's wealth of experience will continue to position FelCor as one of our industry's leaders," said Thomas J. Corcoran, Jr., who has become FelCor's Chairman of the Board.
"Tom's leadership and vision for FelCor over the last 15 years can be seen throughout our Company. He grew FelCor from a REIT of six hotels and a market capitalization of $120 million in 1994 to a portfolio of 117 hotels with a total market capitalization of $3.2 billion. His leadership has positioned FelCor to be strong and profitable," said Rick Smith, FelCor's President and CEO. "I am very honored to be appointed to this role. I look forward to working with Tom to build an even stronger Company as we enter a new era."
Mr. Smith joined FelCor in November 2004 as Executive Vice President and Chief Financial Officer. Prior to FelCor, Mr. Smith was with Wyndham International as Executive Vice President and Chief Financial Officer. He was responsible for that company's financial strategy and operations. Mr. Smith joined Wyndham International in September 1999 as Senior Vice President and Treasurer. Mr. Smith also previously worked with Starwood Hotels & Resorts Worldwide, Inc., where he was Vice President of Corporate Finance. Previously, he worked for Atlantic Richfield Company and Coopers & Lybrand.
Mr. Smith also will join the Board of Directors of FelCor.
A certified public accountant, Mr. Smith graduated from the University of Tennessee, where he received a Bachelor of Science degree in Accounting and Business Law.
FelCor Lodging Trust Announces Andrew J. Welch as Chief Financial Officer
FelCor today announced Andrew J. Welch as Executive Vice President and Chief Financial Officer. He succeeds Richard A. Smith.
"We are extremely pleased to appoint Andy as FelCor's Chief Financial Officer," said Richard A. Smith, who has become FelCor's President and CEO. "His extensive experience in capital markets activity and debt and equity transactions is known throughout the industry and he has a proven track record."
"I look forward to partnering with Rick and the FelCor management team in my new role. Our Company is well positioned to continue to benefit from strong lodging fundamentals and take advantage of opportunities that become available," said Mr. Welch.
Mr. Welch was most recently Senior Vice President and Treasurer of FelCor. In his role, he had been responsible for the Company's corporate finance, capital markets and treasury activities. Since joining FelCor, Mr. Welch has negotiated and closed on more than $6.5 billion in capital raising transactions.
Mr. Welch joined FelCor in 1998, at the time FelCor acquired Bristol Hotel Company. Prior to FelCor, he served as Vice President and Treasurer for Bristol from August 1997. For approximately 13 years prior to joining Bristol, Mr. Welch was responsible for originating investment banking and corporate banking business with Bank of America, N.A. and Citibank, N.A.
Mr. Welch received a Bachelor of Business Administration degree from
the University of Kansas and a Master in Business Administration degree
from Southern Methodist University. Mr. Welch currently serves on the University
of Kansas' School of Business Board of Advisors.
FelCor is the nation's largest owner of full service, all-suite hotels. FelCor's portfolio is comprised of 117 hotels, located in 28 states and Canada. FelCor owns 64 full service, all-suite hotels, and is the largest owner of Embassy Suites Hotels® and Doubletree Guest Suites® hotels. FelCor's hotels are flagged under global brands such as Embassy Suites Hotels, Doubletree®, Hilton®, Sheraton®, Westin® and Holiday Inn®. FelCor has a current market capitalization of approximately $3.2 billion. Additional information can be found on the Company's Web site at http://www.felcor.com .
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 that are qualified by cautionary statements contained herein and in FelCor's filings with the Securities and Exchange Commission.
Monica L. Hildebrand
|Also See:||FelCor Identifies 38 Hotels for Sale, Expects Proceeds of Between $500 million and $550 million; The New FelCor Will Own 90 Hotels / January 2006|
|FelCor Promotes Three Executives / April 2001|