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|FelCor Announces Refinancing of $16 Million of Secured Debt; Provides RevPAR Estimate for First Quarter|
IRVING, Texas, April 3 /PRNewswire-FirstCall/ -- FelCor Lodging Trust Incorporated (NYSE: FCH), the nation's second largest hotel real estate investment trust (REIT), today announced the refinancing of $16 million of secured debt that was to mature in October 2003. The loan was refinanced by the existing lender, Nationwide Life Insurance Company, for a five-year period at a floating interest rate of LIBOR + 2.85 percent with no required amortization. Another secured loan, in the amount of $6 million that was scheduled to mature in the second quarter of this year, was repaid in the first quarter of 2003.
"The Company is committed to de-leverage with time. Through this refinancing, we improved our financial flexibility. We're pleased that FelCor has no debt maturities for the remainder of 2003," said Richard J. O'Brien, FelCor's Chief Financial Officer and Executive Vice President.
For the first quarter of 2003, revenue per available room (RevPAR) declined an estimated 5.3 percent approximating the Company's low end of its previous guidance. FelCor's RevPAR decreased 3.6 percent in January, 5.8 percent in February, and an estimated 6.3 percent in March, as compared to the same periods for 2002.
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 consists of 169 hotels, located in 35 states and Canada. FelCor owns 77 full service, all-suite hotels, and is the largest owner of Embassy Suites Hotels(R) and Doubletree Guest Suites(R) hotels. FelCor's portfolio also includes 83 hotels in the upscale and full service segments. FelCor has a current market capitalization of approximately $2.7 billion. Additional information, including the Company's 2002 Annual Report, Form 10-K and Proxy Statement, can be found on the Company's website at 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. 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 currently anticipated. General economic conditions, including the timing and magnitude of any recovery from the current soft economy, the war in Iraq, future acts of terrorism, the availability of capital, and numerous other factors may affect future results, performance and achievements. 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.
SOURCE FelCor Lodging Trust Incorporated
/CONTACT: Richard J. O'Brien, CFO and Executive Vice President, +1-972-444-4932, or firstname.lastname@example.org , or Monica L. Hildebrand, Vice President of Communications, +1-972-444-4917, or email@example.com , or Stephen A. Schafer, Director of Investor Relations, +1-972-444-4912, or firstname.lastname@example.org , all of FelCor Lodging Trust Incorporated/ /Web site: http://www.felcor.com / (FCH)