IRVING, Texas, May 03, 2010 (BUSINESS WIRE) --FelCor Lodging Trust Incorporated (NYSE: FCH) today reported operating results for the first quarter ended March 31, 2010.
Summary:
- Today, we closed a $212 million mortgage loan secured by nine hotels. Proceeds were used to repay six mortgage loans totaling $210 million that were secured by 11 hotels (we unencumbered two hotels) and were scheduled to mature in May.
- Adjusted EBITDA was $38.5 million for the quarter, which was significantly better than internal expectations. Adjusted FFO per share was $(0.17) for the quarter. These were $5 million and $0.08 better than analysts' original estimates.
- RevPAR at our 83 consolidated hotels decreased only 0.5% for the quarter, compared to a 2.1% decline nationally. Our portfolio continues to gain market share.
- Hotel EBITDA margin decreased only 177 basis points for the quarter. Positive flow-through on the improvement to budgeted revenue was 63%, notwithstanding the improvement in revenue was from increased occupancy.
- Net loss for the quarter was $62.9 million.
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