FelCo Lodging Trust sells Sheraton for $84.5M

IRVING, Texas (AP) — Real estate investment trust FelCor Lodging Trust Inc. said Wednesday it has sold a 443-room hotel in Virginia to JBG Cos. for $84.5 million in cash.
Starwood Hotels & Resorts will continue to manage the Sheraton Premiere Hotel at Tysons Corner in Vienna, FelCor said.
The property was owned in a joint venture between FelCor and Starwood. FelCor received $42.3 million in gross proceeds, and there was no debt associated with the hotel, the company said.
Shares in FelCor slipped 7 cents to close at $6.67 on Wednesday.

FelCor Reports Third Quarter Results

• Same-store revenue per available room ("RevPAR") at 82 consolidated hotels increased 6.3% for the quarter and 7.9% for September.

• Adjusted EBITDA was $48.2 million and Adjusted FFO per share was $0.00 for the quarter, which was at the high-end of our expectations.

• Hotel EBITDA margin increased 67 basis points for the quarter, driven by a 2.1% increase in average daily rate, or ADR.

• Net loss was $89.3 million for the quarter.

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FelCor Lodging Trust purchases The Fairmont Copley Plaza for $98.5 million

Boston, MA CBRE Hotels acted as exclusive advisor to Fairmont Hotels & Resorts in the sale of The Fairmont Copley Plaza, located on Copley Sq. in Back Bay. FelCor Lodging Trust Inc. has purchased a fee-simple interest in the famed hotel for $98.5 million and will implement a capital plan in excess of $20 million which includes an overall refreshing of guestrooms and public areas and the addition of a new fitness center.

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FelCor agrees to buy Fairmont Copley for $98.5m

Lodging owner FelCor Lodging Trust Inc. said it is buying the Fairmont Copley Plaza hotel in Boston for $98.5 million from an affiliate of Fairmont Hotels & Resorts.


Fairmont will continue to manage the hotel under a long-term contract. The deal is expected to close in the third quarter and will be funded with cash on hand.

The real estate investment trust plans to spend $20 million to renovate the 383-room historic hotel.

FelCor Repaying $177 Million of Debt at Substantial Discount

IRVING, Texas, Jun 08, 2010 (BUSINESS WIRE) -- FelCor Lodging Trust Incorporated /quotes/comstock/13*!fch/quotes/nls/fch (FCH 5.40, -0.18, -3.14%) today announced that it has agreed to repay $177 million of secured debt at a significant discount to the principal balance. The two loans bear interest at LIBOR plus 155 basis points and are scheduled to mature in May 2012. The loans will be settled for $130 million, plus accrued interest, representing a 27% discount to the principal balance. The two hotels that secure the loans have a combined 921 guest rooms and more than 100,000 square feet of meeting space. The payment, approximately $141,000 per room, will be funded with cash on hand and reflects a substantial discount to replacement cost.

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FelCor's First Quarter Results Exceed Expectations

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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FelCor Reports Third Quarter Results - Continues to Accomplish 2009 Goals

Summary:

Completed the sale of $636 million of senior notes due 2014 that allowed us to refinance our existing senior notes that mature in 2011.
RevPAR decreased 17.8 percent for the third quarter at our 85 consolidated hotels.
Market share increased approximately two percent for the third quarter at our 85 consolidated hotels.
RevPAR increased 53 percent in the third quarter at the San Francisco Marriott Union Square (following the completion of the redevelopment in June).
Hotel expenses declined 11.6 percent during the third quarter. Our strict expense controls limited the effect of reduced revenue on flow-through to Hotel EBITDA to 51 percent, compared to the prior year, which was better than our expectations. Hotel EBITDA margin decreased 490 basis points.
Adjusted FFO per share was $0.14 for the third quarter. Adjusted EBITDA was $45.3 million for the quarter. This met the low end of our expectations.
Net loss for the third quarter was $25.5 million.

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FelCor Completes $636 Million Senior Notes Offering

IRVING, Texas--(BUSINESS WIRE)--FelCor Lodging Trust Incorporated (NYSE: FCH - News) and its subsidiary FelCor Lodging Limited Partnership (“FelCor LP”), today announced that it completed the previously announced offering of $636 million in aggregate principal amount of FelCor LP's senior secured notes

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FelCor Commences Tender Offers for Its Senior Secured Floating Rate Notes

IRVING, Texas--(BUSINESS WIRE)--FelCor Lodging Trust Incorporated (NYSE: FCH) and its subsidiary, FelCor Lodging Limited Partnership (“FelCor LP”), today announced that on September, 17, 2009, FelCor LP commenced cash tender offers for all of its $215 million aggregate principal amount of senior secured floating rate notes due 2011 (CUSIP No. 31430Q AY3) and all of its $300 million aggregate principal amount of 8½% senior notes due 2011 (CUSIP No. 31430Q AL1)

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Analyst: FelCor could forfeit hotels, boost value

FelCor shares gained 16 cents, or 5 percent, to $3.39 in midday trading. Shares have traded between 66 cents and $10.19 in the past 12 months.
R.W. Baird analyst David Loeb wrote in a note to investors that the hotel real estate investment trust could forfeit to lenders its "underwater," or negative-equity mortgages, where the property's value is less than the debt still owed on it. Abandoning the properties to lenders, he said, would boost the value of the remainder of the company. He calculated that its equity value could increase by $2 per share.

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http://finance.yahoo.com/news/Analyst-FelCor-could-forfeit-apf-107231653.html?x=0&.v=1

FelCor Reports Second Quarter Results

IRVING, Texas--(BUSINESS WIRE)--Aug. 5, 2009-- FelCor Lodging Trust Incorporated (NYSE: FCH) today reported operating results for the second quarter and six months ended June 30, 2009.
“We continue to make progress on our goals this year: reduce operating expenses; improve market share; develop new sources of revenues within our hotels; and ensure that we have adequate liquidity. These measures are reflected in our second quarter results – portfolio market share increased two percent, operating margins were better than expected, Adjusted FFO met the low-end of our expectations, and we successfully closed a $200 million secured term loan,” said Richard A. Smith, FelCor’s President and Chief Executive Officer.

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http://phx.corporate-ir.net/phoenix.zhtml?c=118512&p=irol-newsArticle&ID=1317389&highlight=

FelCor Announces Closing of $200 Million Term Loan

FelCor Reports First Quarter Results

IRVING, Texas--(BUSINESS WIRE)--May. 7, 2009-- FelCor Lodging Trust Incorporated (NYSE: FCH) today reported operating results for the first quarter and year ended March 31, 2009.
“Our first quarter results reflect extensive cost-cutting measures that were implemented to protect our operating margins in the face of continued deterioration of lodging demand. We continue to work with our operators to create the most efficient cost structure and expect this to result in continued future operational efficiencies. These measures have been extremely successful and have led to better than expected operating margins during the first quarter,” said Richard A. Smith, FelCor’s President and Chief Executive Officer.
Summary:
Closed a secured loan that refinanced an existing $116 million secured loan that would have matured on April 1, 2009.
Adjusted FFO per share was $0.22 and Adjusted EBITDA was $47.4 million for the first quarter, which was at the high end of our expectations.
Market share increased approximately two percent for the first quarter at our 70 hotels where renovations were completed in 2007 and 2008, which is consistent with our expectations. Market share increased approximately one percent in the first quarter and approximately five percent in April for our 85 consolidated hotels.
RevPAR decreased 19.6 percent for the first quarter at our 85 consolidated hotels.
Hotel expenses declined 15.3 percent. Due to strict expense controls at our hotels, we were able to limit revenue reduction flow through to Hotel EBITDA to only 44 percent, compared to the prior year. Hotel EBITDA margins decreased only 395 basis points, which was better than expected.
Net loss applicable to common stockholders for the first quarter was $30.7 million.