FelCor Reports Second Quarter 2017 Earnings

Completed Sale of Morgans and Royalton Hotels for
$92 Million of Gross Proceeds

Special Meeting to Approve Merger with RLJ
Scheduled for August 15
th

IRVING, Texas–(BUSINESS WIRE)–FelCor Lodging Trust Incorporated (NYSE: FCH) today reported results for
the second quarter ended June 30, 2017.

Second Quarter Highlights

  • Same-store RevPAR was $161.98 compared to $163.62 for the same period
    in 2016.
  • Net loss attributable to FelCor common stockholders was $8.0 million,
    or $0.06 per share, versus net income of $7.1 million, or $0.05 per
    share, for the same period in 2016.
  • Adjusted FFO per share was $0.26 versus $0.32 for the same period in
    2016.
  • Same-store Adjusted EBITDA was $65.0 million versus $67.9 million for
    the same period in 2016.

“We are pleased to have completed the sale of Morgans New York and The
Royalton,” said Steven R. Goldman, FelCor’s Chief Executive Officer.
“Regarding our merger with RLJ, we are excited by the opportunity to
participate in creating a leading lodging REIT with a greater reach in
key markets, streamlined operating structure and improved cost of
capital. Our team is working diligently with RLJ to effect a timely
close and efficient transition.”

Second Quarter Hotel Results

    Second Quarter
  2017         2016       Change
Same-store hotels (36)
RevPAR $ 161.98 $ 163.62 (1.0 )%
Total hotel revenue, in millions $ 211.9 $ 212.7 (0.4 )%
Hotel EBITDA, in millions $ 69.2 $ 72.3 (4.3 )%
Hotel EBITDA margin 32.7 % 34.0 % (135) bps
 

RevPAR for our 36 same-store hotels was $161.98 compared to $163.62 for
the same period in 2016. The change reflects a 0.4% increase in
occupancy (to 83.2%) offset by a 1.4% reduction in average daily rate,
or ADR, (to $194.81). Hotel EBITDA for our 36 same-store hotels was
$69.2 million compared to $72.3 million, and Hotel EBITDA margin was
32.7% compared to 34.0% in the prior year quarter. RevPAR was
particularly affected by weakness at hotels in San Francisco, which
constitute 17% of our available rooms. Excluding this market, RevPAR
growth would have been 0.5% and margins would have been 34.0%.

Wyndham Worldwide Corporation has guaranteed minimum annual NOI for
eight of our hotels over the 10-year terms of the management agreements.
Hotel EBITDA for the three months ended June 30, 2017 includes
$1.4 million of fee reductions related to that guaranty compared to
$1.5 million during the same period last year.

See pages 12-14 and 18-23 for more detailed operating data.

Second Quarter Operating Results

    Second Quarter
$ in millions, except for per share information 2017     2016     Change
Net income (loss) attributable to FelCor common stockholders $ (8.0 ) $ 7.1 $ (15.1 )
Net income (loss) per share $ (0.06 ) $ 0.05 $ (0.11 )
Same-store Adjusted EBITDA $ 65.0 $ 67.9 (4.2 )%
Adjusted EBITDA $ 64.7 $ 72.4 (10.6 )%
Adjusted FFO per share $ 0.26 $ 0.32 $ (0.06 )
 

Net loss attributable to common stockholders was $8.0 million, or
$0.06 per share, in 2017, compared to net income of $7.1 million, or
$0.05 per share, for the same period in 2016. Net loss in 2017 includes
a $10.3 million impairment charge, reflecting further basis reduction
for two hotels held for sale at June 30, 2017. Net income for the same
period in 2016 includes a $6.3 million impairment charge attributable to
one hotel sold in the third quarter of 2016.

Year-to-Date Operating Results

Net loss attributable to common stockholders was $50.2 million, or
$0.36 per share, in 2017, compared to $4.1 million, or $0.03 per share,
for the same period in 2016. Net loss in 2017 includes an impairment
charge of $35.1 million, reflecting a reduction in basis for two hotels
held for sale at June 30, 2017. Net loss for the same period in 2016
includes an impairment charge of $6.3 million attributable to one hotel
sold in the third quarter of 2016.

RevPAR for our 36 same-store hotels was $151.99 compared to $153.45 for
the same period in 2016. The change reflects ADR of $192.20 compared to
$193.36 and 0.4% lower occupancy (to 79.1%). Hotel EBITDA for our 36
same-store hotels was $116.2 million compared to $121.8 million, and
Hotel EBITDA margin was 29.5% compared to 30.7%.

Adjusted FFO was $48.7 million ($0.35 per share) compared to
$64.3 million ($0.46 per share) for the same period in 2016.

Same-store Adjusted EBITDA was $107.0 million versus $112.4 million for
the same period in 2016.

EBITDA, Adjusted EBITDA, Same-store Adjusted EBITDA, Hotel EBITDA,
Hotel EBITDA margin, FFO, Adjusted FFO and Adjusted FFO per share are
all non-GAAP financial measures. See our discussion of “Non-GAAP
Financial Measures” beginning on page 14 for a reconciliation of each of
these measures to the most comparable GAAP financial measure and for
information regarding the use, limitations and importance of these
non-GAAP financial measures.

Balance Sheet

At June 30, 2017, we had $1.4 billion of consolidated debt with a 5.4%
weighted-average interest rate and a six-year weighted-average maturity.
We had $58.1 million of cash and cash equivalents on hand and
$24.2 million of restricted cash.

Asset Sales

We sold two hotels, Morgans New York in July 2017 and The Royalton in
August 2017, for $92 million in aggregate gross proceeds.

Common Dividend

We paid our second quarter common stock dividend of $0.06 per share at
the end of July.

Capital Expenditures

In 2016, we began redeveloping two resort properties (The Vinoy
Renaissance St. Petersburg Resort & Golf Club and Embassy Suites Myrtle
Beach-Oceanfront Resort). We completed our Myrtle Beach project last
quarter, as scheduled and under budget. Also, Phase I of our Vinoy
redevelopment is substantially complete and within budget. These
redevelopments are intended to enhance our portfolio quality and offer
attractive returns. During the six months ended June 30, 2017, we spent
$42.1 million on renovations and redevelopments at our hotels.

Outlook

As discussed in our prior earnings release, given our pending merger
with RLJ, we are not providing any further updates to our guidance for
the remainder of the year.

Merger with RLJ

On April 24, 2017, we announced that we had entered into a definitive
merger agreement under which we will merge with and into a wholly-owned
subsidiary of RLJ in an all-stock transaction. At closing, our
stockholders will receive 0.362 RLJ common shares for each share of our
common stock. The transaction is expected to close on August 31, 2017
and is subject to customary closing conditions, including the approval
of both companies’ shareholders at their respective special meetings on
August 15, 2017.

About FelCor

FelCor Lodging Trust Incorporated, a real estate investment trust, owns
a diversified portfolio of primarily upper-upscale and luxury hotels
that are located in major markets and resort locations throughout the
U.S. FelCor partners with top hotel companies that operate its
properties under globally renowned names and as premier independent
hotels. Additional information can be found on the Company’s website at www.felcor.com.

Disclosure Regarding Forward-Looking Statements

The information presented herein may contain forward-looking statements.
These forward-looking statements, which are based on current
expectations, estimates and projections about the industry and markets
in which FelCor and RLJ operate and beliefs of and assumptions made by
FelCor management and RLJ management, involve significant risks and
uncertainties, which are difficult to predict and are not guarantees of
future performances, that could significantly affect the financial
results of FelCor or RLJ or the combined company. Words such as
“projects,” “will,” “could,” “continue,” “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” “forecast,”
“guidance,” “outlook,” “may,” and “might” and variations of such words
and similar expressions are intended to identify such forward-looking
statements, which generally are not historical in nature. Such
forward-looking statements may include, but are not limited to,
statements about the anticipated benefits of the proposed merger between
FelCor and RLJ, including future financial and operating results, the
attractiveness of the value to be received by FelCor stockholders, the
attractiveness of the value to be received by RLJ, the combined
company’s plans, objectives, expectations and intentions, the timing of
future events, anticipated administrative and operating synergies, the
anticipated impact of the merger on net debt ratios, cost of capital,
future dividend payment rates, forecasts of FFO accretion, projected
capital improvements, expected sources of financing, and descriptions
relating to these expectations. All statements that address operating
performance, events or developments that FelCor expects or anticipates
will occur in the future – including statements relating to expected
synergies, improved liquidity and balance sheet strength – are
forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. FelCor’s ability to predict
results or the actual effect of future events, actions, plans or
strategies is inherently uncertain. Although FelCor believes the
expectations reflected in any forward-looking statements are based on
reasonable assumptions, FelCor can give no assurance that our
expectations will be attained and therefore, actual outcomes and results
may differ materially from what is expressed or forecasted in such
forward-looking statements. Some of the factors that may materially and
adversely affect FelCor’s or the combined company’s business, financial
condition, liquidity, results of operations and prospects, as well as
the ability to make distributions to shareholders, include, but are not
limited to: (i) national, regional and local economic climates,
(ii) changes in the real estate industry, financial markets and interest
rates, or to the business or financial condition of either company or
business, (iii) increased or unanticipated competition for the
companies’ properties, (iv) risks associated with acquisitions,
including the integration of the combined companies’ businesses, (v) the
potential liability for the failure to meet regulatory requirements,
including the maintenance of REIT status, (vi) availability of financing
and capital, (vii) risks associated with achieving expected revenue
synergies or cost savings, (viii) risks associated with the companies’
ability to consummate the merger and the timing of the closing of the
merger, (ix) the outcome of any claims and litigation involving or
affecting either company, (x) applicable regulatory changes, and
(xi) those additional risks and factors discussed in reports filed with
the SEC by FelCor and RLJ from time to time, including those discussed
under the heading “Risk Factors” in our and RLJ’s Quarterly Reports on
Form 10-Q, Annual Reports on Form 10-K and our and RLJ’s other filings
with the SEC. Neither FelCor nor RLJ, except as required by law,
undertakes any duty to update any forward-looking statements appearing
in this document or any other document, whether as a result of new
information, future events or otherwise. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date hereof.

Important Information for Investors and Stockholders

In connection with the proposed merger described elsewhere in this
release, RLJ has filed with the SEC a registration statement on Form S-4
(File No. 333-218439), and RLJ and FelCor have filed with the SEC a
definitive joint proxy statement/prospectus, which was first mailed to
security holders of RLJ and FelCor on July 18, 2017. RLJ and FelCor
filed a supplement to the joint proxy statement/prospectus on August 7,
2017 and plan to file other relevant documents with the SEC regarding
the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE
URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ALL RELATED
SUPPLEMENTS AND AMENDMENTS THERETO AND ALL OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION
. You may obtain a free copy of the
joint proxy statement/prospectus and all related supplements and
amendments and all other relevant documents (if and when they become
available) filed by RLJ and FelCor with the SEC at the SEC’s website at www.sec.gov.
Copies of the documents filed by RLJ with the SEC will be available free
of charge on RLJ’s website at www.rljlodgingtrust.com
or by contacting RLJ Investor Relations at [email protected]
or at 301-280-7774. Copies of the documents filed by FelCor with the SEC
will be available free of charge on FelCor’s website at www.felcor.com
or by contacting FelCor Investor Relations at [email protected]
or at 972-444-4967.

This document shall not constitute an offer to sell or the solicitation
of an offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the requirements
of Section 10 of the U.S. Securities Act of 1933, as amended.

Participants in the Solicitation

RLJ and FelCor and their respective trustees, directors and executive
officers and other members of management and employees may be deemed to
be participants in the solicitation of proxies in respect of the
proposed merger. You can find information about RLJ’s executive officers
and trustees in RLJ’s definitive proxy statement filed with the SEC on
March 28, 2017 in connection with its 2017 annual meeting of
shareholders and in Form 4s of RLJ’s trustees and executive officers
filed with the SEC. You can find information about FelCor’s executive
officers and directors in Amendment No. 1 to FelCor’s Annual Report on
Form 10-K for the year ended December 31, 2016 on Form 10-K/A filed with
the SEC on April 28, 2017 and in Form 4s of FelCor’s directors and
executive officers filed with the SEC. Additional information regarding
the interests of such potential participants is included in the joint
proxy statement/prospectus and other relevant documents filed with the
SEC in connection with the proposed merger. You may obtain free copies
of these documents from RLJ or FelCor using the sources indicated above.

SUPPLEMENTAL INFORMATION

INTRODUCTION

The following information is presented in order to help our investors
understand FelCor’s financial position as of and for the three and six
months ended June 30, 2017.

 
 

TABLE OF CONTENTS

 
        Page
Consolidated Statements of Operations(a)

7

Consolidated Balance Sheets(a) 8
Consolidated Debt Summary 9
Schedule of Encumbered Hotels 10
Capital Expenditures 10
Total Enterprise Value 11
Hotel Operating Statistics 13
Historical Quarterly Operating Statistics 14
Non-GAAP Financial Measures 14

(a)

  We have prepared our consolidated statements of operations and
balance sheets without an audit. Certain information and footnote
disclosures normally included in financial statements presented in
accordance with GAAP have been omitted. Our consolidated statements
of operations and balance sheets should be read in conjunction with
the audited consolidated financial statements and notes thereto
included in our most recent Annual Report on Form 10-K.
 
 
Consolidated Statements of Operations

(in thousands, except per share data)

 
    Three Months Ended     Six Months Ended
June 30, June 30,
  2017         2016     2017         2016  
Revenues:
Hotel operating revenue:
Room $ 168,772 $ 181,318 $ 313,705 $ 340,394
Food and beverage 37,921 43,697 69,995 83,229
Other operating departments 12,423 11,746 23,112 22,595
Other revenue   1,324     1,145     1,732     1,832  
Total revenues   220,440     237,906     408,544     448,050  
Expenses:
Hotel departmental expenses:
Room 43,483 44,748 84,161 87,447
Food and beverage 28,281 32,592 54,503 63,548
Other operating departments 3,947 4,039 7,480 7,822
Other property-related costs 52,220 56,007 103,075 111,573
Management and franchise fees 7,726 8,501 15,276 17,726
Taxes, insurance and lease expense 15,454 14,864 29,356 28,446
Corporate expenses 6,281 6,047 13,221 14,447
Depreciation and amortization 27,528 29,177 55,366 58,360
Impairment 10,271 6,333 35,109 6,333
Other expenses   7,331     2,142     8,591     2,970  
Total operating expenses   202,522     204,450     406,138     398,672  
Operating income 17,918 33,456 2,406 49,378
Interest expense, net (19,416 ) (19,907 ) (38,702 ) (39,627 )
Other gains, net   100     100     100     100  
Income (loss) before equity in income from unconsolidated entities (1,398 ) 13,649 (36,196 ) 9,851
Equity in income from unconsolidated entities   648     726     518     572  
Income (loss) from continuing operations before income tax (750 ) 14,375 (35,678 ) 10,423
Income tax   (503 )   25     (1,050 )   (390 )
Income (loss) from continuing operations before loss on sale of
hotels
(1,253 ) 14,400 (36,728 ) 10,033
Loss on sale of hotels   (207 )   (630 )   (873 )     (1,344 )
Net income (loss) and comprehensive income (loss) (1,460 ) 13,770 (37,601 ) 8,689
Net loss attributable to noncontrolling interests in other
partnerships
33 16 437 487
Net loss (income) attributable to redeemable noncontrolling
interests in FelCor LP
35 (31 ) 221 17
Preferred distributions – consolidated joint venture   (367 )   (364 )   (727 )   (724 )
Net income (loss) and comprehensive income (loss) attributable to
FelCor
(1,759 ) 13,391 (37,670 ) 8,469
Preferred dividends   (6,279 )   (6,279 )   (12,558 )   (12,558 )
Net income (loss) attributable to FelCor common stockholders $ (8,038 ) $ 7,112   $ (50,228 ) $ (4,089 )
Basic and diluted per common share data:
Net income (loss) $ (0.06 ) $ 0.05   $ (0.36 ) $ (0.03 )
Basic weighted average common shares outstanding   137,866     138,182     137,820     138,930  
Diluted weighted average common shares outstanding   137,866     138,678     137,820     138,930  
 
Dividends declared per common share $ 0.06   $ 0.06   $ 0.12   $ 0.12  
 
 
Consolidated Balance Sheets

(in thousands, except par values)

 
    June 30,     December 31,
  2017     2016  
Assets
Investment in hotels, net of accumulated depreciation of $932,184
and $932,886 at June 30, 2017 and December 31, 2016, respectively
$ 1,448,346 $ 1,566,823
Investment in unconsolidated entities 7,657 8,312
Hotels held for sale 77,937
Cash and cash equivalents 58,135 47,317
Restricted cash 24,199 19,491
Accounts receivable, net of allowance for doubtful accounts of $184
and $177 at June 30, 2017 and December 31, 2016, respectively
43,923 42,080
Deferred expenses, net of accumulated amortization of $3,895 and
$2,959 at June 30, 2017 and December 31, 2016, respectively
3,591 4,527
Other assets   20,240     18,542  
Total assets $ 1,684,028   $ 1,707,092  
Liabilities and Equity
Debt, net of unamortized debt issuance costs of $14,803 and $15,967
at June 30, 2017 and December 31, 2016, respectively
$ 1,360,071 $ 1,338,326
Distributions payable 14,887 14,858
Accrued expenses and other liabilities   135,792     116,437  
Total liabilities   1,510,750     1,469,621  
Commitments and contingencies
Redeemable noncontrolling interests in FelCor LP, 610 units issued
and outstanding at June 30, 2017 and December 31, 2016
  4,400     4,888  
Equity:
Preferred stock, $0.01 par value, 20,000 shares authorized:
Series A Cumulative Convertible Preferred Stock, 12,879 shares,
liquidation value of $321,987, issued and outstanding at June 30,
2017 and December 31, 2016
309,337 309,337
Common stock, $0.01 par value, 200,000 shares authorized; 138,412
and 137,990 shares issued and outstanding at June 30, 2017 and
December 31, 2016, respectively
1,384 1,380
Additional paid-in capital 2,580,539 2,576,988
Accumulated deficit   (2,774,178 )   (2,706,408 )
Total FelCor stockholders’ equity 117,082 181,297
Noncontrolling interests in other partnerships 7,365 7,503
Preferred equity in consolidated joint venture, liquidation value of
$45,373 and $44,667 at June 30, 2017 and December 31, 2016,
respectively
  44,431     43,783  
Total equity   168,878     232,583  
Total liabilities and equity $ 1,684,028   $ 1,707,092  
 
 
Consolidated Debt Summary

(dollars in thousands)

 
    Encumbered Hotels     Interest

Rate (%)

    Maturity Date     June 30, 2017     December 31, 2016
Senior unsecured notes   6.00 June 2025 $ 475,000 $ 475,000
Senior secured notes 9 5.625 March 2023 525,000 525,000
Mortgage debt(a) 4 4.95 October 2022 118,971 120,109
Mortgage debt 1 4.94 October 2022 29,903 30,184
Line of credit(b) 7 LIBOR + 2.75 June 2019 141,000 119,000
Mortgage debt(c) 1   LIBOR + 3.00 November 2017   85,000     85,000  
Total 22   $ 1,374,874 $ 1,354,293
Unamortized debt issuance costs   (14,803 )   (15,967 )
Debt, net of unamortized debt issuance costs $ 1,360,071   $ 1,338,326  
(a)   This debt is comprised of separate non-cross-collateralized loans,
each secured by a mortgage encumbering a separate hotel.
(b) Our line of credit can be extended for one year, subject to
satisfying certain conditions. We may borrow up to $400 million
under our line of credit.
(c) This loan can be extended for one year, subject to satisfying
certain conditions.
 
 
Schedule of Encumbered Hotels
(dollars in millions)
 
Consolidated    
Debt June 30, 2017 Encumbered Hotels
Senior secured notes   $ 525   Atlanta Buckhead – ES, Boston Marlboro – ES, Burlington – SH, Dallas
Love Field – ES, Milpitas – ES, Myrtle Beach Resort – HIL, Orlando
South – ES, Philadelphia Society Hill – SH and SF South San
Francisco – ES
Mortgage debt $ 26 Napa Valley – ES
Mortgage debt $ 34 Ft. Lauderdale – ES
Mortgage debt $ 23 Birmingham – ES
Mortgage debt $ 36 Minneapolis Airport – ES
Mortgage debt $ 30 Deerfield Beach – ES
Line of credit $ 141 Austin – DTG, Boston Copley – FM, Charleston Mills House – WYN, LA
LAX S – ES, Santa Monica at the Pier – WYN, SF Union Square – MAR
and St. Petersburg Vinoy – REN
Mortgage debt $ 85 The Knickerbocker
 
 
Capital Expenditures

(dollars in thousands)

 
    Three Months Ended     Six Months Ended
June 30, June 30,
  2017         2016     2017         2016  
Improvements and additions to majority-owned hotels $ 22,459 $ 17,901 $ 41,921 $ 31,909
Partners’ pro rata share of additions to consolidated joint venture
hotels
(29 ) (127 ) (63 ) (225 )
Pro rata share of additions to unconsolidated hotels   88     159     277     417  
Total additions to hotels(a) $ 22,518   $ 17,933   $ 42,135   $ 32,101  
(a)   Includes capitalized interest, property taxes, property insurance,
ground leases and certain employee costs.
 
 
Total Enterprise Value

(in thousands, except per share data)

 
    June 30,     December 31,
  2017     2016  
Common shares outstanding 138,412 137,990
Units outstanding   610     610  
Combined shares and units outstanding 139,022 138,600
Common stock price $ 7.21   $ 8.01  
Market capitalization $ 1,002,349 $ 1,110,186
Series A preferred stock(a) 321,987 321,987
Preferred equity – Knickerbocker joint venture, net 42,209 41,594
Consolidated debt (b) 1,374,874 1,354,293
Noncontrolling interests of consolidated debt (4,250 ) (4,250 )
Pro rata share of unconsolidated debt 11,026 11,167
Cash, cash equivalents and restricted cash   (82,334 )   (66,808 )
Total enterprise value (TEV) $ 2,665,861   $ 2,768,169  
(a)   Based on liquidation value.
(b) Excludes unamortized debt issuance costs.
 
 

Hotel Operating Statistics

 
    Occupancy (%)     ADR ($)     RevPAR ($)
Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30,

Same-store Hotels

2017     2016     %Change 2017     2016     %Change 2017     2016     %Change
Embassy Suites Atlanta-Buckhead 71.7 80.7 (11.2 ) 144.71 154.42 (6.3 ) 103.77 124.66 (16.8 )
DoubleTree Suites by Hilton Austin 87.1 88.6 (1.7 ) 224.51 217.74 3.1 195.64 193.01 1.4
Embassy Suites Birmingham 80.6 80.3 0.4 142.04 143.14 (0.8 ) 114.46 114.88 (0.4 )
The Fairmont Copley Plaza, Boston 87.7 83.2 5.4 359.69 366.02 (1.7 ) 315.32 304.57 3.5
Wyndham Boston Beacon Hill 89.5 86.9 3.0 264.45 258.35 2.4 236.77 224.62 5.4
Embassy Suites Boston-Marlborough 77.1 77.2 (0.1 ) 164.34 175.60 (6.4 ) 126.66 135.52 (6.5 )
Sheraton Burlington Hotel & Conference Center 73.0 72.0 1.3 125.14 123.44 1.4 91.29 88.86 2.7
The Mills House Wyndham Grand Hotel, Charleston 88.2 91.7 (3.8 ) 273.10 262.48 4.0 240.95 240.67 0.1
Embassy Suites Dallas-Love Field 81.3 78.5 3.5 147.42 141.99 3.8 119.89 111.52 7.5
Embassy Suites Deerfield Beach-Resort & Spa 83.1 81.3 2.2 172.33 174.71 (1.4 ) 143.14 142.02 0.8
Embassy Suites Fort Lauderdale 17th Street 82.0 79.9 2.7 152.60 157.06 (2.8 ) 125.20 125.52 (0.3 )
Wyndham Houston-Medical Center Hotel & Suites 74.0 80.3 (7.9 ) 140.49 152.72 (8.0 ) 103.98 122.70 (15.3 )
The Knickerbocker- New York 84.9 89.9 (5.5 ) 352.19 336.79 4.6 299.11 302.77 (1.2 )
Embassy Suites Los Angeles-International Airport/South 91.5 85.5 7.0 171.29 173.74 (1.4 ) 156.76 148.63 5.5
Embassy Suites Mandalay Beach-Hotel & Resort 87.9 86.4 1.8 219.95 233.46 (5.8 ) 193.44 201.60 (4.0 )
Embassy Suites Miami-International Airport 80.4 84.5 (4.9 ) 125.45 130.21 (3.6 ) 100.88 110.04 (8.3 )
Embassy Suites Milpitas-Silicon Valley 82.8 84.8 (2.3 ) 209.86 203.16 3.3 173.81 172.20 0.9
Embassy Suites Minneapolis-Airport 79.3 78.6 0.8 144.48 157.60 (8.3 ) 114.55 123.91 (7.6 )
Embassy Suites Myrtle Beach-Oceanfront Resort 91.5 85.5 7.0 171.29 173.74 (1.4 ) 156.76 148.63 5.5
Hilton Myrtle Beach Resort 74.5 74.3 0.2 169.01 158.89 6.4 125.91 118.12 6.6
Embassy Suites Napa Valley 83.2 83.6 (0.4 ) 264.84 257.77 2.7 220.48 215.39 2.4
Wyndham New Orleans-French Quarter 81.6 81.2 0.4 137.06 151.61 (9.6 ) 111.82 123.14 (9.2 )
Embassy Suites Orlando-International Drive South/Convention Center 83.7 73.3 14.2 164.86 138.31 19.2 137.94 101.34 36.1
DoubleTree Suites by Hilton Orlando-Lake Buena Vista 87.4 91.7 (4.6 ) 149.69 138.99 7.7 130.84 127.39 2.7
Wyndham Philadelphia Historic District 84.0 85.3 (1.5 ) 171.11 163.19 4.9 143.78 139.25 3.3
Sheraton Philadelphia Society Hill Hotel 77.9 81.4 (4.3 ) 192.03 193.05 (0.5 ) 149.65 157.15 (4.8 )
Embassy Suites Phoenix-Biltmore 74.7 70.5 6.0 160.29 159.69 0.4 119.75 112.58 6.4
Wyndham Pittsburgh University Center 79.8 77.7 2.7 146.85 153.69 (4.5 ) 117.20 119.43 (1.9 )
Wyndham San Diego Bayside 80.1 77.9 2.7 162.83 161.97 0.5 130.39 126.25 3.3
Embassy Suites San Francisco Airport-South San Francisco 91.8 89.4 2.8 190.76 208.42 (8.5 ) 175.21 186.23 (5.9 )
Embassy Suites San Francisco Airport-Waterfront 91.7 92.0 (0.3 ) 206.58 207.43 (0.4 ) 189.41 190.75 (0.7 )
Holiday Inn San Francisco-Fisherman’s Wharf 92.3 89.8 2.7 186.00 207.18 (10.2 ) 171.63 186.12 (7.8 )
San Francisco Marriott Union Square 87.2 90.8 (3.9 ) 266.56 291.00 (8.4 ) 232.40 264.08 (12.0 )
Wyndham Santa Monica At the Pier 90.2 87.1 3.5 265.81 273.84 (2.9 ) 239.63 238.44 0.5
Embassy Suites Secaucus-Meadowlands 82.2 79.5 3.5 183.10 188.41 (2.8 ) 150.56 149.73 0.5
The Vinoy Renaissance St. Petersburg Resort & Golf Club 83.3   83.9   (0.8 ) 218.24   220.88   (1.2 ) 181.79   185.39   (1.9 )

Same-store Hotels(a)

83.2   82.8   0.4   194.81   197.55   (1.4 ) 161.98   163.62   (1.0 )

Contacts

FelCor Lodging Trust Incorporated
Abi Salami, 972-444-4967
Director,
Investor Relations
[email protected]

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