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FelCor Reports Second Quarter Results

FelCor Lodging Trust Incorporated (NYSE: FCH) today reported operating results for the second quarter ended June 30, 2013.

  • Adjusted FFO per share improved to $0.21.
  • Total revenue for comparable hotels (same-store hotels excluding eight recently rebranded Wyndham hotels) increased 6.3%.
  • RevPAR for comparable hotels increased 5.7%.
  • Adjusted EBITDA was $64.6 million.
  • Net loss per share was $0.23.
  • Sold two hotels since the first quarter.
  • Entered into contracts to sell three hotels (one with a non-refundable deposit) and are negotiating to sell two others.

Commenting on operating results, Richard A. Smith, President and Chief Executive Officer of FelCor, said, “Our high quality, diverse portfolio produced strong results during the second quarter, building on our momentum for the year. As the U.S. economy continues to improve, and demand for hotel rooms outpaces new supply, our industry should experience solid growth. Our portfolio is well-positioned to take advantage of this trend and outperformed the industry in the second quarter, as RevPAR at our comparable hotels increased 5.7%. Furthermore, FelCor is the only hotel REIT which has outperformed the upper-upscale segment over the past five years.”

Mr. Smith added, “We continue to make substantial progress transforming FelCor and repositioning the company, to provide sustainable and growing stockholder value. We have sold 21 hotels and are currently marketing nine, three of which are under contract and two of which have contracts under negotiations. We continue to strengthen our balance sheet through asset sales and EBITDA growth. As a result, we have created greater financial flexibility, which will continue to improve as our leverage decreases.”

Summary of Second Quarter Hotel Results:
  Second Quarter
2013     2012     Change
Comparable hotels (55)    
RevPAR $ 116.12 $ 109.88 5.7 %
Total hotel revenue, in millions $ 219.1 $ 206.1 6.3 %
Hotel EBITDA, in millions $ 61.7 $ 57.0 8.3 %
Hotel EBITDA margin 28.2 % 27.6 % 52 bps
Wyndham Hotels (8)
RevPAR $ 105.95 $ 127.67 (17.0 )%
Total hotel revenue, in millions $ 28.9 $ 34.0 (14.9 )%
Hotel EBITDA, in millions $ 11.2 $ 12.8 (12.2 )%
Hotel EBITDA margin 38.7 % 37.5 % 128 bps
Same-store hotels (63)
RevPAR $ 114.72 $ 112.34 2.1 %
Total hotel revenue, in millions $ 248.0 $ 240.1 3.3 %
Hotel EBITDA, in millions $ 72.9 $ 69.7 4.5 %
Hotel EBITDA margin 29.4 % 29.0 % 35 bps

RevPAR for our 37 comparable core hotels (45 core hotels excluding the eight Wyndham hotels) increased 5.7% compared to the same period in 2012, while RevPAR for our 18 non-strategic hotels increased 5.2% compared to the same period in 2012.

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