FelCor Declares Preferred Dividends
15 Dezembro 2008 - 7:15PM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today declared
dividends on its preferred stock. FelCor will pay a dividend of
$0.4875 per share on its $1.95 Series A Cumulative Convertible
Preferred Stock and $0.50 per depositary share evidencing its 8%
Series C Cumulative Redeemable Preferred Stock. The dividends will
each be payable on January 30, 2009, to stockholders of record on
January 2, 2009. The company has elected to suspend its common
dividend. This decision reflects the expectation that Revenue Per
Available Room (�RevPAR�) will continue to decline in 2009. Based
on its preliminary 2009 budgets (final guidance will be provided in
conjunction with fourth quarter results), the company expects its
RevPAR will decline by approximately six to eight percent. The
company expects to generate positive cash flow during 2009, but it
does not anticipate that it will be required to pay a common
dividend to maintain its REIT status in 2009. By suspending the
common dividend, the company will preserve approximately $48
million of liquidity through 2009. FelCor�s RevPAR for the two
months ended November decreased 8.7 percent compared to the prior
year period. RevPAR has been below expectations due to lower travel
demand associated with the deepening recession. However, its hotels
continue to gain market share and perform better than the industry.
In addition, its Funds From Operations (�FFO�) through November are
in line with expectations, due to aggressive cost cutting at its
hotels. As a result, the company is maintaining its existing 2008
FFO guidance. �We continue to take the appropriate actions to
maintain liquidity and reduce debt with our cost cutting measures
and the suspension of our common dividend. Notwithstanding
weakening industry trends, we are pleased with better than expected
EBITDA margins in October and November and continued strong market
share growth for our renovated hotels. However, given that current
industry trends are expected to continue into 2009, we feel that it
is prudent to suspend our common dividend,� said Richard A. Smith,
FelCor�s President and Chief Executive Officer. FelCor, a real
estate investment trust, is the nation�s largest owner of upper
upscale, all-suite hotels. FelCor owns interests in 89 hotels and
resorts, located in 23 states and Canada. FelCor�s portfolio
consists mostly of upper upscale hotels, which are flagged under
global brands such as Embassy Suites Hotels�, Doubletree�, Hilton�,
Renaissance�, Sheraton�, Westin� and Holiday Inn�. Additional
information can be found on the Company�s Web site 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.
These forward-looking statements are identified by their use of
terms and phrases such as �anticipate,� �believe,� �could,�
�estimate,� �expect,� �intend,� �may,� �plan,� �predict,�
�project,� �should,� �will,� �continue� and other similar terms and
phrases, including references to assumptions and forecasts of
future results. 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 anticipated at the time the forward-looking
statements are made. Current economic circumstances or a further
economic slowdown and the impact on the lodging industry, operating
risks associated with the hotel business, relationships with our
property managers, risks associated with our level of indebtedness
and our ability to meet debt covenants in our debt agreements, our
ability to complete acquisitions and dispositions, the availability
of capital, the impact on the travel industry from increased fuel
prices and security precautions, our ability to continue to qualify
as a Real Estate Investment Trust for federal income tax purposes
and numerous other factors may affect future results, performance
and achievements. Certain of 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. We undertake no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in our expectations.
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