FelCor Suspends Preferred Dividends – Operating Results Remain on Track
31 Março 2009 - 5:15PM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it has suspended the quarterly dividend payments on its Series
A Cumulative Convertible Preferred Stock and its 8% Series C
Cumulative Redeemable Preferred Stock.
This decision reflects the company�s continued focus on
preserving liquidity. The company does not anticipate that it will
be required to pay any further dividends in 2009 to maintain its
REIT status. By suspending its preferred dividends, the company
will preserve approximately $10 million of liquidity per quarter,
and expects to generate positive cash flow during 2009. Operating
results through February were in-line with the high-end of our
expectations.
�In the face of a difficult operating environment, I am pleased
with our operating results so far this year, which reflect the
continued expense management at the hotels and market share growth.
However, given our focus on preserving liquidity during the
recession, we feel that it is prudent to suspend our preferred
dividend until conditions improve,� 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
88 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.
Felcor Lodging (NYSE:FCH)
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