FelCor Reinstates Preferred Dividends
11 Janeiro 2011 - 11:00AM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it has reinstated the quarterly dividend payments on its
Series A Cumulative Convertible Preferred Stock and its 8% Series C
Cumulative Redeemable Preferred Stock.
FelCor will pay the current quarterly dividends of $0.4875 per
share on its Series A Preferred Stock and $0.50 per depositary
share evidencing its Series C Preferred Stock. The dividends will
each be due and payable on January 31, 2011, to stockholders of
record on January 18, 2011.
The Company was previously restricted from paying dividends as
it did not meet an interest coverage threshold relating to its 10%
Senior Secured Notes. However, pro forma interest coverage for the
most recently reported quarter exceeds the minimum threshold, as a
result of the positive impact from recent capital transactions,
including recent hotel dispositions.
“We are very pleased to reinstate our quarterly preferred
dividends, which have been a priority for the Company. We continue
to benefit from our portfolio repositioning program and improving
industry conditions, which has strengthened our liquidity,” 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
82 properties located in more than 30 major markets in the United
States. FelCor’s diversified portfolio of hotels and resorts are
flagged under global brands such as Doubletree®, Embassy Suites
Hotels®, Hilton®, Fairmont®, Marriott®, 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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