IRVING, Texas, Dec. 20 /PRNewswire-FirstCall/ -- FelCor Lodging Trust Incorporated (NYSE: FCH) , one of the nation's largest hotel real estate investment trusts (REITs), today announced its fourth quarter dividends. FelCor will pay a dividend of $0.15 per share on its Common Stock, $0.4875 per share on its $1.95 Series A Cumulative Convertible Preferred Stock and $0.5625 per depositary share evidencing its 9% Series B Cumulative Redeemable Preferred Stock. The fourth quarter dividends will each be payable on January 31, 2003 to shareholders of record on December 31, 2002.
FelCor's common dividend will be determined each quarter based upon the operating results of that quarter, economic conditions, and other operating trends.
Compared to the same periods for 2001, FelCor's revenue per available room (RevPAR) increased 5.2 percent in October, 1.7 percent in November, and is slightly positive for December to date. FelCor's fourth quarter RevPAR will be below the previous guidance of four to six percent for the fourth quarter.
FelCor is the only lodging REIT that owns a diversified portfolio of nationally branded, upscale and full-service hotels managed by strategic brand managers such as Hilton Hotels, Six Continents Hotels, and Starwood Hotels & Resorts. FelCor is competitively positioned to deliver superior shareholder returns through its strong management team, strategic brand manager alliances, diversified upscale and full-service hotels, value creation expertise, and financial strength. FelCor's hotel portfolio consists of 183 hotels with nearly 50,000 rooms and suites and is concentrated primarily in the upscale and full-service segments. FelCor is the owner of the largest number of Embassy Suites(R), Crowne Plaza(R), Holiday Inn(R) and independently owned Doubletree(R)-branded hotels. Other leading hotel brands under which FelCor's hotels are operated include Sheraton Suites(R), Sheraton(R) and Westin(R). FelCor has a current market capitalization of approximately $2.9 billion.
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