Provides RevPAR Estimate for First Quarter
IRVING, Texas…April 3, 2003 - FelCor Lodging Trust Incorporated (NYSE: FCH), the nation’s second largest hotel real estate investment trust (REIT), today announced the refinancing of $16 million of secured debt that was to mature in October 2003. The loan was refinanced by the existing lender, Nationwide Life Insurance Company, for a five-year period at a floating interest rate of LIBOR + 2.85 percent with no required amortization. Another secured loan, in the amount of $6 million that was scheduled to mature in the second quarter of this year, was repaid in the first quarter of 2003.
“The Company is committed to de-leverage with time. Through this refinancing, we improved our financial flexibility. We’re pleased that FelCor has no debt maturities for the remainder of 2003,” said Richard J. O’Brien, FelCor’s Chief Financial Officer and Executive Vice President.
For the first quarter of 2003, revenue per available room (RevPAR) declined an estimated 5.3 percent approximating the Company’s low end of its previous guidance. FelCor’s RevPAR decreased 3.6 percent in January, 5.8 percent in February, and an estimated 6.3 percent in March, as compared to the same periods for 2002.
FelCor is the nation's second largest lodging REIT and the nation’s largest owner of full service, all-suite hotels.
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