FelCor Q2 EBITDA Increases 11%

FelCor Lodging Trust Incorporated (NYSE: FCH), owner of 78 primarily upper-upscale hotels and resorts, today reported operating results for the second quarter ended June 30, 2011.

Summary:

• Revenue per available room ("RevPAR") for 67 comparable hotels increased 6.2% for the quarter.
• Same-store Hotel EBITDA margin increased 144 basis points for the quarter. Hotel EBITDA increased 11% during the quarter, representing more than two times hotel revenue growth.
• Adjusted FFO per share was $0.13 and Adjusted EBITDA was $64.3 million for the quarter. Before asset sales and debt transactions, Adjusted FFO per share would have been $0.16.
• Sold six hotels during 2011, including three in July, for gross proceeds of $100 million.
• Repaid almost $450 million of debt this year, with proceeds from asset sales and the senior notes and equity offerings, reducing average interest rate by 50 basis points during the quarter.
• Purchased the Royalton and Morgans hotels in midtown Manhattan for $140 million.
• Net loss was $42.3 million for the quarter.

Second Quarter Operating Results:

RevPAR (for 67 comparable hotels) was $102.28, a 6.2% increase compared to the same period in 2010. The increase was driven by a 3.7% increase in average daily rate ("ADR") to $131.86 and a 2.4% increase in occupancy to 77.6%. Comparable hotels exclude the eight hotels marketed for sale, three hotels in discontinued operations and two hotels acquired in 2011.

“We continue to successfully execute our strategy to improve our portfolio quality and long-term growth and to restructure our balance sheet. We issued senior notes at a very favorable rate and used the proceeds to acquire two strategic hotels in Manhattan and retire higher cost debt. We also sold six non-strategic hotels this year and used the net proceeds to repay debt. We are mid-way through the first group of asset sales, which have progressed faster than anticipated, and expect to complete the sale of these remaining hotels this year,” said Richard A. Smith, FelCor's President and Chief Executive Officer.

“RevPAR growth continues to accelerate, but slower than expected. The U.S. economy is expanding, but headwinds lingered in the second quarter. Our transient RevPAR was strong, increasing 8% compared to prior year, although group RevPAR increased only 1%. We expect stronger RevPAR in the second half of the year, reflecting improved group booking pace and continued improvement in transient rates. Our aggressive asset management philosophy continues to show positive results. We remain the best performing hotel REIT by RevPAR growth, since we completed the renovation program in 2008 and implemented significant operational changes. We remain focused on limiting cost increases as occupancy recovers. This produced better hotel EBITDA margins than expected during the second quarter, which allowed us to meet the low-end of our expectations, and our cost per occupied room remains more than $3 below 2008,” added Mr. Smith.

Hotel EBITDA was $70.9 million, compared to $63.7 million for the same period in 2010, an 11% increase. Hotel EBITDA and other same-store metrics reflect 75 consolidated hotels at the end of the quarter (67 comparable hotels plus eight hotels marketed for sale). The same-store metrics include the Fairmont Boston, which was acquired in August 2010, and exclude five hotels owned at June 30 (three Embassy Suites Hotels sold in July, which were classified as discontinued operations, and Royalton and Morgans, which were acquired in May 2011). Hotel EBITDA margin was 28.0%, a 144 basis point increase compared to the same period in 2010.

Adjusted EBITDA (which includes our pro rata share of joint ventures) was $64.3 million compared to $56.5 million for the same period in 2010, a 14% increase. Same-store Adjusted EBITDA was $61.6 million for the quarter, a 12.6% increase, compared to the same period in 2010.

Adjusted funds from operations (“FFO”) was $16.4 million, or $0.13 per share, compared to $6.7 million, or $0.10 per share, for the same period in 2010, a $0.03 per share improvement.

Net loss attributable to common stockholders was $51.9 million, or $0.42 per share for the quarter, compared to net income of $11.9 million, or $0.17 per share, for the same period in 2010. Our 2011 net loss included $23.7 million of net losses from debt extinguishment and $12.3 million of impairment charges, which were partially offset by $6.7 million of net gains on asset sales. Our 2010 net income included a $46.1 million gain from debt extinguishment.

Balance Sheet:

In May, we completed the sale of $525 million of 6.75% senior secured notes maturing in 2019. Combined with the $158 million in net proceeds from the April equity offering, we raised $669 million in net proceeds, after fees and expenses, which were used to fund the $140 million acquisition of the Royalton and Morgans hotels in New York, redeem $144 million of 10% senior secured notes due 2014 (for total consideration of $158 million), retire the remaining $46 million of 9% senior notes that matured in June 2011, retire a $7.3 million CMBS loan that matured in June 2011 and repay the balance under our line of credit ($145 million at March 31).

In June, we refinanced $24.0 million of a $27.8 million CMBS loan that bore interest at 8.77% and was scheduled to mature in 2013. The remaining $3.8 million principal was forgiven as part of a prior agreement with the special servicer.

At June 30, 2011, we had $1.6 billion of consolidated debt, with an average interest rate of 7.4% and weighted average maturity of five years. We had $231.0 million of cash and cash equivalents and full availability under our $225 million line of credit, providing the company with over $400 million of liquidity.

We have one remaining debt maturity in 2011: a $178.2 million CMBS principal amount that is secured by nine hotels. We repaid $45.3 million of the original $250 million principal balance in the second quarter, and an additional $26.5 million in July, using proceeds from the sales of three hotels that secured the loan. We expect to refinance the remaining balance prior to maturity.

“We are very pleased with our recent senior note offering. The interest rate and eight-year term are very attractive and fit our strategy to lower financing costs and stagger maturities. Proceeds from our recent equity and bond offerings were used to repay higher-cost debt, and we reduced our average interest rate by 50 basis points this quarter. The full availability under our line of credit, combined with over $200 million of cash, provides tremendous financial flexibility. As we sell additional hotels, we will continue to look for accretive ways to refinance or repay existing debt to lower our average interest rate and stagger maturities. We expect our leverage to continue to decline from improved operations and from asset sales,” stated Andrew J. Welch, FelCor's Executive Vice President and Chief Financial Officer.

Portfolio Management:

For the quarter, we spent $36.3 million on capital improvements at our hotels (including our pro rata share of joint venture expenditures). During 2011, we intend to spend approximately $85 million on capital improvement and ROI projects. Approximately $60 million, or 6% of our annual revenue, will be focused on renovating seven hotels, as part of our long-term capital program to maintain our portfolio quality and competitive positioning. In May, we completed the construction of a new $5 million, stand-alone, high-efficiency laundry facility at Kingston Plantation in Myrtle Beach that services approximately 700 condominiums and our two hotels. We expect our return on investment to be greater than our original projection (less than a five-year payback). Next year, we intend to further increase our return by providing services to other hotels. Moving this facility also frees valuable first-floor space at the Embassy Suites, which allows us to pursue further revenue generation opportunity. Our remaining 2011 capital expenditures will include the first phase of the redevelopment at the Fairmont Boston Copley Plaza (including renovation of the guest rooms and corridors, and the development of a new state-of-the-art fitness center and day spa).

In May, we acquired two midtown Manhattan hotels, Royalton and Morgans, for $140.0 million. The hotels are in excellent condition and are recently renovated. The purchase price, $496,000 per key, is approximately 60% of estimated replacement cost and represents a 10% stabilized yield on EBITDA. We expect the hotels to generate approximately $6 million of EBITDA during 2011, and increasing to nearly $8 million in 2012. We have begun redevelopment projects at the Morgans to add guest rooms, improve the fitness center and guest lounge, as well as re-concepting the food and beverage offerings, all of which will further enhance our return on investment.

During the second quarter, we sold three non-strategic hotels (Embassy Suites – Phoenix - Tempe, Sheraton Suites – Chicago - O’Hare and Hilton Suites – Lexington) for combined gross proceeds of $54 million. After the end of the quarter, we sold three hotels (Embassy Suites Hotels in Orlando - North, DFW – South and Corpus Christi) for combined gross proceeds of $46 million. We currently have agreements to sell, or are negotiating contracts to sell, five additional hotels.

Outlook:

We are maintaining our second half 2011 guidance, which assumes lodging demand continues to recover and low supply growth. We have updated our outlook for the completed sale of six non-strategic hotels during the first half of the year (representing approximately $6 million of EBITDA) and for second quarter actual results (which met the low-end of our expectations). Our prior guidance assumed the sale of only one hotel. In addition, we have updated our interest expense to account for our recent senior notes offering and recently repaid debt. Our guidance includes only dispositions of those hotels that have been sold or hotels that we have contracts to sell with hard deposits. Our updated guidance assumes no acquisitions, dispositions or debt repayment beyond what has already occurred. We will update our guidance as we sell additional hotels.

For 2011, we anticipate:

• RevPAR: increasing between 6% and 7.5%;
• Adjusted EBITDA: between $207 million and $213 million;
• Adjusted FFO per share: between $0.17 and $0.22;
• Net loss attributable to FelCor: between $121 million and $115 million;
• Interest expense: approximately $141 million;
• Capital expenditures: approximately $85 million; and
• Weighted average shares and units outstanding: 117.4 million.

FelCor, a real estate investment trust, is the nation's largest owner of upper-upscale, all-suite hotels. FelCor owns interests in 78 properties located in major markets throughout 22 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 .

 

SUPPLEMENTAL INFORMATION

INTRODUCTION

The following information is presented in order to help our investors understand FelCor's financial position as of and for the three and six month periods ended June 30, 2011.

TABLE OF CONTENTS
		Page
Consolidated Statements of Operations(a)		7
Consolidated Balance Sheets(a)		8
Consolidated Debt Summary		9
Schedule of Encumbered Hotels		10
Capital Expenditures		11
Supplemental Financial Data		11
Portfolio Summary		11
Hotel Portfolio Composition		12
Detailed Operating Statistics by Brand		13
Comparable Hotels Operating Statistics for FelCor's Top Markets		14
Non-GAAP Financial Measures		15

(a) Our consolidated statements of operations and balance sheets have been prepared without audit. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been omitted. The consolidated statements of operations and balance sheets should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent Quarterly Report on Form 10-Q.

Consolidated Statements of Operations
(in thousands, except per share data)
			Three Months Ended									Six Months Ended
			June 30,									June 30,
				2011				2010					2011				2010
Revenues:
Hotel operating revenue:
Room			$	199,188			$	179,004				$	375,168			$	341,835
Food and beverage				42,576				34,756					79,711				67,411
Other operating departments				14,591				13,944					26,969				26,518
Other revenue				1,011				1,007					1,236				1,372
Total revenues				257,366				228,711					483,084				437,136
Expenses:
Hotel departmental expenses:
Room				52,433				46,308					99,633				89,689
Food and beverage				31,534				26,488					60,692				52,013
Other operating departments				6,651				6,191					12,549				11,996
Other property related costs				67,646				61,222					133,946				120,862
Management and franchise fees				11,849				10,970					22,332				20,699
Taxes, insurance and lease expense				23,563				23,595					43,621				45,245
Corporate expenses				6,910				6,510					16,447				16,357
Depreciation and amortization				34,011				34,158					67,861				68,639
Impairment loss				11,706				—					11,706				—
Other expenses				1,616				801					2,247				1,362
Total operating expenses				247,919				216,243					471,034				426,862
Operating income				9,447				12,468					12,050				10,274
Interest expense, net				(34,875	)			(35,856	)				(68,348	)			(70,582	)
Debt extinguishment				(23,660	)			46,186					(23,905	)			46,186
Gain on involuntary conversion, net				21				—					171				—
Income (loss) before equity in loss from unconsolidated entities				(49,067	)			22,798					(80,032	)			(14,122	)
Equity in income (loss) from unconsolidated entities				31				286					(1,552	)			(1,188	)
Income (loss) from continuing operations				(49,036	)			23,084					(81,584	)			(15,310	)
Discontinued operations				6,639				(1,094	)				7,461				(25,642	)
Net income (loss)				(42,397	)			21,990					(74,123	)			(40,952	)
Net income attributable to noncontrolling interests in other partnerships				(51	)			(325	)				(109	)			(96	)
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP				183				(51	)				303				274
Net income (loss) attributable to FelCor				(42,265	)			21,614					(73,929	)			(40,774	)
Preferred dividends				(9,678	)			(9,678	)				(19,356	)			(19,356	)
Net income (loss) attributable to FelCor common stockholders			$	(51,943	)		$	11,936				$	(93,285	)		$	(60,130	)
Basic and diluted per common share data:
Income (loss) from continuing operations			$	(0.48	)		$	0.19				$	(0.92	)		$	(0.53	)
Net income (loss)			$	(0.42	)		$	0.17				$	(0.85	)		$	(0.92	)
Basic and diluted weighted average common shares outstanding				122,992				66,531					109,249				65,014

Consolidated Balance Sheets
(in thousands)
			June 30,				December 31,
				2011				2010
Assets
Investment in hotels, net of accumulated depreciation of $964,606 and $982,564 at June 30, 2011 and December 31, 2010, respectively			$	1,998,232			$	1,985,779
Investment in unconsolidated entities				72,733				75,920
Hotels held for sale				43,846				—
Cash and cash equivalents				231,049				200,972
Restricted cash				41,609				16,702
Accounts receivable, net of allowance for doubtful accounts of $344 and $696 at June 30, 2011 and December 31, 2010, respectively				39,266				27,851
Deferred expenses, net of accumulated amortization of $11,850 and $17,892 at June 30, 2011 and December 31, 2010, respectively				31,811				19,940
Other assets				34,281				32,271
Total assets			$	2,492,827			$	2,359,435
Liabilities and Equity
Debt, net of discount of $36,740 and $53,193 at June 30, 2011 and December 31, 2010, respectively			$	1,612,106			$	1,548,309
Distributions payable				76,293				76,293
Accrued expenses and other liabilities				142,967				144,451
Total liabilities				1,831,366				1,769,053
Commitments and contingencies
Redeemable noncontrolling interests in FelCor LP, 640 and 285 units issued and outstanding at June 30, 2011 and December 31, 2010, respectively				3,887				2,004
Equity:
Preferred stock, $0.01 par value, 20,000 shares authorized:
Series A Cumulative Convertible Preferred Stock, 12,880 shares, liquidation value of $322,011, issued and outstanding at June 30, 2011 and December 31, 2010				309,362				309,362
Series C Cumulative Redeemable Preferred Stock, 68 shares, liquidation value of $169,950, issued and outstanding at June 30, 2011 and December 31, 2010				169,412				169,412
Common stock, $0.01 par value, 200,000 shares authorized and 124,569 shares issued at June 30, 2011, and 101,038 shares issued, including shares in treasury, at December 31, 2010				1,246				1,010
Additional paid-in capital				2,350,883				2,190,308
Accumulated other comprehensive income				27,931				26,457
Accumulated deficit				(2,221,290	)			(2,054,625	)
Less: Common stock in treasury, at cost, of 4,156 shares at December 31, 2010				—				(73,341	)
Total FelCor stockholders’ equity				637,544				568,583
Noncontrolling interests in other partnerships				20,030				19,795
Total equity				657,574				588,378
Total liabilities and equity			$	2,492,827			$	2,359,435

Consolidated Debt Summary
(dollars in thousands)
			Encumbered Hotels				Interest Rate (%)		Maturity Date		June 30, 2011			December 31, 2010
Line of credit(a)			11 hotels				L + 4.50		August 2014(b)		$	—		$	—
Mortgage debt
Mortgage debt(c)			10 hotels				L + 0.93(d)		November 2011			204,714			250,000
Mortgage debt(e)			9 hotels				L + 5.10(f)		April 2015			211,968			212,000
Mortgage debt			7 hotels				9.02		April 2014			110,973			113,220
Mortgage debt			5 hotels(g)				6.66		June - August 2014			68,300			69,206
Mortgage debt(h)			1 hotel				L + 1.50		June 2012			24,000			27,770
Mortgage debt			1 hotel				5.81		July 2016			11,100			11,321
Other			—				4.25		August 2011			791			524
Senior notes
Senior secured notes			6 hotels				6.75		June 2019			525,000			—
Senior secured notes(i)			14 hotels				10.00		October 2014			455,260			582,821
Retired debt			—				—		—			—			281,447
Total			64 hotels								$	1,612,106		$	1,548,309

(a) We currently have full availability under our $225 million line of credit.

(b) The line of credit can be extended for one year (to 2015), subject to satisfying certain conditions.

(c) $26.5 million was repaid on this note after June 30, 2011 from proceeds of a hotel sale.

(d) We purchased an interest rate cap ($250 million notional amount) that caps LIBOR at 7.8% and expires November 2011.

(e) $8.6 million was repaid on this note after June 30, 2011 from proceeds of a hotel sale.

(f) LIBOR (for this loan) is subject to a 3% floor. We purchased an interest rate cap ($212 million notional amount) that caps LIBOR at 5.0% and expires May 2012.

(g) The hotels securing this debt are subject to separate loan agreements and are not cross-collateralized.

(h) This note was repaid after June 30, 2011.

(i) $492 million in aggregate principal outstanding (after redemption of $144 million in aggregate principal in June 2011) and were initially sold at a discount that provided an effective yield of 12.875% before transaction costs.

Schedule of Encumbered Hotels
(dollars in millions)
		June 30, 2011
Consolidated Debt		Balance				Encumbered Hotels
Line of credit		$	—			Boca Raton - ES, Charlotte SouthPark - DT, Dana Point - DTGS, Houston Medical Center - HI, Myrtle Beach - HLT, Mandalay Beach - ES, Nashville Airport - ES, Philadelphia Independence Mall - HI, Pittsburgh University Center - HI, Santa Barbara Goleta - HI and Santa Monica at the Pier - HI
CMBS debt		$	205			Anaheim - ES, Bloomington - ES, Charleston Mills House - HI, Dallas DFW South - ES, Deerfield Beach - ES, Jacksonville - ES, Dallas Love Field - ES, Raleigh/Durham - DTGS, San Antonio Airport - HI and Tampa Rocky Point - DTGS
Mortgage debt		$	212			Atlanta Buckhead - ES, Atlanta Galleria - SS, Boston Marlboro - ES, Burlington - SH, Corpus Christi - ES, Ft. Lauderdale Cypress Creek - SS, Orlando South - ES, Philadelphia Society Hill - SH and South San Francisco - ES
Mortgage debt		$	111			Baton Rouge - ES, Birmingham - ES, Ft. Lauderdale - ES, Miami Airport - ES, Milpitas - ES, Minneapolis Airport - ES and Napa Valley - ES
CMBS debt(a)		$	68			Atlanta Airport - ES, Austin - DTGS, BWI Airport - ES, Orlando Airport - HI and Phoenix Biltmore - ES
CMBS debt		$	24			New Orleans Convention Center - ES
CMBS debt		$	11			Indianapolis North - ES
Senior secured notes		$	525			Boston Copley - FMT, Los Angeles International Airport - ES, Indian Wells Esmeralda Resort & Spa - REN, St. Petersburg Vinoy Resort & Golf Club - REN, Morgans and Royalton
Senior secured notes		$	455			Atlanta Airport - SH, Boston Beacon Hill - HI, Dallas Market Center - ES, Myrtle Beach Resort - ES, Nashville Opryland - Airport - HI, New Orleans French Quarter - HI, Orlando North - ES, Orlando Walt Disney World® - DTGS, San Diego on the Bay - HI, San Francisco Waterfront - ES, San Francisco Fisherman's Wharf - HI, San Francisco Union Square - MAR, Toronto Airport - HI and Toronto Yorkdale - HI

(a) The hotels under this debt are subject to separate loan agreements and are not cross-collateralized.

Capital Expenditures
(in thousands)
			Three Months Ended									Six Months Ended
			June 30,									June 30,
				2011				2010					2011				2010
Improvements and additions to majority-owned hotels			$	20,206			$	10,194				$	35,244			$	18,393
Partners' pro rata share of additions to consolidated joint venture hotels				(251	)			(87	)				(440	)			(122	)
Pro rata share of additions to unconsolidated hotels				339				543					1,472				970
Total additions to hotels(a)			$	20,294			$	10,650				$	36,276			$	19,241

(a) Includes capitalized interest, property taxes, ground leases and certain employee costs.

Supplemental Financial Data
(in thousands, except per share information)
			June 30,				December 31,
Total Enterprise Value				2011				2010
Common shares outstanding				124,569				96,882
Units outstanding				640				285
Combined shares and units outstanding				125,209				97,167
Common stock price			$	5.33			$	7.04
Market capitalization			$	667,364			$	684,056
Series A preferred stock				309,362				309,362
Series C preferred stock				169,412				169,412
Consolidated debt				1,612,106				1,548,309
Noncontrolling interests of consolidated debt				(2,934	)			(3,754	)
Pro rata share of unconsolidated debt				76,447				77,295
Cash and cash equivalents				(231,049	)			(200,972	)
Total enterprise value			$	2,600,708			$	2,583,708

Portfolio Summary
Description			Hotels			Rooms
Comparable hotels at June 30, 2011			67			19,513
Hotels marketed for sale			8			2,397
Same-store hotels			75			21,910
Hotels acquired in 2011 (Royalton, Morgans)			2			282
Discontinued operations (sold in July)			3			732
Consolidated hotels			80			22,924
Unconsolidated hotels			1			171
Total hotels at June 30, 2011			81			23,095
Hotels sold July			(3	)		(732	)
Hotels owned at August 1, 2011			78			22,363

Hotel Portfolio Composition

The following table illustrates the distribution of comparable hotels (excludes eight hotels in continuing operations that are currently being marketed for sale, and Royalton and Morgans, which were acquired in May 2011).

Brand			Hotels			Rooms			% of Total Rooms			% of 2010 Hotel EBITDA(a)
Embassy Suites Hotels			37			9,757			50				58
Holiday Inn			13			4,338			22				19
Doubletree and Hilton			8			1,856			10				10
Sheraton and Westin			5			1,858			9				8
Renaissance and Marriott			3			1,321			7				3
Fairmont			1			383			2				2	(b)
Market
South Florida			5			1,439			7				8
Los Angeles area			4			899			5				7
San Francisco area			6			2,138			11				7
Boston			3			915			5				5
Atlanta			3			952			5				5
Philadelphia			2			729			4				4
Central California Coast			2			408			2				4
Myrtle Beach			2			640			3				4
New Orleans			2			744			4				4
San Antonio			3			874			5				4
Orlando			3			761			4				4
Minneapolis			2			528			3				4
San Diego			1			600			3				3
Dallas			2			784			4				3
Other			27			7,102			35				34
Location
Urban			18			5,919			30				33
Suburban			25			6,158			32				28
Airport			14			4,509			23				22
Resort			10			2,927			15				17

(a) Hotel EBITDA is more fully described on page 22.

(b) Represents Hotel EBITDA from date of acquisition (August 2010).

The following tables set forth occupancy, ADR and RevPAR for the three and six months ended June 30, 2011 and 2010, and the percentage changes therein for the periods presented, for our same-store Consolidated Hotels (excluding Morgans and Royalton, which were acquired in May 2011) included in continuing operations.

Detailed Operating Statistics by Brand
			Occupancy (%)
			Three Months Ended								Six Months Ended
			June 30,								June 30,
			2011		2010		%Variance				2011		2010		%Variance
Embassy Suites Hotels			78.7		76.6		2.8				75.5		73.9		2.2
Holiday Inn			79.2		78.1		1.4				74.0		73.8		0.3
Doubletree and Hilton			75.9		75.5		0.5				69.7		69.5		0.3
Sheraton and Westin			71.2		70.0		1.7				69.1		67.3		2.7
Renaissance and Marriott			72.8		67.8		7.4				71.9		66.6		8.0
Fairmont			84.1		84.6		(0.6	)			68.6		68.2		0.6
Comparable hotels			77.6		75.8		2.4				73.6		72.2		2.0
Hotels marketed for sale			66.0		67.8		(2.7	)			67.2		66.4		1.1
Total same-store hotels			76.3		74.9		1.9				72.9		71.6		1.9
			ADR ($)
			Three Months Ended								Six Months Ended
			June 30,								June 30,
			2011		2010		%Variance				2011		2010		%Variance
Embassy Suites Hotels			129.86		127.12		2.2				131.46		129.48		1.5
Holiday Inn			122.69		116.33		5.5				116.89		110.29		6.0
Doubletree and Hilton			126.28		118.61		6.5				126.72		116.83		8.5
Sheraton and Westin			109.05		106.79		2.1				109.94		105.45		4.3
Renaissance and Marriott			177.78		168.37		5.6				187.10		175.96		6.3
Fairmont			268.90		253.54		6.1				242.34		223.61		8.4
Comparable hotels			131.86		127.13		3.7				131.29		126.25		4.0
Hotels marketed for sale			108.91		110.28		(1.2	)			111.62		110.79		0.7
Total same-store hotels			129.68		125.45		3.4				129.30		124.68		3.7
			RevPAR ($)
			Three Months Ended								Six Months Ended
			June 30,								June 30,
			2011		2010		%Variance				2011		2010		%Variance
Embassy Suites Hotels			102.22		97.32		5.0				99.25		95.63		3.8
Holiday Inn			97.16		90.86		6.9				86.51		81.39		6.3
Doubletree and Hilton			95.82		89.51		7.1				88.29		81.16		8.8
Sheraton and Westin			77.64		74.75		3.9

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