FelCor Completes Redemption of Its 8% Series C Cumulative Redeemable Preferred Stock

IRVING, Texas--(BUSINESS WIRE)--

FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it has completed the redemption of all its outstanding shares of 8% Series C Cumulative Redeemable Preferred Stock.

"We continue to deliver on our commitment to increase stockholder value by further enhancing returns on investments, improving our portfolio quality and strengthening our balance sheet. By redeeming our 8% Series C preferred stock, we are reducing our cost of capital and increasing our funds from operations and funds available for distribution. At the same time, our portfolio continues to deliver peer-leading RevPAR and EBITDA growth," said Richard A. Smith, FelCor's President and Chief Executive Officer.

This press release contains forward-looking statements that involve risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include: adverse conditions in the capital markets and the failure of holders to participate in the tender offer; changes in federal or state securities laws; and changes in our business and financial condition. FelCor and FelCor LP assume no obligation to update forward-looking information contained in this press release.

About FelCor

FelCor, a real estate investment trust, owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major and resort markets throughout the U.S. FelCor partners with leading hotel companies to operate its hotels, which are flagged under globally renowned names and premier independent hotels.