FelCor Reports Third Quarter Results - Renovated Hotels Continue to Exceed Targets, Increasing Common Dividend
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FelCor Reports Third Quarter Results - Renovated Hotels Continue to Exceed Targets, Increasing Common Dividend
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2007-11-08
FelCor Lodging Trust Incorporated (NYSE:FCH) today reported operating results for the third quarter and nine months ended September 30, 2007.
Third Quarter Summary:
* Exceeded operating expectations for our 37 hotels where renovations were completed by June 30, 2007. Hotel EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for these hotels, exceeded budget in the second quarter by $1.1 million, or 3.0 percent. This represents a return on capital greater than our goal of 12 percent.
* Increased Revenue Per Available Room ("RevPAR") by 12.5 percent at our 37 hotels where renovations were completed by June 30, 2007. RevPAR increased 3.7 percent for our total portfolio of 83 consolidated hotels.
* Completed renovations at 12 hotels during the third quarter and an additional two hotels in October. We have now completed renovations at 51 hotels, or almost two thirds of our portfolio. We expect to complete renovations at an additional 13 hotels, for a total of 64 hotels, by the end of 2007.
* During the third quarter, we had 32 hotels under renovation. Renovation delays have caused completion dates at six hotels to shift from 2007 to the first quarter of 2008. The delays are related primarily to major mechanical work and/or permitting and inspection issues in the public areas. While we continue to feel the impact from the disruptions, the overall progress on our renovation program has been a success.
* Increased our quarterly common dividend by $0.05, or nearly 17 percent, to $0.35 per share, effective the fourth quarter of 2007.
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