Exhibit 99.2
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Date of Issuance April 28, 2004
All dollar amounts shown in this report are in U.S. dollars unless otherwise noted.
This Supplemental Information is neither an offer to sell nor a solicitation to buy any
securities of FelCor. Any offers to sell or solicitations to buy any securities of FelCor shall
be made by means of a prospectus.
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
TABLE OF CONTENTS
| PAGE | ||||
CORPORATE DATA | ||||
| About the Company | 3 | |||
| Board of Directors and Executive Officers | 4 | |||
| Equity Research Coverage | 5 | |||
FINANCIAL HIGHLIGHTS | ||||
| Supplemental Financial Data | 6 | |||
| Consolidated Statements of Operations | 7 | |||
| Discontinued Operations | 8 | |||
| Reconciliation of Net Loss to FFO | 9 | |||
| Reconciliation of Net Loss to EBITDA | 10 | |||
| Selected Operating Data | 11 | |||
| Hotel Operating Expense Composition | 11 | |||
| Debt Summary | 12 | |||
PORTFOLIO DATA | ||||
| Portfolio Distribution | 14 | |||
| Detailed Operating Statistics by Brand | 15 | |||
| Detailed Operating Statistics for FelCor’s Top Markets | 16 | |||
| Other Performance Statistics | 17 | |||
| Hotel Portfolio Information | 18 | |||
| Hotel Portfolio Listing | 20 | |||
With the exception of historical information, the matters discussed in this supplement include “forward looking statements” within the meaning of the federal securities laws. Forward looking statements are not guarantees of future performance. Numerous risks and uncertainties, and the occurrence of future events, may cause actual results to differ materially from those currently anticipated. General economic conditions, including the continuation and magnitude of the current recovery in the economy, the realization of anticipated job growth, the impact of U.S. military involvement in the Middle East and elsewhere, future acts of terrorism, the impact on the travel industry of increased security precautions, the availability of capital, the ability to effect sales of non-strategic hotels at anticipated prices, and numerous other factors may affect future results, performance and achievements. Certain of these risks and uncertainties are described in greater detail in our filings with the Securities and Exchange Commission. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that actual results will not differ materially.
2
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
CORPORATE DATA
About the Company
In 1994, FelCor Lodging Trust Incorporated went public as a real estate investment trust (REIT) with six hotels and a market capitalization of $120 million. At March 31, 2004, FelCor was the nation’s second largest lodging REIT and the owner of the largest number of full service, all-suite hotels in the U.S. FelCor’s portfolio is comprised of 158 consolidated hotels, including 156 hotels in continuing operations and 2 hotels that are “held for sale” and included in discontinued operations. For the 156 hotels included in continuing operations, the operating revenues and expenses are reflected in FelCor’s consolidated statements of operations because of our ownership of the operating lessees of these hotels. FelCor also owns 50 percent joint venture interests in the operating lessees of four hotels whose operations are accounted for using the equity method. FelCor owns 71 full service, all-suite hotels, and is the largest owner of Embassy Suites Hotels® and independently owned Doubletree Guest Suites® hotels. FelCor’s portfolio also includes 74 hotels in the upscale and full service segments. The Company’s hotels are located in 33 states and Canada. FelCor had a market capitalization of approximately $3.0 billion at March 31, 2004.
Strategy
FelCor’s hotels are managed by strategic brand managers such as Hilton Hotels Corporation, InterContinental Hotels Group, and Starwood Hotels & Resorts. FelCor is competitively positioned to deliver superior long-term stockholder returns through its strong management team, diversified upscale and full-service hotels, and strategic brand manager alliances.
Stock and Debt Ratings
| Senior Unsecured Debt | Preferred Stock | |||
| Moody’s | B1 | B3 | ||
| Standard & Poors | B- | CCC |
Stock Exchange Listing
Common Stock (NYSE: FCH)
$1.95 Series A Cumulative Convertible Preferred Stock (NYSE: FCHPRA)
9% Series B Cumulative Redeemable Preferred Stock (NYSE: FCHPRB)
Fiscal Year End
December 31
Number of employees
65
Corporate Headquarters
545 E. John Carpenter Frwy., Suite 1300
Irving, TX 75062
(972) 444-4900
| Investor Relations Contact | Media Contact | |
| Stephen A. Schafer | Monica L. Hildebrand | |
| Vice President of Investor Relations | Vice President of Communications | |
| (972) 444-4912 | (972) 444-4917 | |
| sschafer@felcor.com | mhildebrand@felcor.com |
Information Request
information@felcor.com
3
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Board of Directors
Donald J. McNamara,Chairman of the Board
Principal, The Hampstead Group
Thomas J. Corcoran, Jr.
President and Chief Executive Officer, FelCor Lodging Trust Incorporated
Melinda J. Bush, C.H.A.
Chairman and Chief Executive Officer, HRW Holdings, LLC
Richard S. Ellwood
President, R.S. Ellwood and Co., Inc.
Richard O. Jacobson
Chairman of the Board, Jacobson Warehouse Company, Inc.
Charles A. Ledsinger, Jr.
President and Chief Executive Officer, Choice Hotels International
Robert H. Lutz, Jr.
President, RL Investments, Inc.
Robert A. Mathewson
President, RGC, Inc.
Richard C. North
Chief Executive Officer, InterContinental Hotels Group
Michael D. Rose
Chairman, Gaylord Entertainment Company
Executive Officers
Thomas J. Corcoran, Jr.,President and Chief Executive Officer
Michael A. DeNicola,Executive Vice President and Chief Investment Officer
Lawrence D. Robinson,Executive Vice President, General Counsel and Secretary
Jack Eslick,Senior Vice President, Director of Asset Management
Lester C. Johnson,Senior Vice President, Controller and Principal Accounting Officer
June C. McCutchen,Senior Vice President, Director of Design and Construction
Larry J. Mundy,Senior Vice President,Director of Business Initiatives and
Assistant General Counsel
Andrew J. Welch,Senior Vice President and Treasurer
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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Equity Research Coverage
| Firm | Analyst | Telephone | ||
| A.G. Edwards & Sons | Art Havener | (314) 955-3588 | ||
| Bear Stearns | Mark Abramson | (212) 272-4305 | ||
| Credit Lyonnais | Bryan A. Maher | (212) 408-5649 | ||
| Deutsche Bank | Marc Falcone | (212) 469-7417 | ||
| Friedman, Billings, Ramsey | David Loeb | (703) 469-1289 | ||
| Green Street Advisors | John Arabia | (949) 640-8780 | ||
| JPMorgan Chase | Harry C. Curtis | (212) 622-6610 | ||
| Legg Mason | Rod F. Petrik | (410) 454-4131 | ||
| Merrill Lynch | David W. Anders | (212) 449-2739 | ||
| Morgan Stanley | Todd Scott | (212) 761-8033 | ||
| Prudential | James W. Sullivan | (212) 778-2515 | ||
| Smith Barney Citigroup | Michael J. Rietbrock | (212) 816-0215 | ||
| UBS | Keith A. Mills/William B. Truelove | (212) 713-3098 | ||
| Wachovia Securities | Jeffrey J. Donnelly | (617) 603-4262 |
5
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
FINANCIAL HIGHLIGHTS
Supplemental Financial Data
(in thousands, except per share information, ratios and percentages)
| Total Enterprise Value | March 31, 2004 | December 31, 2003 | ||||||
| Common shares outstanding | 59,148 | 59,120 | ||||||
| Units not held by FelCor | 3,033 | 3,034 | ||||||
| Combined shares and units | 62,181 | 62,154 | ||||||
| Common stock price at end of period | $ | 10.42 | $ | 11.08 | ||||
| Common equity capitalization | $ | 647,926 | $ | 688,666 | ||||
| Series A preferred stock | 149,512 | 149,512 | ||||||
| Series B preferred stock | 169,395 | 169,395 | ||||||
| Consolidated debt | 2,033,362 | 2,037,355 | ||||||
| Cash and cash equivalents | (231,586 | ) | (246,036 | ) | ||||
| Total enterprise value(TEV) | $ | 2,768,609 | $ | 2,798,892 | ||||
| TEV per room(a) | $ | 68 | $ | 68 | ||||
| Pro rata rooms owned | 40,786 | 41,460 | ||||||
Dividends Per Share | ||||||||
| Dividends declared (quarter ended): | ||||||||
| Common | $ | — | $ | — | ||||
| Series A preferred stock | 0.4875 | 0.4875 | ||||||
| Series B preferred stock | 0.5625 | 0.5625 | ||||||
Selected Balance Sheet Data | ||||||||
| Investment in hotels, at cost(b) | $ | 4,292,965 | $ | 4,234,732 | ||||
| Total cash and cash equivalents | 231,586 | 246,036 | ||||||
| Total assets | 3,561,857 | 3,590,893 | ||||||
| Total debt | 2,033,362 | 2,037,355 | ||||||
| Total stockholders’ equity | 1,268,923 | 1,296,272 | ||||||
| Total stockholders equity less preferred equity | 950,016 | 977,365 | ||||||
| Book value per common share outstanding | 16.06 | 16.53 | ||||||
| (a) | Based on pro rata ownership. | |||
| (b) | Investment in hotels, at cost, is defined as consolidated hotel book value (after impairment charges) before accumulated depreciation, plus our pro rata share of unconsolidated investment in hotels before accumulated depreciation. | |||
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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Consolidated Statements of Operations
(in thousands, except per share data)
| Three Months | ||||||||
| Ended March 31, | ||||||||
| 2004 | 2003 | |||||||
| Revenues: | ||||||||
| Hotel operating revenue: | ||||||||
| Room | $ | 247,395 | $ | 227,659 | ||||
| Food and beverage | 47,220 | 43,628 | ||||||
| Other operating departments | 16,470 | 15,284 | ||||||
| Retail space rental and other revenue | 245 | 382 | ||||||
| Total revenues | 311,330 | 286,953 | ||||||
| Expenses: | ||||||||
| Hotel departmental expenses: | ||||||||
| Room | 66,594 | 59,030 | ||||||
| Food and beverage | 38,205 | 35,144 | ||||||
| Other operating departments | 8,481 | 7,055 | ||||||
| Other property related costs | 92,907 | 85,295 | ||||||
| Management and franchise fees | 15,857 | 15,306 | ||||||
| Taxes, insurance and lease expense | 32,118 | 31,107 | ||||||
| Lease termination expense | 4,900 | — | ||||||
| Corporate expenses | 3,386 | 3,423 | ||||||
| Depreciation | 30,714 | 34,064 | ||||||
| Total operating expenses | 293,162 | 270,424 | ||||||
| Operating income | 18,168 | 16,529 | ||||||
| Interest expense, net | (41,120 | ) | (39,805 | ) | ||||
| Charge-off of deferred financing costs | (230 | ) | — | |||||
| Loss before equity in income from unconsolidated entities, minority interests and gain on sale of assets | (23,182 | ) | (23,276 | ) | ||||
| Equity in income from unconsolidated entities | 982 | (148 | ) | |||||
| Minority interests | 1,344 | 1,191 | ||||||
| Loss from continuing operations | (20,856 | ) | (22,233 | ) | ||||
| Discontinued operations | 157 | 1,142 | ||||||
| Net loss | (20,699 | ) | (21,091 | ) | ||||
| Preferred dividends | (6,726 | ) | (6,726 | ) | ||||
| Net loss applicable to common stockholders | $ | (27,425 | ) | $ | (27,817 | ) | ||
| Basic and diluted per common share data: | ||||||||
| Net loss from continuing operations | $ | (0.47 | ) | $ | (0.50 | ) | ||
| Net loss | $ | (0.47 | ) | $ | (0.48 | ) | ||
| Weighted average common shares outstanding | 58,937 | 58,532 | ||||||
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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Discontinued Operations
(in thousands)
Included in discontinued operations are the results of operations of the four hotels sold in the first quarter of 2004, the two hotels designated as held for sale at March 31, 2004, and 16 hotels sold in 2003. Condensed financial information for the hotels included in discontinued operations is as follows:
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2004 | 2003 | |||||||
| Hotel operating revenue | $ | 4,285 | $ | 20,393 | ||||
| Hotel operating expenses | 4,392 | 19,692 | ||||||
| Operating income | (107 | ) | 701 | |||||
| Direct interest costs, net | — | (448 | ) | |||||
| Gain on the early extinguishment of debt | — | 953 | ||||||
| Gain on disposition | 272 | — | ||||||
| Minority interest | (8 | ) | (64 | ) | ||||
| Income (loss) from discontinued operations | $ | 157 | $ | 1,142 | ||||
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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Reconciliation of Net Loss to FFO
(in thousands, except per share data)
| Three Months Ended March 31, | ||||||||||||||||||||||||
| 2004 | 2003 | |||||||||||||||||||||||
| Per Share | Per Share | |||||||||||||||||||||||
| Dollars | Shares | Amount | Dollars | Shares | Amount | |||||||||||||||||||
Net loss | $ | (20,699 | ) | $ | (21,091 | ) | ||||||||||||||||||
| Preferred dividends | (6,726 | ) | (6,726 | ) | ||||||||||||||||||||
Net loss applicable to common stockholders | (27,425 | ) | 58,937 | $ | (0.47 | ) | (27,817 | ) | 58,532 | $ | (0.48 | ) | ||||||||||||
| Depreciation from continuing operations | 30,714 | 0.52 | 34,064 | 0.58 | ||||||||||||||||||||
| Depreciation from unconsolidated entities and discontinued operations | 1,954 | 0.03 | 4,902 | 0.08 | ||||||||||||||||||||
| Gain on sale of assets | (272 | ) | (0.01 | ) | — | — | ||||||||||||||||||
| Lease termination costs | 4,900 | 0.08 | — | — | ||||||||||||||||||||
| Minority interest in FelCor LP | (1,407 | ) | 3,033 | (0.01 | ) | (1,557 | ) | 3,289 | (0.03 | ) | ||||||||||||||
| Conversion of options and unvested restricted stock | — | 201 | — | — | 309 | — | ||||||||||||||||||
FFO | $ | 8,464 | 62,171 | $ | 0.14 | $ | 9,592 | 62,130 | $ | 0.15 | ||||||||||||||
Consistent with SEC guidance, FFO has not been adjusted for the following amounts included in net loss (in thousands):
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2004 | 2003 | |||||||
| Charge off of deferred debt costs | $ | 230 | $ | — | ||||
| Gain on early extinguishment of debt | — | (953 | ) | |||||
| $ | 230 | $ | (953 | ) | ||||
| Per share amounts | $ | 0.00 | $ | (0.02 | ) | |||
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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Reconciliation of Net Loss to EBITDA
(in thousands)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2004 | 2003 | |||||||
Net loss | $ | (20,699 | ) | $ | (21,091 | ) | ||
| Depreciation from continuing operations | 30,714 | 34,064 | ||||||
| Depreciation from unconsolidated entities and discontinued operations | 1,954 | 4,902 | ||||||
| Gain on sale of assets | (272 | ) | — | |||||
| Minority interest in FelCor Lodging LP | (1,407 | ) | (1,557 | ) | ||||
| Lease termination costs | 4,900 | — | ||||||
| Interest expense | 41,844 | 40,628 | ||||||
| Interest expense from unconsolidated entities and discontinued operations | 1,320 | 2,339 | ||||||
| Amortization expense | 503 | 516 | ||||||
EBITDA | $ | 58,857 | $ | 59,801 | ||||
Consistent with SEC guidance, EBITDA has not been adjusted for the following amounts included in net loss (in thousands):
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2004 | 2003 | |||||||
| Charge off of deferred debt costs | $ | 230 | $ | — | ||||
| Gain on early extinguishment of debt | — | (953 | ) | |||||
| $ | 230 | $ | (953 | ) | ||||
Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminish predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measurements of performance to be helpful in evaluating a real estate company’s operations. We consider Funds From Operations, or FFO, and Earnings Before Interest, Taxes, Depreciation, and Amortization, or EBITDA, to be supplemental measures of a REIT’s performance and should be considered along with, but not as an alternative to, net income as a measure of our operating performance.
The White Paper on Funds From Operations approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income or loss (computed in accordance with generally accepted accounting principles), excluding gains or losses from sales of property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. We believe that FFO and EBITDA are helpful to investors as a supplemental measure of the performance of an equity REIT. We compute FFO in accordance with standards established by NAREIT. This may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition, or that interpret the current NAREIT definition differently than we do.
FFO and EBITDA should not be considered as alternatives to net income, operating profit, cash flow from operations, or any other operating performance measure prescribed by GAAP. Neither should FFO, FFO per share and EBITDA be considered as measures of our liquidity or indicative of funds available for our cash needs, including our ability to make cash distributions. FFO per share does not measure, and should not be used as a measure of, amounts that accrue directly to the benefit of stockholders.
10
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Hotel Operating Profit
(dollars in thousands)
| Three Months | ||||||||
| Ended March 31, | ||||||||
| 2004 | 2003 | |||||||
| Total revenue | $ | 311,330 | $ | 286,953 | ||||
| Retail space rental and other revenue | (245 | ) | (382 | ) | ||||
| Hotel revenue | 311,085 | 286,571 | ||||||
| Hotel operating expenses | (222,044 | ) | (201,830 | ) | ||||
| Hotel operating profit | $ | 89,041 | $ | 84,741 | ||||
| Operating margin | 28.6 | % | 29.6 | % | ||||
| Corporate expenses | 3,386 | 3,423 | ||||||
| Corporate expenses as a percentage of total revenues | 1.1 | % | 1.2 | % | ||||
Hotel Operating Expense Composition
(dollars in thousands)
| Three Months Ended March 31, | ||||||||||||||||
| 2004 | 2003 | |||||||||||||||
| % of Hotel | % of Hotel | |||||||||||||||
| Revenue | Revenue | |||||||||||||||
| Hotel departmental expenses: | ||||||||||||||||
| Room | $ | 66,594 | 21.4 | % | $ | 59,030 | 20.6 | % | ||||||||
| Food and beverage | 38,205 | 12.3 | 35,144 | 12.2 | ||||||||||||
| Other operating departments | 8,481 | 2.7 | 7,055 | 2.5 | ||||||||||||
| Total hotel departmental expenses. | 113,280 | 36.4 | 101,229 | 35.3 | ||||||||||||
| Other property related costs: | ||||||||||||||||
| Administrative and general | 30,430 | 9.8 | 29,109 | 10.2 | ||||||||||||
| Marketing and advertising | 27,607 | 8.9 | 25,122 | 8.8 | ||||||||||||
| Repairs and maintenance | 18,277 | 5.9 | 16,443 | 5.7 | ||||||||||||
| Energy | 16,593 | 5.3 | 14,621 | 5.1 | ||||||||||||
| Total other property related costs | 92,907 | 29.9 | 85,295 | 29.8 | ||||||||||||
| Management and franchise fees | 15,857 | 5.1 | 15,306 | 5.3 | ||||||||||||
| Hotel operating expenses | $ | 222,044 | 71.4 | % | $ | 201,830 | 70.4 | % | ||||||||
| Three Months | ||||||||
| Ended March 31, | ||||||||
| 2004 | 2003 | |||||||
| Supplemental information: | ||||||||
| Compensation and benefits expense (included in hotel operating expenses) | $ | 105,336 | $ | 96,777 | ||||
| Reconciliation of total operating expenses to hotel operating expenses: | ||||||||
| Total operating expenses | $ | 293,162 | $ | 270,424 | ||||
| Taxes, insurance and lease expense | (32,118 | ) | (31,107 | ) | ||||
| Lease termination expense | (4,900 | ) | — | |||||
| Corporate expenses | (3,386 | ) | (3,423 | ) | ||||
| Depreciation | (30,714 | ) | (34,064 | ) | ||||
| Hotel operating expenses | $ | 222,044 | $ | 201,830 | ||||
Hotel operating profit and operating margin are commonly used measures of performance in our industry and give investors a more complete understanding of the operating results over which our individual hotels and operating managers have direct control. We believe that hotel operating profit and operating margin are useful to investors, providing greater transparency related to a significant measure used by management in its financial and operational decision-making.
11
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Debt Summary
(dollars in thousands)
Debt Outstanding
| Encumbered | Interest Rate At | Maturity | Consolidated | |||||||||||||
| Hotels | March 31, 2004 | Date | Debt | |||||||||||||
| Promissory note | none | 3.10 | % | June 2016 | $ | 650 | ||||||||||
| Senior unsecured term notes | none | 4.37 | (a) | Oct. 2004 | 174,920 | |||||||||||
| Senior unsecured term notes | none | 5.20 | (b) | Oct. 2007 | 124,642 | |||||||||||
| Senior unsecured term notes | none | 10.00 | Sept. 2008 | 597,032 | ||||||||||||
| Senior unsecured term notes | none | 9.00 | June 2011 | 298,221 | ||||||||||||
| Total unsecured debt | 8.42 | 1,195,465 | ||||||||||||||
| Secured debt facility | 14 hotels | — | December 2004(d) | — | ||||||||||||
| Mortgage debt | 1 hotel | 7.23 | September 2005 | 11,112 | ||||||||||||
| Mortgage debt | 10 hotels | 3.59 | May 2006 | 147,241 | ||||||||||||
| Mortgage debt | 15 hotels | 5.92 | (c) | Nov. 2007 | 130,926 | |||||||||||
| Mortgage debt | 1 hotel | 4.00 | August 2008 | 15,500 | ||||||||||||
| Mortgage debt | 7 hotels | 7.54 | April 2009 | 91,962 | ||||||||||||
| Mortgage debt | 6 hotels | 7.55 | June 2009 | 69,207 | ||||||||||||
| Mortgage debt | 8 hotels | 8.70 | May 2010 | 177,465 | ||||||||||||
| Mortgage debt | 7 hotels | 8.73 | May 2010 | 137,641 | ||||||||||||
| Mortgage debt | 8 hotels | 7.48 | April 2011 | 50,098 | ||||||||||||
| Other | 1 hotel | 9.17 | August 2011 | 6,745 | ||||||||||||
| Total secured debt | 78 hotels | 6.96 | 837,897 | |||||||||||||
| Total | 7.82 | % | $ | 2,033,362 | ||||||||||||
| (a) | Represents fixed to floating interest rate swaps at six month LIBOR plus 340 basis points. | |||
| (b) | Represents fixed to floating interest rate swaps at six month LIBOR plus 420 basis points. | |||
| (c) | Represents weighted average fixed to floating interest rate swaps at six month LIBOR plus 440 basis points for $100 million and a fixed rate of 7.46% for $32 million. | |||
| (d) | This facility may be extended by borrower until June 2005. | |||
Our fixed to floating interest rate swaps reduced interest expense for the quarter by $2.8 million.
| Fixed interest rate debt to total debt | 73.1 | % | ||
| Weighted average maturity of debt | 4.7years | |||
| Secured debt to total assets | 23.5 | % | ||
At March 31, 2004, future scheduled debt principal payments are as follows (in thousands):
| Secured | Unsecured | |||||||||||
| Year | Debt | Debt | Total | |||||||||
| 2004 | $ | 13,151 | $ | 175,000 | $ | 188,151 | ||||||
| 2005 | 28,089 | — | 28,089 | |||||||||
| 2006 | 156,328 | (a) | — | 156,328 | ||||||||
| 2007 | 133,793 | 125,000 | 258,793 | |||||||||
| 2008 | 29,300 | 600,000 | 629,300 | |||||||||
| 2009 and thereafter | 476,114 | 300,650 | 776,764 | |||||||||
| Premium/(discount) | 1,122 | (5,185 | ) | (4,063 | ) | |||||||
| Total debt | $ | 837,897 | $ | 1,195,465 | $ | 2,033,362 | ||||||
| (a) | Included is a $150 million non-recourse mortgage loan maturing in 2006, that has two, one-year extension options. |
12
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Debt Summary (continued)
At March 31, 2004, we had unconsolidated 50 percent investments in ventures that owned an aggregate of 20 hotels. These ventures had approximately $212 million of non-recourse mortgage debt, all of which is secured by hotel assets. Our pro rata share of this non-recourse debt is $106 million. Additionally, one joint venture had a full recourse loan for a residential condominium development. Our pro rata share of this recourse loan was $37.1 million at March 31, 2004.
Financing transactions in 2004:
In March 2004, we elected to terminate our unsecured line of credit arrangement, which will result in a 2004 cost savings of $0.4 million.
In April 2004, we completed the sale of 4,600,000 shares of our $1.95 Series A Cumulative Preferred Stock. The shares were sold at a price of $23.79 per share, which included dividends of $0.51 per share accrued through April 5, 2004, resulting in proceeds of approximately $107 million.
During April 2004, we purchased in the open market an aggregate of $23.5 million in principal amount of our 10% Senior Notes due in 2008.
Financing transactions in 2003:
In June 2003, we entered into a new secured debt delayed draw facility with JPMorgan Chase Bank for up to $200 million. Through the date of this release, there have been no borrowings under this facility and we have an estimated $174 million of borrowing capacity based on the underwritten cash flows of the 14 hotels currently securing this facility. This non-recourse facility has an initial term of 18 months that can be extended for an additional six months at FelCor’s option, and carries a floating interest rate of LIBOR plus 2.25 to 2.75 percent. The outstanding balances on the loan facility may be converted by lender into fixed rate or floating rate commercial mortgage backed security loans, and FelCor has a one-time option to convert $75 million to a floating rate loan. Upon conversion, fixed rate loans will have a term of 10 years and floating rate loans will have a maximum term of five years.
In June 2003, we reduced our unsecured line of credit commitments to $50 million, and amended covenant levels. As a result of the reduction in commitments, we recorded a $2.8 million charge-off of debt related costs in the second quarter of 2003.
In May 2003, we prepaid a $7 million non-recourse mortgage loan maturing in 2005. We recognized a gain of $0.3 million associated with the charge-off of unamortized premium on this loan.
In April 2003, we closed on a $150 million non-recourse loan at a floating interest rate of LIBOR plus 250 basis points, secured by 10 of our hotels and maturing in May 2006, with two, one-year extension options. The proceeds of the debt were used to pay off the then outstanding balance on our line of credit.
In the first quarter of 2003, we refinanced $16 million of secured debt that was to mature in the fourth quarter of 2003. The loan was refinanced by the existing lender, effective August 2003, for a five-year period at a floating interest rate of LIBOR plus 285 basis points with no required amortization. Another secured loan, maturing in 2003, in the amount of $6 million, was prepaid in the first quarter of 2003. In conjunction with this $6 million early retirement of debt, we recognized a $1 million gain related to the unamortized premium on this debt.
13
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
PORTFOLIO DATA
Portfolio Distribution at March 31, 2004
(156 consolidated hotels included in continuing operations, same store basis)
| % of | % of 2003 Hotel | |||||||||||||||
| Brand | Hotels | Rooms | Total Rooms | Operating Profit(b) | ||||||||||||
| Embassy Suites | 56 | 14,279 | 33 | % | 47 | % | ||||||||||
| Holiday Inn®-branded | 46 | 14,637 | 34 | 25 | ||||||||||||
| Crowne Plaza® | 15 | 5,108 | 12 | 7 | ||||||||||||
| Sheraton®-branded | 10 | 3,269 | 7 | 8 | ||||||||||||
| Doubletree®-branded | 10 | 2,206 | 5 | 6 | ||||||||||||
| Other | 19 | 4,120 | 9 | 7 | ||||||||||||
| % of | % of 2003 Hotel | |||||||||||||||
| Top Markets | Hotels | Rooms | Total Rooms | Operating Profit | ||||||||||||
| Dallas | 15 | 4,724 | 11 | % | 6 | % | ||||||||||
| Atlanta | 12 | 3,514 | 8 | 7 | ||||||||||||
| San Francisco Bay Area | 9 | 3,255 | 7 | 6 | ||||||||||||
| Houston | 8 | 1,969 | 5 | 3 | ||||||||||||
| Orlando | 6 | 2,218 | 5 | 4 | ||||||||||||
| Los Angeles Area | 6 | 1,492 | 3 | 4 | ||||||||||||
| Boca Raton/Ft. Lauderdale | 4 | 1,118 | 3 | 4 | ||||||||||||
| Chicago | 4 | 1,239 | 3 | 4 | ||||||||||||
| Minneapolis | 4 | 955 | 2 | 3 | ||||||||||||
| Phoenix | 4 | 1,016 | 2 | 3 | ||||||||||||
| Philadelphia | 3 | 1,174 | 3 | 3 | ||||||||||||
| New Orleans | 2 | 746 | 2 | 3 | ||||||||||||
| San Diego | 1 | 600 | 1 | 3 | ||||||||||||
| % of | % of 2003 Hotel | |||||||||||||||
| Top Four States | Hotels | Rooms | Total Rooms | Operating Profit | ||||||||||||
| Texas | 36 | 9,904 | 23 | % | 16 | % | ||||||||||
| California | 20 | 6,158 | 14 | 17 | ||||||||||||
| Florida | 16 | 5,342 | 12 | 11 | ||||||||||||
| Georgia | 14 | 3,868 | 9 | 8 | ||||||||||||
| % of | % of 2003 Hotel | |||||||||||||||
| Location | Hotels | Rooms | Total Rooms | Operating Profit | ||||||||||||
| Suburban | 69 | 17,649 | 41 | % | 39 | % | ||||||||||
| Urban | 33 | 10,543 | 24 | 27 | ||||||||||||
| Airport | 30 | 9,206 | 21 | 22 | ||||||||||||
| Highway | 12 | 2,565 | 6 | 3 | ||||||||||||
| Resort | 12 | 3,676 | 8 | 9 | ||||||||||||
| % of | % of 2003 Hotel | |||||||||||||||
| Segment | Hotels | Rooms | Total Rooms | Operating Profit | ||||||||||||
| Upscale all-suite | 71 | 17,325 | 40 | % | 55 | % | ||||||||||
| Full service | 47 | 15,300 | 35 | 26 | ||||||||||||
| Upscale | 27 | 9,232 | 21 | 17 | ||||||||||||
| Limited service | 11 | 1,762 | 4 | 2 | ||||||||||||
| % of | % of 2003 Hotel | |||||||||||||||
| Hotels | Rooms | Total Rooms | Operating Profit | |||||||||||||
| Non-Strategic Hotels(a) | 29 | 7,887 | 18 | % | 8 | % | ||||||||||
| (a) | Excludes two hotels, that met the “held for sale” accounting requirements, and were included in discontinued operations. | |||
| (b) | Hotel operating profit is more fully described on page 11 of this supplement. | |||
14
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Detailed Operating Statistics by Brand
(156 consolidated hotels included in continuing operations, same store basis)
| Occupancy (%) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2004 | 2003 | % Variance | ||||||||||
| Embassy Suites Hotels | 69.2 | 66.6 | 3.9 | |||||||||
| Holiday Inn-branded hotels | 61.2 | 59.4 | 3.0 | |||||||||
| Crowne Plaza hotels | 61.0 | 55.1 | 10.7 | |||||||||
| Doubletree-branded hotels | 68.6 | 63.9 | 7.3 | |||||||||
| Sheraton-branded hotels | 62.2 | 58.1 | 7.2 | |||||||||
| Other hotels | 62.7 | 57.4 | 9.2 | |||||||||
| Total hotels | 64.4 | 61.2 | 5.2 | |||||||||
| ADR ($) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2004 | 2003 | % Variance | ||||||||||
| Embassy Suites Hotels | 119.30 | 119.71 | (0.3 | ) | ||||||||
| Holiday Inn-branded hotels | 78.81 | 78.69 | 0.2 | |||||||||
| Crowne Plaza hotels | 87.58 | 91.75 | (4.5 | ) | ||||||||
| Doubletree-branded hotels | 103.79 | 104.01 | (0.2 | ) | ||||||||
| Sheraton-branded hotels | 97.16 | 97.72 | (0.6 | ) | ||||||||
| Other hotels | 81.82 | 82.25 | (0.5 | ) | ||||||||
| Total hotels | 97.16 | 97.86 | (0.7 | ) | ||||||||
| RevPAR ($) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2004 | 2003 | % Variance | ||||||||||
| Embassy Suites Hotels | 82.57 | 79.77 | 3.5 | |||||||||
| Holiday Inn-branded hotels | 48.25 | 46.76 | 3.2 | |||||||||
| Crowne Plaza hotels | 53.44 | 50.60 | 5.6 | |||||||||
| Doubletree-branded hotels | 71.23 | 66.50 | 7.1 | |||||||||
| Sheraton-branded hotels | 60.46 | 56.74 | 6.6 | |||||||||
| Other hotels | 51.27 | 47.22 | 8.6 | |||||||||
| Total hotels | 62.57 | 59.92 | 4.4 | |||||||||
15
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Detailed Operating Statistics for FelCor’s Top Markets
(156 consolidated hotels included in continuing operations, same store basis)
| Occupancy (%) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2004 | 2003 | % Variance | ||||||||||
| Dallas | 55.7 | 50.1 | 11.2 | |||||||||
| Atlanta | 66.8 | 66.4 | 0.7 | |||||||||
| San Francisco Bay Area | 61.4 | 59.8 | 2.6 | |||||||||
| Houston | 72.0 | 65.3 | 10.3 | |||||||||
| Orlando | 76.0 | 65.7 | 15.6 | |||||||||
| Los Angeles Area | 70.2 | 70.8 | (0.9 | ) | ||||||||
| Boca Raton/Ft. Lauderdale | 87.0 | 82.9 | 4.9 | |||||||||
| Chicago | 62.2 | 58.3 | 6.7 | |||||||||
| Minneapolis | 62.6 | 59.6 | 5.1 | |||||||||
| Phoenix | 79.6 | 80.0 | (0.5 | ) | ||||||||
| Philadelphia | 56.2 | 52.6 | 6.7 | |||||||||
| New Orleans | 66.1 | 62.2 | 6.4 | |||||||||
| San Diego | 86.4 | 78.0 | 10.7 | |||||||||
| ADR ($) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2004 | 2003 | % Variance | ||||||||||
| Dallas | 83.98 | 87.25 | (3.7 | ) | ||||||||
| Atlanta | 88.54 | 89.38 | (0.9 | ) | ||||||||
| San Francisco Bay Area | 105.55 | 108.41 | (2.6 | ) | ||||||||
| Houston | 74.79 | 72.43 | 3.3 | |||||||||
| Orlando | 83.80 | 83.48 | 0.4 | |||||||||
| Los Angeles Area | 107.40 | 101.43 | 5.9 | |||||||||
| Boca Raton/Ft. Lauderdale | 139.05 | 142.23 | (2.2 | ) | ||||||||
| Chicago | 94.27 | 101.30 | (6.9 | ) | ||||||||
| Minneapolis | 120.42 | 119.86 | 0.5 | |||||||||
| Phoenix | 127.22 | 119.27 | 6.7 | |||||||||
| Philadelphia | 96.14 | 99.47 | (3.3 | ) | ||||||||
| New Orleans | 147.76 | 156.18 | (5.4 | ) | ||||||||
| San Diego | 114.93 | 122.13 | (5.9 | ) | ||||||||
| RevPAR ($) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2004 | 2003 | % Variance | ||||||||||
| Dallas | 46.76 | 43.68 | 7.1 | |||||||||
| Atlanta | 59.14 | 59.31 | (0.3 | ) | ||||||||
| San Francisco Bay Area | 64.80 | 64.85 | (0.1 | ) | ||||||||
| Houston | 53.84 | 47.28 | 13.9 | |||||||||
| Orlando | 63.67 | 54.87 | 16.0 | |||||||||
| Los Angeles Area | 75.36 | 71.79 | 5.0 | |||||||||
| Boca Raton/Ft. Lauderdale | 120.90 | 117.92 | 2.5 | |||||||||
| Chicago | 58.63 | 59.07 | (0.8 | ) | ||||||||
| Minneapolis | 75.43 | 71.42 | 5.6 | |||||||||
| Phoenix | 101.22 | 95.36 | 6.1 | |||||||||
| Philadelphia | 54.00 | 52.34 | 3.2 | |||||||||
| New Orleans | 97.74 | 97.12 | 0.6 | |||||||||
| San Diego | 99.28 | 95.28 | 4.2 | |||||||||
16
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Other Performance Statistics
(Consolidated hotels in continuing operations, for period presented)
Variance to Prior Year
| Occupancy | ADR | RevPAR | ||||||||||
| % Variance | % Variance | % Variance | ||||||||||
| First Quarter 2002 | (11.2 | ) | (7.8 | ) | (18.2 | ) | ||||||
| Second Quarter 2002 | (5.1 | ) | (6.3 | ) | (11.1 | ) | ||||||
| Third Quarter 2002 | 2.4 | (4.8 | ) | (2.4 | ) | |||||||
| Fourth Quarter 2002 | 4.4 | (1.3 | ) | 3.1 | ||||||||
| Year 2002 | (2.8 | ) | (5.5 | ) | (8.1 | ) | ||||||
| First Quarter 2003 | (1.2 | ) | (4.1 | ) | (5.3 | ) | ||||||
| Second Quarter 2003 | (3.0 | ) | (4.8 | ) | (7.6 | ) | ||||||
| Third Quarter 2003 | 0.3 | (2.7 | ) | (2.4 | ) | |||||||
| Fourth Quarter 2003 | 0.6 | (2.3 | ) | (1.7 | ) | |||||||
| Year 2003 | (0.6 | ) | (3.8 | ) | (4.4 | ) | ||||||
| January | 3.4 | (1.2 | ) | 2.2 | ||||||||
| February | 2.3 | (1.3 | ) | 0.9 | ||||||||
| March | 8.7 | 0.2 | �� | 9.0 | ||||||||
| First Quarter 2004 | 5.2 | (0.7 | ) | 4.4 | ||||||||
| April 2004 (through April 25, 2004) | 7.9 | (0.5 | ) | 7.3 | ||||||||
17
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Hotel Portfolio Information
Pro Rata Share of Rooms Owned
| Room Count at | ||||||||
| Hotels | March 31, 2004 | |||||||
| Consolidated hotel in continuing operations | 156 | 43,619 | ||||||
| Unconsolidated hotel operations | 5 | 761 | ||||||
| Total hotels | 161 | 44,380 | ||||||
| 50% joint ventures | 28 | (3,046 | ) | |||||
| 60% joint ventures | 2 | (390 | ) | |||||
| 90% joint ventures | 6 | (148 | ) | |||||
| 97% joint venture | 1 | (10 | ) | |||||
| Total joint venture owned rooms | (3,594 | ) | ||||||
| Pro rata share of rooms owned | 40,786 | |||||||
Capital Expenditures (dollars in thousands)
| Three Months Ended | Year Ended | |||||||
| March 31, 2004 | December 31, 2003 | |||||||
| Consolidated hotels: | ||||||||
| Improvements and additions to hotels | $ | 12,297 | $ | 64,045 | ||||
| % of total revenue | 3.9 | % | 5.3 | % | ||||
| Unconsolidated hotels (pro rata share): | ||||||||
| Improvements and additions to hotels(a) | $ | 972 | $ | 4,291 | ||||
| % of total revenue | 6.8 | % | 5.7 | % | ||||
Our pro rata share of capital expenditures as of March 31, 2004, incurred by our joint venture for construction of a residential condominium project, were $37 million. The funds for this project are funded by recourse secured debt.
18
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Hotel Portfolio Information
Non-Strategic Hotels
At March 31, 2004, we included in continuing operations 29 hotels identified as non-strategic. The composition, by brand, of the 29 non-strategic hotels is as follows: Holiday Inn-branded (18), Crowne Plaza (3), other brands (7) and one independent hotel. These hotels are expected to be sold within the next 12 to 36 months depending on the individual hotel, market conditions, and other factors.
Operating statistics for our consolidated portfolio of continuing operations:
| Three Months Ended March 31, | ||||||||||||
| 2004 | 2003 | % Variance | ||||||||||
Consolidated in Continuing Operations (156 hotels) | ||||||||||||
| Occupancy (%) | 64.4 | 61.2 | 5.2 | |||||||||
| ADR ($) | 97.16 | 97.86 | (0.7 | ) | ||||||||
| RevPAR ($) | 62.57 | 59.92 | 4.4 | |||||||||
Non-Strategic Hotels (29 hotels) | ||||||||||||
| Occupancy (%) | 58.0 | 51.6 | 12.5 | |||||||||
| ADR ($) | 72.98 | 74.28 | (1.8 | ) | ||||||||
| RevPAR ($) | 42.34 | 38.30 | 10.5 | |||||||||
Core Hotels (127 hotels) | ||||||||||||
| Occupancy (%) | 65.8 | 63.4 | 3.9 | |||||||||
| ADR ($) | 101.87 | 102.10 | (0.2 | ) | ||||||||
| RevPAR ($) | 67.03 | 64.69 | 3.6 | |||||||||
For the quarter ended March 31, 2004, the operating margins for the Core Hotels were 30.3%, while the operating margins for the Non-Strategic Hotels were 18.6%.
Portfolio Changes in 2004
Acquisitions:
| • | In March 2004, we purchased the 132-room Santa Monica Holiday Inn for $27 million. This hotel has a premier location across from the Santa Monica Pier and the Santa Monica beaches and will continue to be operated as a full service upscale hotel because of high room rates charged in this market. |
Dispositions:
| • | During the three months ended March 31, 2004, we sold four hotels (Crowne Plaza hotels in Houston, TX and Jackson, MS, a Hampton hotel in Omaha, NE, and a Holiday Inn in Plano, TX) for aggregate proceeds of approximately $30 million. | |||
| • | In April 2004, we sold three hotels (a Holiday Inn in St. Louis, MO, and two hotels in Odessa, TX) for aggregate proceeds of approximately $13 million. | |||
Portfolio Changes in 2003
Dispositions:
| • | Through December 31, 2003, we sold or otherwise disposed of 16 non-strategic hotels. Disposition proceeds from the 16 non-strategic hotels and two parking garages sold during 2003 totaled approximately $125 million. |
Conversions:
| • | In March, we converted an independent, all-suite hotel in Dallas to a Staybridge Suites® hotel. | |||
| • | In April, we completed the conversion of the 385-room Hilton Myrtle Beach Resort®, following a $15 million renovation of the former Wyndham®-affiliated property. | |||
19
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Hotel Portfolio Listing
| State | Rooms | % Owned(a) | Brand | |||||||||
Consolidated Continuing Operations | ||||||||||||
| Birmingham | AL | 242 | Embassy Suites | |||||||||
| Montgomery — East I-85 | AL | 209 | Holiday Inn | |||||||||
| Phoenix — Biltmore | AZ | 232 | Embassy Suites | |||||||||
| Phoenix Crescent Hotel | AZ | 342 | Sheraton | |||||||||
| Phoenix Scottsdale/Downtown | AZ | 218 | 51 | % | Fairfield Inn® | |||||||
| Phoenix Tempe | AZ | 224 | Embassy Suites | |||||||||
| Dana Point — Doheny Beach | CA | 195 | Doubletree Guest Suites | |||||||||
| Irvine — Orange County Airport (Newport Beach) | CA | 335 | Crowne Plaza | |||||||||
| Los Angeles — Anaheim (Located near Disneyland Park) | CA | 222 | Embassy Suites | |||||||||
| Los Angeles — Covina/I-10 | CA | 259 | 50 | % | Embassy Suites | |||||||
| Los Angeles — El Segundo — International Airport - South | CA | 349 | 97 | % | Embassy Suites | |||||||
| Milpitas — Silicon Valley | CA | 266 | Embassy Suites | |||||||||
| Milpitas — San Jose-North (Milpitas — Silicon Valley) | CA | 305 | Crowne Plaza | |||||||||
| Napa | CA | 205 | Embassy Suites | |||||||||
| Oxnard — Mandalay Beach Resort & Conference Center | CA | 248 | Embassy Suites | |||||||||
| Palm Desert — Palm Desert Resort | CA | 198 | Embassy Suites | |||||||||
| Pleasanton (San Ramon Area) | CA | 244 | Crowne Plaza | |||||||||
| San Diego — On the Bay | CA | 600 | Holiday Inn | |||||||||
| San Francisco — Burlingame Airport | CA | 340 | Embassy Suites | |||||||||
| San Francisco — South San Francisco Airport | CA | 312 | Embassy Suites | |||||||||
| San Francisco — Downtown Hotel & Spa | CA | 565 | Holiday Inn Select | |||||||||
| San Francisco — Fisherman’s Wharf | CA | 585 | Holiday Inn | |||||||||
| San Francisco — Union Square | CA | 403 | Crowne Plaza | |||||||||
| San Rafael — Marin County/Conference Center | CA | 235 | 50 | % | Embassy Suites | |||||||
| Santa Barbara — Goleta | CA | 160 | Holiday Inn | |||||||||
| Santa Monica — Beach at the Pier | CA | 132 | Holiday Inn | |||||||||
| Avon — Beaver Creek Lodge | CO | 72 | Independent | |||||||||
| Denver — Aurora | CO | 248 | 90 | % | Doubletree | |||||||
| Hartford — Downtown(b) | CT | 350 | Crowne Plaza | |||||||||
| Stamford | CT | 380 | Holiday Inn Select® | |||||||||
| Wilmington | DE | 244 | 90 | % | Doubletree | |||||||
| Boca Raton | FL | 263 | Embassy Suites | |||||||||
| Cocoa Beach — Oceanfront | FL | 500 | Holiday Inn | |||||||||
| Deerfield Beach — Boca Raton/Deerfield Beach Resort | FL | 244 | Embassy Suites | |||||||||
| Ft. Lauderdale — 17th Street | FL | 358 | Embassy Suites | |||||||||
| Ft. Lauderdale — Cypress Creek | FL | 253 | Sheraton Suites | |||||||||
| Jacksonville — Baymeadows | FL | 277 | Embassy Suites | |||||||||
| Miami — International Airport | FL | 316 | Embassy Suites | |||||||||
(a) 100% of real estate interests are owned by FelCor unless otherwise noted.
(b) These hotels are actively being marketed for sale.
20
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Hotel Portfolio Listing
| State | Rooms | % Owned(a) | Brand | |||||||||
| Miami — International Airport (LeJeune Center) | FL | 304 | Crowne Plaza | |||||||||
| Orlando — International Airport | FL | 288 | Holiday Inn Select | |||||||||
| Orlando — International Drive — Resort | FL | 650 | Holiday Inn | |||||||||
| Orlando — International Drive South/Convention Center | FL | 244 | Embassy Suites | |||||||||
| Orlando- Nikki Bird (Maingate — Walt Disney World Area)(b) | FL | 530 | Holiday Inn | |||||||||
| Orlando- (North) | FL | 277 | Embassy Suites | |||||||||
| Orlando — Walt Disney World Resort | FL | 229 | Doubletree Guest Suites | |||||||||
| Tampa — Busch Gardens(b) | FL | 406 | Holiday Inn | |||||||||
| Tampa- On Tampa Bay | FL | 203 | Doubletree Guest Suites | |||||||||
| Atlanta — Airport | GA | 378 | Crowne Plaza | |||||||||
| Atlanta — Airport | GA | 233 | Embassy Suites | |||||||||
| Atlanta — Airport-North | GA | 493 | Holiday Inn | |||||||||
| Atlanta — Buckhead | GA | 317 | Embassy Suites | |||||||||
| Atlanta — Downtown | GA | 211 | 51 | % | Courtyard by Marriott® | |||||||
| Atlanta — Downtown | GA | 242 | 51 | % | Fairfield Inn | |||||||
| Atlanta — Galleria | GA | 278 | Sheraton Suites | |||||||||
| Atlanta — Gateway — Atlanta Airport | GA | 395 | Sheraton | |||||||||
| Atlanta — Perimeter — Dunwoody | GA | 250 | Holiday Inn Select | |||||||||
| Atlanta — Perimeter Center | GA | 241 | 50 | % | Embassy Suites | |||||||
| Atlanta — Powers Ferry | GA | 296 | Crowne Plaza | |||||||||
| Atlanta — South (I-75 & US 41) | GA | 180 | Holiday Inn | |||||||||
| Brunswick | GA | 130 | Embassy Suites | |||||||||
| Columbus — North (I-185 at Peachtree Mall)(b) | GA | 224 | Holiday Inn | |||||||||
| Davenport(b) | IA | 279 | Holiday Inn | |||||||||
| Chicago — The Allerton | IL | 443 | Crowne Plaza | |||||||||
| Chicago — Lombard/Oak Brook | IL | 262 | 50 | % | Embassy Suites | |||||||
| Chicago — Northshore/Deerfield (Northbrook) | IL | 237 | Embassy Suites | |||||||||
| Chicago O’Hare Airport | IL | 297 | Sheraton Suites | |||||||||
| Moline — Airport(b) | IL | 216 | Holiday Inn | |||||||||
| Moline — Airport Area(b) | IL | 110 | Holiday Inn Express | |||||||||
| Indianapolis — North | IN | 221 | 50 | % | Embassy Suites | |||||||
| Kansas City — Overland Park | KS | 199 | 50 | % | Embassy Suites | |||||||
| Lexington | KY | 155 | Sheraton Suites | |||||||||
| Lexington — Lexington Green | KY | 174 | Hilton Suites® | |||||||||
| Baton Rouge | LA | 223 | Embassy Suites | |||||||||
| New Orleans | LA | 372 | Embassy Suites | |||||||||
| New Orleans — French Quarter | LA | 374 | Holiday Inn | |||||||||
| Boston — Government Center | MA | 303 | Holiday Inn Select | |||||||||
| Boston — Marlborough | MA | 229 | Embassy Suites | |||||||||
| Baltimore — BWI Airport | MD | 251 | 90 | % | Embassy Suites | |||||||
| Troy — North (Auburn Hills) | MI | 251 | 90 | % | Embassy Suites | |||||||
| Bloomington | MN | 219 | Embassy Suites | |||||||||
| Minneapolis — Airport | MN | 310 | Embassy Suites | |||||||||
| Minneapolis — Downtown(b) | MN | 216 | Embassy Suites | |||||||||
(a) 100% of real estate interests are owned by FelCor unless otherwise noted.
(b) These hotels are actively being marketed for sale.
21
FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Hotel Portfolio Listing
| State | Rooms | % Owned(a) | Brand | |||||||||
| St. Paul — Downtown | MN | 210 | Embassy Suites | |||||||||
| Kansas City — NE I-435 North (At Worlds of Fun) | MO | 165 | Holiday Inn | |||||||||
| Kansas City — Plaza | MO | 266 | 50 | % | Embassy Suites | |||||||
| St. Louis — Downtown | MO | 297 | Embassy Suites | |||||||||
| Jackson — North(b) | MS | 222 | Holiday Inn & Suites® | |||||||||
| Olive Branch Whispering Woods Hotel and Conference Center | MS | 181 | Independent | |||||||||
| Charlotte | NC | 274 | 50 | % | Embassy Suites | |||||||
| Charlotte SouthPark | NC | 208 | Doubletree Guest Suites | |||||||||
| Raleigh | NC | 203 | Doubletree Guest Suites | |||||||||
| Raleigh — Crabtree | NC | 225 | 50 | % | Embassy Suites | |||||||
| Omaha(b) | NE | 108 | Homewood Suites | |||||||||
| Omaha — Central(b) | NE | 187 | Doubletree Guest Suites | |||||||||
| Omaha — Central(b) | NE | 131 | Hampton Inn | |||||||||
| Omaha — Central (I-80) (b) | NE | 383 | Holiday Inn | |||||||||
| Omaha — Old Mill | NE | 223 | Crowne Plaza | |||||||||
| Omaha — Southwest(b) | NE | 78 | Holiday Inn Express & Suites® | |||||||||
| Parsippany | NJ | 274 | 50 | % | Embassy Suites | |||||||
| Piscataway — Somerset | NJ | 224 | Embassy Suites | |||||||||
| Secaucus — Meadowlands(b) | NJ | 304 | Crowne Plaza | |||||||||
| Secaucus — Meadowlands | NJ | 261 | 50 | % | Embassy Suites | |||||||
| Albuquerque — Mountain View (at I-40 & I-25)(b) | NM | 360 | Holiday Inn | |||||||||
| Cleveland — Downtown(b) | OH | 268 | Embassy Suites | |||||||||
| Tulsa — I-44 | OK | 244 | Embassy Suites | |||||||||
| Philadelphia — Center City | PA | 445 | Crowne Plaza | |||||||||
| Philadelphia — Historic District | PA | 364 | Holiday Inn | |||||||||
| Philadelphia — Society Hill | PA | 365 | Sheraton | |||||||||
| Pittsburgh — At University Center (Oakland) | PA | 251 | Holiday Inn Select | |||||||||
| Charleston — Mills House (Historic Downtown) | SC | 214 | Holiday Inn | |||||||||
| Myrtle Beach — At Kingston Plantation | SC | 255 | Embassy Suites | |||||||||
| Myrtle Beach Resort | SC | 385 | Hilton | |||||||||
| Knoxville — Central At Papermill Road | TN | 240 | Holiday Inn | |||||||||
| Nashville — Airport/Opryland Area | TN | 296 | Embassy Suites | |||||||||
| Nashville — Opryland/Airport (Briley Parkway) | TN | 382 | Holiday Inn Select | |||||||||
| Amarillo — I-40(b) | TX | 248 | Holiday Inn | |||||||||
| Austin | TX | 189 | 90 | % | Doubletree Guest Suites | |||||||
| Austin — North | TX | 260 | 50 | % | Embassy Suites | |||||||
| Austin — Town Lake (Downtown Area) | TX | 320 | Holiday Inn | |||||||||
| Beaumont — I-10 (Midtown)(b) | TX | 190 | Holiday Inn | |||||||||
| Corpus Christi | TX | 150 | Embassy Suites | |||||||||
| Dallas | TX | 295 | Crowne Plaza Suites® | |||||||||
| Dallas — At Campbell Centre | TX | 300 | 90 | % | Doubletree | |||||||
| Dallas — Dallas Park Central | TX | 114 | Staybridge Suites | |||||||||
| Dallas — DFW International Airport-North(b) | TX | 506 | Harvey Hotel | |||||||||
| Dallas — DFW International Airport-North | TX | 164 | Harvey Suites® | |||||||||
| Dallas — DFW International Airport-South | TX | 305 | Embassy Suites | |||||||||
(a) 100% of real estate interests are owned by FelCor unless otherwise noted.
(b) These hotels are actively being marketed for sale.
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FelCor Lodging Trust Incorporated
Supplemental Information
Three Months Ended March 31, 2004
Hotel Portfolio Listing
| State | Rooms | % Owned(a) | Brand | |||||||||
| Dallas — Love Field | TX | 248 | Embassy Suites | |||||||||
| Dallas — Market Center | TX | 354 | Crowne Plaza | |||||||||
| Dallas — Market Center | TX | 244 | Embassy Suites | |||||||||
| Dallas — North Dallas Addison (Near the Galleria)(b) | TX | 429 | Crowne Plaza | |||||||||
| Dallas — Park Central | TX | 438 | 60 | % | Sheraton | |||||||
| Dallas — Park Central | TX | 536 | 60 | % | Westin | |||||||
| Dallas — Park Central Area | TX | 279 | Embassy Suites | |||||||||
| Dallas — Regal Row | TX | 203 | 51 | % | Fairfield Inn | |||||||
| Dallas — West End/Convention Center | TX | 309 | Hampton Inn | |||||||||
| Houston — Greenway Plaza Area | TX | 355 | Holiday Inn Select | |||||||||
| Houston — I-10 East | TX | 160 | 51 | % | Fairfield Inn | |||||||
| Houston — I-10 East | TX | 90 | 51 | % | Hampton Inn | |||||||
| Houston — I-10 West & Hwy. 6 (Park 10 Area) | TX | 349 | Holiday Inn Select | |||||||||
| Houston — Intercontinental Airport | TX | 415 | Holiday Inn | |||||||||
| Houston — Medical Center | TX | 284 | Holiday Inn & Suites | |||||||||
| Houston — Near the Galleria | TX | 209 | 51 | % | Courtyard by Marriott | |||||||
| Houston — Near the Galleria | TX | 107 | 51 | % | Fairfield Inn | |||||||
| Midland — Country Villa(b) | TX | 250 | Holiday Inn | |||||||||
| Odessa — Centre(c) | TX | 245 | Holiday Inn & Suites | |||||||||
| San Antonio — Downtown (Market Square) | TX | 315 | Holiday Inn | |||||||||
| San Antonio — International Airport | TX | 261 | 50 | % | Embassy Suites | |||||||
| San Antonio — International Airport | TX | 397 | Holiday Inn Select | |||||||||
| San Antonio — N.W. I-10 | TX | 216 | 50 | % | Embassy Suites | |||||||
| Waco — I-35(b) | TX | 170 | Holiday Inn | |||||||||
| Salt Lake City — Airport(b) | UT | 191 | Holiday Inn | |||||||||
| Burlington Hotel & Conference Center | VT | 309 | Sheraton | |||||||||
| Vienna — At Tysons Corner | VA | 437 | 50 | % | Sheraton | |||||||
Canada | ||||||||||||
| Toronto — Airport | Ontario | 445 | Holiday Inn Select | |||||||||
| Toronto — Yorkdale | Ontario | 370 | Holiday Inn | |||||||||
Hotels Included in Discontinued Operations | ||||||||||||
| St. Louis — Westport(c) | MO | 316 | Holiday Inn | |||||||||
| Odessa(c) | TX | 186 | Holiday Inn Express & Suites | |||||||||
Unconsolidated Operations | ||||||||||||
| Hays | KS | 114 | 50 | % | Hampton Inn | |||||||
| Hays | KS | 191 | 50 | % | Holiday Inn | |||||||
| Salina | KS | 192 | 50 | % | Holiday Inn | |||||||
| Salina — I-70 | KS | 93 | 50 | % | Holiday Inn Express & Suites | |||||||
| New Orleans — Chateau LeMoyne (In French Quarter/Historic Area) | LA | 171 | 50 | % | Holiday Inn | |||||||
(a) 100% of real estate interests are owned by FelCor unless otherwise noted.
(b) These hotels are actively being marketed for sale.
(c) These hotels were sold in April 2004.
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