FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Date of Issuance July 31, 2007
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 only by means of a prospectus.
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
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 |
| Non-GAAP Financial Measures | 8 |
| Debt Summary | 17 |
PORTFOLIO DATA
| Portfolio Distribution | 19 |
| Detailed Operating Statistics by Brand | 20 |
| Detailed Operating Statistics for FelCor’s Top Markets | 21 |
| Pro Rata Share of Rooms Owned | 22 |
| Capital Expenditures | 22 |
| Renovation Completion Schedule | 23 |
| Projected Renovation Program Summary | 25 |
| Unconsolidated Operations | 25 |
| Hotels Sold in 2007 | 26 |
This supplement contains registered trademarks owned or licensed by companies other than us, which may include, but are not limited to, Crowne Plaza®, Disneyland®, Doubletree®, Doubletree Guest Suites®, Embassy Suites Hotels®, Hampton Inn®, Hilton®, Hilton Suites®, Holiday Inn®, Holiday Inn & Suites®, Holiday Inn Express & Suites®, Holiday Inn Select®, Sheraton®, Sheraton Suites®, Walt Disney World® and Westin®.
With the exception of historical information, the matters discussed in this news release include “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumption and forecasts of future results. 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 anticipated at the time the forward-looking statements are made. General economic conditions, operating risks associated with the hotel business, 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 fuel prices and security precautions, the impact that the bankruptcy of additional major air carriers may have on our revenues and receivables, the availability of capital, the ability to effect sales of non-strategic hotels at anticipated prices, the cyclical nature of the real estate markets, our ability to continue to qualify as a Real Estate Investment Trust for federal income tax purposes 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. We undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.
2
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
CORPORATE DATA
About the Company
In 1994, FelCor Lodging Trust Incorporated, a real estate investment trust (REIT), went public with six hotels, and a market capitalization of $120 million. We are now the nation’s largest owner of upper upscale, all-suite hotels. At June 30, 2007, our portfolio was comprised of 83 consolidated hotels in continuing operations located in 23 states and Canada. For these hotels, the operating revenues and expenses are reflected in our consolidated statements of operations because of our majority ownership interests of the operating lessees of these hotels. We also owned 50 percent joint venture interests in five hotels whose operations were accounted for using the equity method. We owned 65 upper upscale hotels and were the largest owner of Embassy Suites Hotels and Doubletree Guest Suites hotels. We had an enterprise value of approximately $3.5 billion.
Strategy
Our long-term strategic plan is to own a diversified portfolio of high quality, upscale hotels flagged under leading brands and then increase shareholder value and return on invested capital by maximizing the use of our real estate and enhancing cash flow. We continually examine our portfolio to address issues of market supply and concentration of risk. In order to achieve our strategic objectives, we have identified three goals: Portfolio Repositioning and Debt Reduction; Internal Growth consisting of a comprehensive renovation program, redevelopment projects and a new asset management approach; and External Growth.
|
|
|
| Public Ratings |
|
|
|
|
Corporate |
|
Senior Debt |
| Preferred Stock |
Moody’s |
| Ba3 |
| Ba3 |
| B2 |
Standard & Poors |
| BB- |
| B+ |
| B- |
Stock Exchange Listing
Common Stock (NYSE: FCH)
$1.95 Series A Cumulative Convertible Preferred Stock (NYSE: FCHPRA)
8% Series C Cumulative Redeemable Preferred Stock (NYSE: FCHPRC)
Fiscal Year End
December 31
Number of employees
72
Corporate Headquarters
545 E. John Carpenter Frwy., Suite 1300
Irving, TX 75062
(972) 444-4900
Investor/Media Relations Contact
Stephen A. Schafer
Vice President Strategic Planning & Investor Relations
(972) 444-4912
sschafer@felcor.com
Information Request
information@felcor.com
3
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Board of Directors
Thomas J. Corcoran, Jr.
Chairman of the Board, FelCor Lodging Trust Incorporated
Melinda J. Bush, C.H.A.
Chairman and Chief Executive Officer, HRW Holdings, LLC
Robert F. Cotter
President, Kerzner International Holdings Limited
Richard S. Ellwood
Private Investor
Thomas C. Hendrick
Executive Vice President of Acquisitions and Development, Kor Group
David C. Kloeppel
Executive Vice President and Chief Financial Officer, Gaylord Entertainment Company
Charles A. Ledsinger, Jr.
Vice Chairman and Chief Executive Officer, Choice Hotels International
Robert H. Lutz, Jr.
President, RL Investments, Inc.
Robert A. Mathewson
President, RGC, Inc.
Richard A. Smith
President and Chief Executive Officer, FelCor Lodging Trust Incorporated
Executive Officers
Richard A. Smith, President and Chief Executive Officer
Michael A. DeNicola, Executive Vice President and Chief Investment Officer
Troy A. Pentecost, Executive Vice President, Director of Asset Management
Andrew J. Welch, Executive Vice President and Chief Financial Officer
Jonathan H. Yellen, Executive Vice President, General Counsel and Secretary
4
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Equity Research Coverage
Firm | Analyst | Telephone |
Citigroup Smith Barney | Joshua Attie | (212) 816-1533 |
Deutsche Bank North America | Chris Woronka | (212) 250-5815 |
Friedman, Billings, Ramsey & Co. | Gustavo Sarago | (703) 469-1042 |
Green Street Advisors | John V. Arabia | (949) 640-8780 |
JPMorgan | Harry C. Curtis | (212) 622-6610 |
Lehman Brothers | Felicia R. Hendrix | (212) 526-5562 |
Merrill Lynch | Amanda Bryant | (212) 449-2922 |
Morgan, Keegan & Co. | Napoleon Overton | (901) 579-4865 |
Stifel, Nicolaus & Company | Rod F. Petrik | (410) 454-4131 |
UBS (US) | William B. Truelove | (212) 713-8825 |
Wachovia Securities | Jeffrey J. Donnelly | (617) 603-4262 |
5
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
FINANCIAL HIGHLIGHTS
Supplemental Financial Data
(in thousands, except per share information, ratios and percentages)
| June 30, |
| December 31, | ||||
Total Enterprise Value | 2007 |
| 2006 | ||||
Common shares outstanding |
| 62,471 |
|
|
| 62,052 |
|
Units outstanding |
| 1,354 |
|
|
| 1,355 |
|
Combined shares and units outstanding |
| 63,825 |
|
|
| 63,407 |
|
Common stock price at end of period | $ | 26.03 |
|
| $ | 21.84 |
|
Common equity capitalization | $ | 1,661,365 |
|
| $ | 1,384,809 |
|
Series A preferred stock |
| 309,362 |
|
|
| 309,362 |
|
Series C preferred stock |
| 169,412 |
|
|
| 169,412 |
|
Consolidated debt |
| 1,297,699 |
|
|
| 1,369,153 |
|
Minority interest of consolidated debt |
| (7,434 | ) |
|
| (8,150 | ) |
Pro rata share of unconsolidated debt |
| 96,813 |
|
|
| 98,731 |
|
Cash and cash equivalents |
| (188,626 | ) |
|
| (124,179 | ) |
Total enterprise value (TEV) | $ | 3,338,591 |
|
| $ | 3,199,138 |
|
|
|
|
|
|
|
|
|
Dividends Per Share |
|
|
|
|
|
|
|
Dividends declared (year to date): |
|
|
|
|
|
|
|
Common stock | $ | 0.55 |
|
| $ | 0.80 |
|
Series A preferred stock |
| 0.975 |
|
|
| 1.95 |
|
Series C preferred stock (depositary shares) |
| 1.00 |
|
|
| 2.00 |
|
|
|
|
|
|
|
|
|
Selected Balance Sheet Data |
|
|
|
|
|
|
|
Investment in hotels, net | $ | 2,139,372 |
|
| $ | 2,044,285 |
|
Hotels held for sale |
| - |
|
|
| 133,801 |
|
Total cash and cash equivalents |
| 188,626 |
|
|
| 124,179 |
|
Total assets |
| 2,556,234 |
|
|
| 2,583,249 |
|
Total debt |
| 1,297,699 |
|
|
| 1,369,153 |
|
Total stockholders’ equity |
| 1,056,124 |
|
|
| 1,010,931 |
|
Total stockholders equity less preferred equity |
| 577,350 |
|
|
| 532,157 |
|
Book value per common share outstanding |
| 9.24 |
|
|
| 8.58 |
|
.
6
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Consolidated Statements of Operations
(in thousands, except per share data)
| Three Months Ended |
| Six Months Ended | ||||||||||||
| June 30, |
| June 30, | ||||||||||||
| 2007 |
| 2006 |
| 2007 |
| 2006 | ||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room | $ | 216,813 |
|
| $ | 210,980 |
|
| $ | 421,135 |
|
| $ | 418,966 |
|
Food and beverage |
| 35,212 |
|
|
| 34,689 |
|
|
| 66,985 |
|
|
| 65,103 |
|
Other operating departments |
| 13,504 |
|
|
| 13,568 |
|
|
| 25,948 |
|
|
| 26,549 |
|
Other revenue |
| 322 |
|
|
| 27 |
|
|
| 452 |
|
|
| 56 |
|
Total revenues |
| 265,851 |
|
|
| 259,264 |
|
|
| 514,520 |
|
|
| 510,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel departmental expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Room |
| 53,058 |
|
|
| 51,562 |
|
|
| 101,841 |
|
|
| 100,977 |
|
Food and beverage |
| 26,655 |
|
|
| 25,541 |
|
|
| 51,190 |
|
|
| 49,201 |
|
Other operating departments |
| 5,835 |
|
|
| 6,010 |
|
|
| 10,782 |
|
|
| 11,954 |
|
Other property related costs |
| 68,584 |
|
|
| 66,846 |
|
|
| 137,142 |
|
|
| 135,704 |
|
Management and franchise fees |
| 13,943 |
|
|
| 14,214 |
|
|
| 27,066 |
|
|
| 27,437 |
|
Taxes, insurance and lease expense |
| 31,422 |
|
|
| 28,868 |
|
|
| 60,651 |
|
|
| 55,400 |
|
Abandoned projects |
| - |
|
|
| - |
|
|
| 22 |
|
|
| - |
|
Corporate expenses |
| 5,255 |
|
|
| 5,562 |
|
|
| 12,041 |
|
|
| 11,366 |
|
Depreciation |
| 27,155 |
|
|
| 23,742 |
|
|
| 52,205 |
|
|
| 46,179 |
|
Total operating expenses |
| 231,907 |
|
|
| 222,345 |
|
|
| 452,940 |
|
|
| 438,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
| 33,944 |
|
|
| 36,919 |
|
|
| 61,580 |
|
|
| 72,456 |
|
Interest expense, net |
| (23,207 | ) |
|
| (28,308 | ) |
|
| (46,079 | ) |
|
| (58,816 | ) |
Charge-off of deferred financing costs |
| - |
|
|
| (295 | ) |
|
| - |
|
|
| (962 | ) |
Early extinguishment of debt, net |
| - |
|
|
| (438 | ) |
|
| - |
|
|
| (438 | ) |
Income before equity in income from unconsolidated entities, minority interests and gain on sale of assets |
|
10,737 |
|
|
|
7,878 |
|
|
|
15,501 |
|
|
|
12,240 |
|
Equity in income from unconsolidated entities |
| 3,710 |
|
|
| 3,812 |
|
|
| 16,480 |
|
|
| 5,760 |
|
Minority interests |
| 79 |
|
|
| 844 |
|
|
| 116 |
|
|
| 1,285 |
|
Gain on sale of condominiums |
| 14,858 |
|
|
| - |
|
|
| 18,139 |
|
|
| - |
|
Income from continuing operations |
| 29,384 |
|
|
| 12,534 |
|
|
| 50,236 |
|
|
| 19,285 |
|
Discontinued operations |
| 25,792 |
|
|
| (2,389 | ) |
|
| 34,099 |
|
|
| 712 |
|
Net income |
| 55,176 |
|
|
| 10,145 |
|
|
| 84,335 |
|
|
| 19,997 |
|
Preferred dividends |
| (9,678 | ) |
|
| (9,678 | ) |
|
| (19,356 | ) |
|
| (19,356 | ) |
Net income applicable to common stockholders | $ | 45,498 |
|
| $ | 467 |
|
| $ | 64,979 |
|
| $ | 641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic per common share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations | $ | 0.32 |
|
| $ | 0.05 |
|
| $ | 0.50 |
|
| $ | - |
|
Net income | $ | 0.74 |
|
| $ | 0.01 |
|
| $ | 1.06 |
|
| $ | 0.01 |
|
Basic weighted average common shares outstanding |
| 61,587 |
|
|
| 60,355 |
|
|
| 61,511 |
|
|
| 60,066 |
|
Diluted per common share data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations | $ | 0.32 |
|
| $ | 0.05 |
|
| $ | 0.50 |
|
| $ | - |
|
Net income | $ | 0.73 |
|
| $ | 0.01 |
|
| $ | 1.05 |
|
| $ | 0.01 |
|
Diluted weighted average common shares outstanding |
| 62,032 |
|
|
| 60,626 |
|
|
| 61,899 |
|
|
| 60,066 |
|
Cash dividends declared on common stock | $ | 0.30 |
|
| $ | 0.20 |
|
| $ | 0.55 |
|
| $ | 0.35 |
|
7
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Discontinued Operations
(in thousands)
Discontinued operations include the results of operations of 11 hotels sold in 2007 and 31 hotels sold in 2006. Condensed financial information for the hotels included in discontinued operations is as follows:
| Three Months Ended |
| Six Months Ended | |||||||||||
| June 30, |
| June 30, | |||||||||||
| 2007 |
| 2006 |
| 2007 |
| 2006 | |||||||
Operating revenue | $ | 10,949 |
|
| $ | 58,088 |
|
| $ | 26,447 |
| $ | 122,089 |
|
Operating expenses |
| (6,215 | ) |
|
| (59,032 | ) |
|
| (18,094 | ) |
| (118,278 | ) |
Operating income (loss) |
| 4,734 |
|
|
| (944 | ) |
|
| 8,353 |
|
| 3,811 |
|
Interest income (expense), net |
| 6 |
|
|
| (317 | ) |
|
| (19 | ) |
| (643 | ) |
Gain (loss) on sale of hotels, net of income tax |
| 22,457 |
|
|
| (1,785 | ) |
|
| 28,488 |
|
| (2,862 | ) |
Debt extinguishment |
| - |
|
|
| - |
|
|
| (901 | ) |
| - |
|
Minority interests |
| (1,405 | ) |
|
| 657 |
|
|
| (1,822 | ) |
| 406 |
|
Income (loss) from discontinued operations |
| 25,792 |
|
|
| (2,389 | ) |
|
| 34,099 |
|
| 712 |
|
Depreciation and amortization, net of minority interest |
|
14 |
|
|
|
4,280 |
|
|
|
14 |
|
|
9,118 |
|
Minority interest in FelCor LP |
| 559 |
|
|
| (23 | ) |
|
| 740 |
|
| (63 | ) |
Interest expense, net of minority interests |
| - |
|
|
| 314 |
|
|
| 27 |
|
| 629 |
|
EBITDA from discontinued operations |
| 26,365 |
|
|
| 2,182 |
|
|
| 34,880 |
|
| 10,396 |
|
Loss (gain) on sale of hotels, net of income tax and minority interests |
|
(21,799 |
) |
|
|
1,785 |
|
|
|
(27,830 |
) |
|
2,862 |
|
Impairment loss, net of minority interests |
| - |
|
|
| 8,341 |
|
|
| - |
|
| 8,3411 |
|
Charges related to early extinguishment of debt, net of minority interests |
|
- |
|
|
|
- |
|
|
|
811 |
|
|
- |
|
Adjusted EBITDA from discontinued operations | $ | 4,566 |
|
| $ | 12,308 |
|
| $ | 7,861 |
| $ | 21,599 |
|
Non-GAAP Financial Measures
We refer in this supplement to certain “non-GAAP financial measures.” These measures, including FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, Hotel EBITDA and Hotel EBITDA margin, are measures of our financial performance that are not calculated and presented in accordance with generally accepted accounting principles (“GAAP”). The following tables reconcile each of these non-GAAP measures to the most comparable GAAP financial measure. Immediately following the reconciliations, we include a discussion of why we believe these measures are useful supplemental measures of our performance and the limitations of such measures.
8
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Non-GAAP Financial Measures (continued)
Reconciliation of Net Income to FFO and Adjusted FFO
(in thousands, except per share and unit data)
| Three Months Ended June 30, | ||||||||||||||||||
| 2007 |
| 2006 | ||||||||||||||||
| Dollars |
| Shares |
| Per Share Amount |
| Dollars |
| Shares |
| Per Share Amount | ||||||||
Net income | $ | 55,176 |
|
|
|
|
|
|
|
| $ | 10,145 |
|
|
|
|
|
|
|
Preferred dividends |
| (9,678 | ) |
|
|
|
|
|
|
|
| (9,678 | ) |
|
|
|
|
|
|
Net income applicable to common stockholders |
| 45,498 |
|
| 62,032 |
| $ | 0.73 |
|
|
| 467 |
|
| 60,626 |
| $ | 0.01 |
|
Depreciation, continuing operations |
| 27,155 |
|
| - |
|
| 0.44 |
|
|
| 23,742 |
|
| - |
|
| 0.39 |
|
Depreciation, unconsolidated entities and discontinued operations |
| 2,848 |
|
| - |
|
| 0.05 |
|
|
|
6,964 |
|
| - |
|
| 0.11 |
|
Loss (gain) on sale of hotels, net of income tax and minority interests |
| (21,799 | ) |
| - |
|
| (0.35 | ) |
|
| 1,785 |
|
| - |
|
| 0.03 |
|
Minority interest in FelCor LP |
| 985 |
|
| 1,355 |
|
| (0.01 | ) |
|
| 16 |
|
| 2,102 |
|
| (0.01 | ) |
FFO |
| 54,687 |
|
|
|
|
|
|
|
|
| 32,974 |
|
|
|
|
|
|
|
Impairment loss, net of minority interests |
| - |
|
| - |
|
| - |
|
|
| 8,341 |
|
| - |
|
| 0.13 |
|
Charges related to early extinguishment of debt, net of minority interests |
| - |
|
| - |
|
| - |
|
|
| 803 |
|
| - |
|
| 0.01 |
|
Adjusted FFO |
| 54,687 |
|
|
|
|
|
|
|
|
| 42,118 |
|
|
|
|
|
|
|
Preferred dividends on Series A Preferred Stock |
| 6,279 |
|
| 9,985 |
|
| (0.03 | ) |
|
| 6,279 |
|
| 9,985 |
|
| - |
|
Adjusted FFO for per share calculation assuming Series A Preferred Stock conversion(a) | $ | 60,966 |
|
| 73,372 |
| $ | 0.83 |
|
| $ | 48,397 |
|
| 72,713 |
| $ | 0.67 |
|
(a) | For calculation of Adjusted FFO per share it is more dilutive to assume the conversion of our Series A Preferred Stock into common stock when our quarterly adjusted FFO per share calculation exceeds 63 cents per share. |
9
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Non-GAAP Financial Measures (continued)
Reconciliation of Net Income to FFO and Adjusted FFO
(in thousands, except per share and unit data)
| Six Months Ended June 30, | ||||||||||||||||||
| 2007 |
| 2006 | ||||||||||||||||
| Dollars |
| Shares |
| Per Share Amount |
| Dollars |
| Shares |
| Per Share Amount | ||||||||
Net income | $ | 84,335 |
|
|
|
|
|
|
|
| $ | 19,997 |
|
|
|
|
|
|
|
Preferred dividends |
| (19,356 | ) |
|
|
|
|
|
|
|
| (19,356 | ) |
|
|
|
|
|
|
Net income applicable to common stockholders |
| 64,979 |
|
| 61,899 |
| $ | 1.05 |
|
|
| 641 |
|
| 60,066 |
| $ | 0.01 |
|
Depreciation, continuing operations |
| 52,205 |
|
| - |
|
| 0.84 |
|
|
| 46,179 |
|
| - |
|
| 0.77 |
|
Depreciation, unconsolidated entities and discontinued operations |
| 5,711 |
|
| - |
|
| 0.09 |
|
|
| 14,601 |
|
| - |
|
| 0.24 |
|
Loss (gain) on sale of hotels, net of income tax and minority interests |
| (27,830 | ) |
| - |
|
| (0.45 | ) |
|
| 2,862 |
|
| - |
|
| 0.05 |
|
Gain on sale of hotels in unconsolidated entities |
| (11,182 | ) |
| - |
|
| (0.18 | ) |
|
| - |
|
| - |
|
| - |
|
Minority interest in FelCor LP |
| 1,412 |
|
| 1,355 |
|
| (0.01 | ) |
|
| 24 |
|
| 2,381 |
|
| (0.04 | ) |
Conversion of options and unvested restricted stock |
| - |
|
| - |
|
| - |
|
|
| - |
|
| 260 |
|
| - |
|
FFO |
| 85,295 |
|
|
|
|
|
|
|
|
| 64,307 |
|
|
|
|
|
|
|
Impairment loss, net of minority interest |
| - |
|
| - |
|
| - |
|
|
| 8,341 |
|
| - |
|
| 0.13 |
|
Abandoned projects |
| 22 |
|
| - |
|
| - |
|
|
| - |
|
| - |
|
| - |
|
Charges related to debt extinguishment, net of minority interest |
| 811 |
|
| - |
|
| 0.01 |
|
|
| 1,470 |
|
| - |
|
| 0.02 |
|
Adjusted FFO |
| 86,128 |
|
|
|
|
|
|
|
| $ | 74,118 |
|
| 62,707 |
| $ | 1.18 |
|
Preferred dividends on Series A Preferred Stock |
| 12,558 |
|
| 9,985 |
|
| - |
|
|
|
|
|
|
|
|
|
|
|
Adjusted FFO for per share calculation assuming Series A Preferred Stock conversion(a) | $ |
98,686 |
|
| 73,239 |
| $ | 1.35 |
|
|
|
|
|
|
|
|
|
|
|
(a) | For calculation of Adjusted FFO per share it is more dilutive to assume the conversion of our Series A Preferred Stock into common stock when our adjusted FFO per share for six months exceeds $1.26 per share. |
10
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Non-GAAP Financial Measures (continued)
Reconciliation of Net Income to EBITDA, Adjusted EBITDA and Same-Store EBITDA
(in thousands)
| Three Months Ended |
| Six Months Ended | ||||||||||||
| 2007 |
| 2006 |
| 2007 |
| 2006 | ||||||||
Net income | $ | 55,176 |
|
| $ | 10,145 |
|
| $ | 84,335 |
|
| $ | 19,997 |
|
Depreciation, continuing operations |
| 27,155 |
|
|
| 23,742 |
|
|
| 52,205 |
|
|
| 46,179 |
|
Depreciation, unconsolidated entities and discontinued operations |
| 2,848 |
|
|
| 6,964 |
|
|
| 5,711 |
|
|
| 14,601 |
|
Minority interest in FelCor Lodging LP |
| 985 |
|
|
| 16 |
|
|
| 1,412 |
|
|
| 24 |
|
Interest expense |
| 24,627 |
|
|
| 29,155 |
|
|
| 48,746 |
|
|
| 60,452 |
|
Interest expense, unconsolidated entities |
| 1,489 |
|
|
| 1,928 |
|
|
| 3,063 |
|
|
| 3,856 |
|
Amortization expense |
| 1,207 |
|
|
| 908 |
|
|
| 2,614 |
|
|
| 1,897 |
|
EBITDA |
| 113,487 |
|
|
| 72,858 |
|
|
| 198,086 |
|
|
| 147,006 |
|
Gain on sale of hotels, net of income tax and minority interests |
| (21,799 | ) |
|
| 1,785 |
|
|
| (27,830 | ) |
|
| 2,862 |
|
Gain on sale of hotels in unconsolidated entities |
| - |
|
|
| - |
|
|
| (11,182 | ) |
|
| - |
|
Impairment loss, discontinued operations |
| - |
|
|
| 8,341 |
|
|
| - |
|
|
| 8,341 |
|
Abandoned projects |
| - |
|
|
| - |
|
|
| 22 |
|
|
| - |
|
Charges related to early extinguishment of debt, net of minority interests |
| - |
|
|
| 803 |
|
|
| 811 |
|
|
| 1,470 |
|
Adjusted EBITDA |
| 91,688 |
|
|
| 83,787 |
|
|
| 159,907 |
|
|
| 159,679 |
|
Adjusted EBITDA from discontinued operations |
| (4,566 | ) |
|
| (12,308 | ) |
|
| (7,861 | ) |
|
| (21,599 | ) |
Gain on sale of condominiums |
| (14,858 | ) |
|
| - |
|
|
| (18,139 | ) |
|
| - |
|
Same-Store EBITDA | $ | 72,264 |
|
| $ | 71,479 |
|
| $ | 133,907 |
|
| $ | 138,080 |
|
11
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Non-GAAP Financial Measures (continued)
Reconciliation of Adjusted EBITDA to Hotel EBITDA
(in thousands)
| Three Months Ended |
| Six Months Ended | ||||||||||||
| 2007 |
| 2006 |
| 2007 |
| 2006 | ||||||||
Adjusted EBITDA | $ | 91,688 |
|
| $ | 83,787 |
|
| $ | 159,907 |
|
| $ | 159,679 |
|
Other revenue |
| (322 | ) |
|
| (27 | ) |
|
| (452 | ) |
|
| (56 | ) |
Adjusted EBITDA from discontinued operations |
| (4,566 | ) |
|
| (12,308 | ) |
|
| (7,861 | ) |
|
| (21,599 | ) |
Equity in income from unconsolidated subsidiaries |
| (8,439 | ) |
|
| (8,667 | ) |
|
| (14,847 | ) |
|
| (15,365 | ) |
Minority interest in other partnerships |
| (98 | ) |
|
| (396 | ) |
|
| 28 |
|
|
| (547 | ) |
Consolidated hotel lease expense |
| 17,267 |
|
|
| 16,404 |
|
|
| 31,525 |
|
|
| 30,003 |
|
Unconsolidated taxes, insurance and lease expense |
| (1,896 | ) |
|
| (1,567 | ) |
|
| (3,599 | ) |
|
| (3,149 | ) |
Interest income |
| (1,421 | ) |
|
| (847 | ) |
|
| (2,667 | ) |
|
| (1,636 | ) |
Corporate expenses (excluding amortization expense) |
| 4,048 |
|
|
| 4,654 |
|
|
| 9,427 |
|
|
| 9,469 |
|
Gain on sale of condominiums |
| (14,858 | ) |
|
| - |
|
|
| (18,139 | ) |
|
| - |
|
Hotel EBITDA | $ | 81,403 |
|
| $ | 81,033 |
|
| $ | 153,322 |
|
| $ | 156,799 |
|
Reconciliation of Net Income to Hotel EBITDA
(in thousands)
| Three Months Ended |
| Six Months Ended | ||||||||||||
| 2007 |
| 2006 |
| 2007 |
| 2006 | ||||||||
Net income | $ | 55,176 |
|
| $ | 10,145 |
|
| $ | 84,335 |
|
| $ | 19,997 |
|
Discontinued operations |
| (25,792 | ) |
|
| 2,389 |
|
|
| (34,099 | ) |
|
| (712 | ) |
Equity in income from unconsolidated entities |
| (3,710 | ) |
|
| (3,812 | ) |
|
| (16,480 | ) |
|
| (5,760 | ) |
Minority interests |
| (79 | ) |
|
| (844 | ) |
|
| (116 | ) |
|
| (1,285 | ) |
Consolidated hotel lease expense |
| 17,267 |
|
|
| 16,404 |
|
|
| 31,525 |
|
|
| 30,003 |
|
Unconsolidated taxes, insurance and lease expense |
| (1,896 | ) |
|
| (1,567 | ) |
|
| (3,599 | ) |
|
| (3,149 | ) |
Interest expense, net |
| 23,207 |
|
|
| 28,308 |
|
|
| 46,079 |
|
|
| 58,816 |
|
Charge-off of deferred financing costs |
| - |
|
|
| 295 |
|
|
| - |
|
|
| 962 |
|
Early extinguishment of debt |
| - |
|
|
| 438 |
|
|
| - |
|
|
| 438 |
|
Corporate expenses |
| 5,255 |
|
|
| 5,562 |
|
|
| 12,041 |
|
|
| 11,366 |
|
Depreciation |
| 27,155 |
|
|
| 23,742 |
|
|
| 52,205 |
|
|
| 46,179 |
|
Abandoned projects |
| - |
|
|
| - |
|
|
| 22 |
|
|
| - |
|
Gain on sale of condominiums |
| (14,858 | ) |
|
| - |
|
|
| (18,139 | ) |
|
| - |
|
Other revenue |
| (322 | ) |
|
| (27 | ) |
|
| (452 | ) |
|
| (56 | ) |
Hotel EBITDA | $ | 81,403 |
|
| $ | 81,033 |
|
| $ | 153,322 |
|
| $ | 156,799 |
|
12
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Non-GAAP Financial Measures (continued)
Hotel EBITDA and Hotel EBITDA Margin
(dollars in thousands)
| Three Months Ended |
|
| Six Months Ended | |||||||||||
| 2007 |
| 2006 |
|
| 2007 |
| 2006 | |||||||
Total revenue | $ | 265,851 |
|
| $ | 259,264 |
|
| $ | 514,520 |
|
| $ | 510,674 |
|
Retail space rental and other revenue |
| (322 | ) |
|
| (27 | ) |
|
| (452 | ) |
|
| (56 | ) |
Hotel operating revenue |
| 265,529 |
|
|
| 259,237 |
|
|
| 514,068 |
|
|
| 510,618 |
|
Hotel operating expenses |
| (184,126 | ) |
|
| (178,204 | ) |
|
| (360,746 | ) |
|
| (353,819 | ) |
Hotel EBITDA | $ | 81,403 |
|
| $ | 81,033 |
|
| $ | 153,322 |
|
| $ | 156,799 |
|
Hotel EBITDA margin |
| 30.7% |
|
|
| 31.3% |
|
|
| 29.8% |
|
|
| 30.7% |
|
Reconciliation of Ratio of Operating Income to Total Revenue to Hotel EBITDA Margin
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||
| 2007 |
| 2006 |
| 2007 |
| 2006 | ||||
Ratio of operating income to total revenue | 12.8 | % |
| 14.2 | % |
| 12.0 | % |
| 14.2 | % |
Retail space rental and other revenue | (0.1 | ) |
| - |
|
| (0.1 | ) |
| - |
|
Unconsolidated taxes, insurance and lease expense | (0.7 | ) |
| (0.5 | ) |
| (0.7 | ) |
| (0.6 | ) |
Consolidated hotel lease expense | 6.5 |
|
| 6.3 |
|
| 6.1 |
|
| 5.9 |
|
Corporate expenses | 2.0 |
|
| 2.1 |
|
| 2.3 |
|
| 2.2 |
|
Depreciation | 10.2 |
|
| 9.2 |
|
| 10.2 |
|
| 9.0 |
|
Hotel EBITDA margin | 30.7 | % |
| 31.3 | % |
| 29.8 | % |
| 30.7 | % |
Reconciliation of Total Operating Expense to Hotel Operating Expense
(dollars in thousands)
| Three Months Ended |
| Six Months Ended | ||||||||||||
| 2007 |
| 2006 |
| 2007 |
| 2006 |
| |||||||
Total operating expenses | $ | 231,907 |
|
| $ | 222,345 |
|
| $ | 452,940 |
|
| $ | 438,218 |
|
Unconsolidated taxes, insurance and lease expense |
| 1,896 |
|
|
| 1,567 |
|
|
| 3,599 |
|
|
| 3,149 |
|
Consolidated hotel lease expense |
| (17,267 | ) |
|
| (16,404 | ) |
|
| (31,525 | ) |
|
| (30,003 | ) |
Corporate expenses |
| (5,255 | ) |
|
| (5,562 | ) |
|
| (12,041 | ) |
|
| (11,366 | ) |
Abandoned projects |
| - |
|
|
| - |
|
|
| (22 | ) |
|
| - |
|
Depreciation |
| (27,155 | ) |
|
| (23,742 | ) |
|
| (52,205 | ) |
|
| (46,179 | ) |
Hotel operating expenses | $ | 184,126 |
|
| $ | 178,204 |
|
| $ | 360,746 |
|
| $ | 353,819 |
|
13
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Non-GAAP Financial Measures (continued)
Substantially all of our non-current assets consist of real estate. 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 measures of performance, which are not measures of operating performance under GAAP, to be helpful in evaluating a real estate company’s operations. These supplemental measures, including FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, Hotel EBITDA and Hotel EBITDA margin, are not measures of operating performance under GAAP. However, we consider these non-GAAP measures to be supplemental measures of a hotel REIT’s performance and should be considered along with, but not as an alternative to, net income as a measure of our operating performance.
FFO and EBITDA
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 GAAP), 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 FFO on the same basis. 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.
EBITDA is a commonly used measure of performance in many industries. We define EBITDA as net income or loss (computed in accordance with GAAP) plus interest expenses, income taxes, depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDA on the same basis.
Adjustments to FFO and EBITDA
We adjust FFO and EBITDA when evaluating our performance because management believes that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted FFO, Adjusted EBITDA and Same-Store EBITDA, when combined with GAAP net income, EBITDA and FFO, is beneficial to an investor’s better understanding of our operating performance.
| • | Gains and losses related to early extinguishment of debt and interest rate swaps – We exclude gains and losses related to early extinguishment of debt and interest rate swaps from FFO and EBITDA because we believe that it is not indicative of ongoing operating performance of our hotel assets. This also represents an acceleration of interest expense or a reduction of interest expense, and interest expense is excluded from EBITDA. |
14
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Non-GAAP Financial Measures (continued)
| • | Impairment losses – We exclude the effect of impairment losses and gains or losses on disposition of assets in computing Adjusted FFO and Adjusted EBITDA because we believe that including these is not consistent with reflecting the ongoing performance of our remaining assets. Additionally, we believe that impairment charges and gains or losses on disposition of assets represent accelerated depreciation or excess depreciation, and depreciation is excluded from FFO by the NAREIT definition and from EBITDA. |
| • | Cumulative effect of a change in accounting principle – Infrequently, the Financial Accounting Standards Board promulgates new accounting standards that require the consolidated statements of operations to reflect the cumulative effect of a change in accounting principle. We exclude these one-time adjustments in computing Adjusted FFO and Adjusted EBITDA because they do not reflect our actual performance for that period. |
In addition, to derive Adjusted EBITDA, we adjust EBITDA for gains or losses on the sale of assets because we believe that including them in EBITDA is not consistent with reflecting ongoing performance of our remaining assets. Additionally, the gain or loss on sale of depreciable assets represents either accelerated depreciation or excess depreciation in previous periods, and depreciation is excluded from EBITDA.
To derive Same-Store EBITDA, we make the same adjustments to EBITDA as for Adjusted EBITDA and, additionally, exclude EBITDA from discontinued operations and gains and losses from the disposition of non-hotel related assets.
Hotel EBITDA and Hotel EBITDA Margin
Hotel EBITDA and Hotel EBITDA margin are commonly used measures of performance in the 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 EBITDA and Hotel EBITDA margin are useful to investors by providing greater transparency with respect to two significant measures used by us in our financial and operational decision-making. Additionally, these measures facilitate comparisons with other hotel REITs and hotel owners. We present Hotel EBITDA and Hotel EBITDA margin by eliminating corporate-level expenses, depreciation and expenses related to our capital structure. We eliminate corporate-level costs and expenses because we believe property-level results provide investors with supplemental information with respect to the ongoing operating performance of our hotels and the effectiveness of management on a property-level basis. We eliminate depreciation and amortization, even though they are property-level expenses, because we do not believe that these non-cash expenses, which are based on historical cost accounting for real estate assets and implicitly assume that the value of real estate assets diminish predictably over time, accurately reflect an adjustment in the value of our assets. We also eliminate consolidated percentage rent paid to unconsolidated entities, which is effectively eliminated by minority interest expense and equity in income from unconsolidated subsidiaries, and include the cost of unconsolidated taxes, insurance and lease expense, to reflect the entire operating costs applicable to our hotels.
15
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Non-GAAP Financial Measures (continued)
Limitations of Non-GAAP Measures
The use of these non-GAAP financial measures has certain limitations. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, Hotel EBITDA and Hotel EBITDA margin, as presented by us, may not be comparable to FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, Hotel EBITDA and Hotel EBITDA margin as calculated by other real estate companies. These measures do not reflect certain expenses that we incurred and will incur, such as depreciation and interest or capital expenditures. Management compensates for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the GAAP financial measures, and our consolidated statements of operations and cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.
These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by GAAP. Neither should FFO, FFO per share, Adjusted FFO, Adjusted FFO per share, EBITDA, Adjusted EBITDA or Same-Store 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. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA, Same-Store EBITDA, Hotel EBITDA and Hotel EBITDA margin reflect additional ways of viewing our operations that we believe when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.
16
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Debt Summary
(dollars in thousands)
Debt Outstanding
| Encumbered | Interest Rate at | Maturity | Consolidated | |||||||||||||
|
| Hotels |
|
| June 30, 2007 |
|
| Date |
|
| Debt |
| |||||
Line of credit(a) | none |
| L + 1.75 |
| January 2009 | $ | - |
| |||||||||
Senior term notes | none |
| 8.50 |
| June 2011 |
| 299,037 |
| |||||||||
Senior term notes | none |
| L + 1.875 |
| December 2011 |
| 215,000 |
| |||||||||
Total line of credit and senior debt(b) |
|
| 7.98 |
|
|
| 514,037 |
| |||||||||
|
|
|
|
|
|
|
|
| |||||||||
Mortgage debt(c) |
| 12 hotels |
|
| L + 0.93 |
| November 2008 |
| 250,000 |
| |||||||
Mortgage debt |
| 7 hotels |
|
| 6.57 |
| June 2009-2014 |
| 90,010 |
| |||||||
Mortgage debt |
| 7 hotels |
|
| 7.32 |
| March 2009 |
| 122,576 |
| |||||||
Mortgage debt |
| 8 hotels |
|
| 8.70 |
| May 2010 |
| 167,727 |
| |||||||
Mortgage debt |
| 6 hotels |
|
| 8.73 |
| May 2010 |
| 121,106 |
| |||||||
Mortgage debt |
| 1 hotel |
|
| L + 2.85 |
| August 2008 |
| 15,500 |
| |||||||
Mortgage debt |
| 1 hotel |
|
| 5.81 |
| July 2016 |
| 12,687 |
| |||||||
Other |
| 1 hotel |
|
| 9.17 |
| August 2011 |
| 4,056 |
| |||||||
Total mortgage debt(b) |
| 43 hotels |
|
| 7.41 |
|
|
| 783,662 |
| |||||||
Total |
|
| 7.64 | % |
|
| $ | 1,297,699 |
| ||||||||
| (a) | We have a borrowing capacity of $125 million on our line of credit. The interest on this line can range from 175 to 225 basis points over LIBOR based on our leverage ratio as defined in our line of credit agreement. |
| (b) | Interest rates are calculated based on the average outstanding debt at June 30, 2007. |
| (c) | This debt has three one-year extension options. |
Debt Statistics at June 30, 2007
Weighted average interest | 7.64% |
Fixed interest rate debt to total debt | 63.0% |
Weighted average maturity of debt | 5 years |
Mortgage debt to total assets | 30.7% |
17
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Debt Summary (continued)
| At June 30, 2007, future scheduled principal payments on outstanding debt are as follows |
(in thousands):
Year |
|
| Secured Debt |
|
|
| Unsecured Debt |
|
|
|
Total |
|
2007 | $ | 6,467 |
|
| $ | - |
|
| $ | 6,467 |
| |
2008 |
| 29,233 |
|
|
| - |
|
|
| 29,233 |
| |
2009 |
| 142,240 |
|
|
| - |
|
|
| 142,240 |
| |
2010 |
| 274,457 |
|
|
| - |
|
|
| 274,457 |
| |
2011(a) |
| 253,030 |
|
|
| 515,000 |
|
|
| 768,030 |
| |
2012 and thereafter |
| 78,235 |
|
|
| - |
|
|
| 78,235 |
| |
Discount |
| - |
|
|
| (963 | ) |
|
| (963 | ) | |
Total debt | $ | 783,662 |
|
| $ | 514,037 |
|
| $ | 1,297,699 |
|
| (a) | Included in this amount is a $250,000 loan that has three, one-year extension options extending the maturity of this debt from 2008 to 2011. |
At June 30, 2007, we had unconsolidated 50 percent investments in ventures that owned an aggregate of 18 hotels. These ventures had approximately $194 million of non-recourse mortgage debt, all of which is secured by hotel assets. Our pro rata share of this non-recourse debt was $97 million.
18
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
PORTFOLIO DATA
Portfolio Distribution at June 30, 2007
(83 consolidated hotels included in continuing operations, same store basis)
Brand |
|
|
Hotels |
|
Rooms |
| % of Total Rooms |
| % of 2006 Hotel EBITDA(a) | |||
Embassy Suites Hotels |
| 47 |
| 12,127 |
| 51 |
| 57 |
| |||
Holiday Inn-branded |
| 17 |
| 6,305 |
| 26 |
| 18 |
| |||
Starwood-branded |
| 9 |
| 3,217 |
| 13 |
| 15 |
| |||
Doubletree-branded |
| 7 |
| 1,471 |
| 6 |
| 7 |
| |||
Hilton-branded |
| 2 |
| 559 |
| 2 |
| 2 |
| |||
Other |
| 1 |
| 403 |
| 2 |
| 1 |
| |||
|
|
|
|
|
|
|
|
|
| |||
Top Markets |
|
|
|
|
|
|
|
|
|
| ||
South Florida area |
| 5 |
| 1,434 |
| 6 |
| 7 |
| |||
Atlanta |
| 5 |
| 1,462 |
| 6 |
| 7 |
| |||
San Francisco Bay area |
| 6 |
| 2,141 |
| 9 |
| 6 |
| |||
Los Angeles area |
| 4 |
| 898 |
| 4 |
| 5 |
| |||
Orlando |
| 5 |
| 1,690 |
| 7 |
| 5 |
| |||
Dallas |
| 4 |
| 1,333 |
| 6 |
| 5 |
| |||
Phoenix |
| 3 |
| 798 |
| 3 |
| 4 |
| |||
San Diego |
| 1 |
| 600 |
| 2 |
| 4 |
| |||
Minneapolis |
| 3 |
| 736 |
| 3 |
| 4 |
| |||
Northern New Jersey |
| 3 |
| 756 |
| 3 |
| 3 |
| |||
Washington, D.C. |
| 1 |
| 443 |
| 2 |
| 3 |
| |||
Philadelphia |
| 2 |
| 729 |
| 3 |
| 3 |
| |||
Chicago |
| 3 |
| 795 |
| 3 |
| 3 |
| |||
San Antonio |
| 3 |
| 874 |
| 4 |
| 3 |
| |||
Boston |
| 2 |
| 532 |
| 2 |
| 3 |
| |||
|
|
|
|
|
|
|
|
|
| |||
Location |
|
|
|
|
|
|
|
|
|
| ||
Suburban |
| 32 |
| 8,200 |
| 34 |
| 37 |
| |||
Urban |
| 20 |
| 6,362 |
| 26 |
| 25 |
| |||
Airport |
| 20 |
| 6,203 |
| 26 |
| 24 |
| |||
Resort |
| 11 |
| 3,317 |
| 14 |
| 14 |
| |||
|
|
|
|
|
|
|
|
|
| |||
Segment |
|
|
|
|
|
|
|
|
|
| ||
Upper-upscale |
| 65 |
| 17,374 |
| 72 |
| 81 |
| |||
Full service |
| 17 |
| 6,305 |
| 26 |
| 18 |
| |||
Upscale |
| 1 |
| 403 |
| 2 |
| 1 |
| |||
| (a) | Hotel EBITDA is more fully described on page 15 of this supplement. |
19
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Detailed Operating Statistics by Brand
(83 consolidated hotels included in continuing operations, same store basis)
| Occupancy (%) | |||||||||||||
| Three Months Ended June 30, |
| Six Months Ended June 30, | |||||||||||
| 2007 |
| 2006 |
| %Variance |
| 2007 |
| 2006 |
| %Variance | |||
Embassy Suites Hotels | 75.3 |
| 77.5 |
| (2.8 | ) |
| 73.9 |
| 77.0 |
| (4.0 | ) | |
Holiday Inn-branded hotels | 73.6 |
| 76.3 |
| (3.6 | ) |
| 68.5 |
| 73.4 |
| (6.7 | ) | |
Starwood-branded hotels(a) | 71.6 |
| 72.5 |
| (1.2 | ) |
| 70.2 |
| 71.8 |
| (2.2 | ) | |
Doubletree-branded hotels | 71.2 |
| 78.7 |
| (9.4 | ) |
| 71.4 |
| 76.6 |
| (6.7 | ) | |
Other hotels(b) | 77.3 |
| 74.1 |
| 4.4 |
|
| 65.7 |
| 67.6 |
| (2.8 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total hotels | 74.2 |
| 76.5 |
| (3.0 | ) |
| 71.5 |
| 75.0 |
| (4.6 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| ADR ($) | |||||||||||||
| Three Months Ended June 30, |
| Six Months Ended June 30, | |||||||||||
| 2007 |
| 2006 |
| %Variance |
| 2007 |
| 2006 |
| %Variance | |||
Embassy Suites Hotels | 140.99 |
| 133.49 |
| 5.6 |
|
| 144.62 |
| 135.53 |
| 6.7 |
| |
Holiday Inn-branded hotels | 117.03 |
| 109.66 |
| 6.7 |
|
| 115.10 |
| 108.09 |
| 6.5 |
| |
Starwood-branded hotels(a) | 127.65 |
| 124.27 |
| 2.7 |
|
| 129.62 |
| 123.77 |
| 4.7 |
| |
Doubletree-branded hotels | 146.22 |
| 130.87 |
| 11.7 |
|
| 147.88 |
| 132.23 |
| 11.8 |
| |
Other hotels(b) | 140.86 |
| 137.48 |
| 2.5 |
|
| 135.19 |
| 129.10 |
| 4.7 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total hotels | 133.35 |
| 126.09 |
| 5.8 |
|
| 135.10 |
| 126.56 |
| 6.8 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| RevPAR ($) | |||||||||||||
| Three Months Ended June 30, |
| Six Months Ended June 30, | |||||||||||
| 2007 |
| 2006 |
| %Variance |
| 2007 |
| 2006 |
| %Variance | |||
Embassy Suites Hotels | 106.18 |
| 103.45 |
| 2.6 |
|
| 106.86 |
| 104.36 |
| 2.4 |
| |
Holiday Inn-branded hotels | 86.11 |
| 83.70 |
| 2.9 |
|
| 78.87 |
| 79.39 |
| (0.7 | ) | |
Starwood-branded hotels(a) | 91.38 |
| 90.07 |
| 1.5 |
|
| 90.97 |
| 88.82 |
| 2.4 |
| |
Doubletree-branded hotels | 104.15 |
| 102.93 |
| 1.2 |
|
| 105.65 |
| 101.23 |
| 4.4 |
| |
Other hotels(b) | 108.90 |
| 101.81 |
| 7.0 |
|
| 88.80 |
| 87.23 |
| 1.8 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total hotels | 98.94 |
| 96.40 |
| 2.6 |
|
| 96.62 |
| 94.87 |
| 1.8 |
| |
| (a) | Starwood-branded hotels include eight Sheraton-branded hotels and one Westin hotel. |
| (b) | Other hotels include two Hilton-branded hotels and one Crowne Plaza hotel. |
20
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Detailed Operating Statistics for FelCor’s Top Markets
(83 consolidated hotels included in continuing operations, same store basis)
| Occupancy (%) | |||||||||||||||||||||
| Three Months Ended June 30, |
| Six Months Ended June 30, | |||||||||||||||||||
| 2007 |
| 2006 |
| %Variance |
| 2007 |
| 2006 |
| %Variance | |||||||||||
South Florida area | 72.4 |
| 78.5 |
| (7.8 | ) |
| 79.5 |
| 83.5 |
| (4.7 | ) | |||||||||
Atlanta | 78.1 |
| 77.2 |
| 1.1 |
|
| 76.3 |
| 78.6 |
| (3.0 | ) | |||||||||
San Francisco Bay area | 78.9 |
| 77.3 |
| 2.1 |
|
| 72.9 |
| 74.8 |
| (2.6 | ) | |||||||||
Los Angeles area | 79.1 |
| 74.3 |
| 6.4 |
|
| 78.3 |
| 76.2 |
| 2.8 |
| |||||||||
Orlando | 80.6 |
| 84.5 |
| (4.6 | ) |
| 79.9 |
| 82.1 |
| (2.7 | ) | |||||||||
Dallas | 65.9 |
| 72.1 |
| (8.7 | ) |
| 68.1 |
| 73.3 |
| (7.0 | ) | |||||||||
Phoenix | 68.0 |
| 74.1 |
| (8.2 | ) |
| 74.9 |
| 78.6 |
| (4.7 | ) | |||||||||
San Diego | 73.9 |
| 80.4 |
| (8.0 | ) |
| 76.2 |
| 81.3 |
| (6.2 | ) | |||||||||
Minneapolis | 78.5 |
| 70.7 |
| 11.0 |
|
| 73.9 |
| 68.2 |
| 8.2 |
| |||||||||
Northern New Jersey | 76.7 |
| 74.5 |
| 2.9 |
|
| 68.3 |
| 70.2 |
| (2.7 | ) | |||||||||
Washington, D.C. | 73.8 |
| 70.9 |
| 4.0 |
|
| 68.2 |
| 66.4 |
| 2.8 |
| |||||||||
Philadelphia | 72.4 |
| 82.5 |
| (12.2 | ) |
| 64.2 |
| 71.2 |
| (9.9 | ) | |||||||||
Chicago | 73.7 |
| 81.0 |
| (9.0 | ) |
| 66.9 |
| 74.3 |
| (10.0 | ) | |||||||||
San Antonio | 83.3 |
| 82.7 |
| 0.8 |
|
| 77.6 |
| 80.4 |
| (3.5 | ) | |||||||||
Boston | 70.2 |
| 81.1 |
| (13.5 | ) |
| 61.1 |
| 73.4 |
| (16.8 | ) | |||||||||
| ADR ($) | |||||||||||||||||||||
| Three Months Ended June 30, |
| Six Months Ended June 30, | |||||||||||||||||||
| 2007 |
| 2006 |
| %Variance |
| 2007 |
| 2006 |
| %Variance | |||||||||||
South Florida area | 136.12 |
| 131.30 |
| 3.7 |
|
| 169.74 |
| 157.77 |
| 7.6 |
| |||||||||
Atlanta | 121.00 |
| 121.26 |
| (0.2 | ) |
| 123.11 |
| 120.69 |
| 2.0 |
| |||||||||
San Francisco Bay area | 138.57 |
| 130.87 |
| 5.9 |
|
| 135.16 |
| 126.40 |
| 6.9 |
| |||||||||
Los Angeles area | 158.32 |
| 144.69 |
| 9.4 |
|
| 154.54 |
| 138.46 |
| 11.6 |
| |||||||||
Orlando | 103.44 |
| 98.39 |
| 5.1 |
|
| 112.94 |
| 105.27 |
| 7.3 |
| |||||||||
Dallas | 122.26 |
| 113.01 |
| 8.2 |
|
| 126.57 |
| 114.58 |
| 10.5 |
| |||||||||
Phoenix | 136.17 |
| 122.69 |
| 11.0 |
|
| 160.24 |
| 142.68 |
| 12.3 |
| |||||||||
San Diego | 156.12 |
| 138.75 |
| 12.5 |
|
| 154.28 |
| 137.30 |
| 12.4 |
| |||||||||
Minneapolis | 142.94 |
| 136.96 |
| 4.4 |
|
| 141.12 |
| 134.76 |
| 4.7 |
| |||||||||
Northern New Jersey | 157.64 |
| 148.57 |
| 6.1 |
|
| 155.21 |
| 147.48 |
| 5.2 |
| |||||||||
Washington, D.C. | 169.09 |
| 166.46 |
| 1.6 |
|
| 170.86 |
| 165.76 |
| 3.1 |
| |||||||||
Philadelphia | 145.77 |
| 135.14 |
| 7.9 |
|
| 135.85 |
| 126.83 |
| 7.1 |
| |||||||||
Chicago | 136.50 |
| 124.31 |
| 9.8 |
|
| 130.22 |
| 119.40 |
| 9.1 |
| |||||||||
San Antonio | 111.04 |
| 107.06 |
| 3.7 |
|
| 110.33 |
| 103.01 |
| 7.1 |
| |||||||||
Boston | 157.89 |
| 157.03 |
| 0.5 |
|
| 150.49 |
| 146.59 |
| 2.7 |
| |||||||||
| RevPAR ($) | |||||||||||||||||||||
| Three Months Ended June 30, |
| Six Months Ended June 30, | |||||||||||||||||||
| 2007 |
| 2006 |
| %Variance |
| 2007 |
| 2006 |
| %Variance | |||||||||||
South Florida area | 98.50 |
| 103.08 |
| (4.4 | ) |
| 135.02 |
| 131.76 |
| 2.5 |
| |||||||||
Atlanta | 94.51 |
| 93.67 |
| 0.9 |
|
| 93.92 |
| 94.89 |
| (1.0 | ) | |||||||||
San Francisco Bay area | 109.33 |
| 101.15 |
| 8.1 |
|
| 98.48 |
| 94.59 |
| 4.1 |
| |||||||||
Los Angeles area | 125.21 |
| 107.54 |
| 16.4 |
|
| 121.04 |
| 105.44 |
| 14.8 |
| |||||||||
Orlando | 83.32 |
| 83.10 |
| 0.3 |
|
| 90.21 |
| 86.41 |
| 4.4 |
| |||||||||
Dallas | 80.52 |
| 81.50 |
| (1.2 | ) |
| 86.23 |
| 83.97 |
| 2.7 |
| |||||||||
Phoenix | 92.55 |
| 90.87 |
| 1.9 |
|
| 120.05 |
| 112.20 |
| 7.0 |
| |||||||||
San Diego | 115.43 |
| 111.55 |
| 3.5 |
|
| 117.54 |
| 111.56 |
| 5.4 |
| |||||||||
Minneapolis | 112.26 |
| 96.86 |
| 15.9 |
|
| 104.23 |
| 91.95 |
| 13.3 |
| |||||||||
Northern New Jersey | 120.84 |
| 110.70 |
| 9.2 |
|
| 105.98 |
| 103.53 |
| 2.4 |
| |||||||||
Washington, D.C. | 124.72 |
| 118.07 |
| 5.6 |
|
| 116.59 |
| 110.05 |
| 5.9 |
| |||||||||
Philadelphia | 105.59 |
| 111.47 |
| (5.3 | ) |
| 87.19 |
| 90.30 |
| (3.4 | ) | |||||||||
Chicago | 100.61 |
| 100.67 |
| (0.1 | ) |
| 87.11 |
| 88.78 |
| (1.9 | ) | |||||||||
San Antonio | 92.51 |
| 88.50 |
| 4.5 |
|
| 85.65 |
| 82.85 |
| 3.4 |
| |||||||||
Boston | 110.77 |
| 127.42 |
| (13.1 | ) |
| 91.92 |
| 107.63 |
| (14.6 | ) | |||||||||
21
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Pro Rata Share of Rooms Owned
|
Hotels |
| Room Count at June 30, 2007 | |||
Consolidated hotels in continuing operations | 83 |
|
|
| 24,082 |
|
Unconsolidated hotel operations | 5 |
|
|
| 761 |
|
Total hotels | 88 |
|
|
| 24,843 |
|
|
|
|
|
|
|
|
50% joint ventures | 18 |
|
|
| (2,089 | ) |
60% joint ventures | 1 |
|
|
| (214 | ) |
75% joint ventures | 1 |
|
|
| (55 | ) |
90% joint ventures | 3 |
|
|
| (68 | ) |
97% joint venture | 1 |
|
|
| (11 | ) |
Total owned rooms by joint venture partners |
|
|
|
| (2,437 | ) |
Pro rata share of rooms owned |
|
|
|
| 22,406 |
|
Capital Expenditures (dollars in thousands)
| Three Months Ended June 30, |
| Six Months Ended June 30, | ||||||||
| 2007 |
| 2006 |
| 2007 |
| 2006 | ||||
Improvements and additions to consolidated hotels | $71,585 |
|
| $35,602 |
|
| $138,488 |
|
| $70,449 |
|
Joint venture partners’ prorata share of additions to hotels |
(840 |
) |
|
(268 |
) |
|
(2,078 |
) |
|
(518 |
) |
Prorata share of unconsolidated additions to hotels | 5,825 |
|
| 2,259 |
|
| 9,517 |
|
| 6,485 |
|
Total additions to hotels(1) | $76,570 |
|
| $37,593 |
|
| $145,927 |
|
| $76,416 |
|
| (1) | Includes capitalized interest, property taxes, ground leases and certain employee costs. |
22
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
| Rooms |
| % Owned(a) | |
Renovation Completion Schedule |
|
|
|
|
|
|
|
| |
Completed 2006 |
|
|
| |
Charleston (Mills House - Historic Downtown), SC - Holiday Inn(b) | 214 |
|
| |
Dana Point (Doheny Beach), CA - Doubletree Guest Suites | 195 |
|
| |
Minneapolis (Airport), MN - Embassy Suites(b) | 310 |
|
| |
Napa Valley, CA - Embassy Suites(b) | 205 |
|
| |
Nashville (Airport/Opryland Area), TN - Embassy Suites | 296 |
|
| |
Nashville (Opryland/Airport Briley Parkway), TN - Holiday Inn Select | 383 |
|
| |
Piscataway (Somerset), NJ - Embassy Suites(b) | 221 |
|
| |
Vienna (Tysons Corner), VA - Sheraton(b) | 443 |
| 50% | |
|
|
|
| |
Completed First Quarter 2007 |
|
|
| |
Atlanta (Airport), GA - Embassy Suites(b) | 232 |
|
| |
Atlanta (Galleria), GA - Sheraton Suites(b) | 278 |
|
| |
Austin, TX - Doubletree Guest Suites(b) | 189 |
| 90% | |
Baltimore (BWI Airport), MD - Embassy Suites(b) | 251 |
| 90% | |
Charlotte (Southpark), NC - Doubletree Guest Suites | 208 |
|
| |
Chicago (Northshore/Deerfield-Northbrook), IL - Embassy Suites(b) | 237 |
|
| |
Houston (Medical Center), TX - Holiday Inn & Suites | 287 |
|
| |
Lexington (Lexington Green), KY - Hilton Suites(b) | 174 |
|
| |
Orlando (International Airport), FL - Holiday Inn Select(b) | 288 |
|
| |
Orlando (Walt Disney World Resort), FL - Doubletree Guest Suites | 229 |
|
| |
San Antonio (International Airport), TX - Holiday Inn Select(b) | 397 |
|
| |
San Francisco (Burlingame Airport), CA - Embassy Suites | 340 |
|
| |
San Francisco (Fisherman's Wharf), CA - Holiday Inn | 585 |
|
| |
San Francisco (South San Francisco Airport), CA - Embassy Suites(b) | 312 |
|
| |
St. Paul (Downtown), MN - Embassy Suites(b) | 208 |
|
| |
Secaucus (Meadowlands), NJ - Embassy Suites(b) | 261 |
| 50% | |
Toronto (Yorkdale), CAN - Holiday Inn | 370 |
|
| |
|
|
|
| |
Completed Second Quarter 2007 |
|
|
| |
Atlanta (Gateway-Atlanta Airport), GA - Sheraton | 395 |
|
| |
Baton Rouge, LA - Embassy Suites(b) | 223 |
|
| |
Boston (Government Center), MA - Holiday Inn Select | 303 |
|
| |
Chicago (Lombard/Oak Brook), IL - Embassy Suites(b) | 262 |
| 50% | |
Chicago (O'Hare Airport), IL - Sheraton Suites(b) | 296 |
|
| |
Dallas (Market Center), TX – Embassy Suites | 244 |
|
| |
Parsippany, NJ - Embassy Suites(b) | 274 |
| 50% | |
Philadelphia (Historic District), PA - Holiday Inn | 364 |
|
| |
Pittsburgh (At University Center-Oakland), PA - Holiday Inn Select(b) | 251 |
|
| |
23
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Renovation Completion Schedule – (continued)
| Rooms |
| % Owned(a) |
Completed Second Quarter 2007 – (continued) |
|
|
|
San Rafael (Marin County/Conference Center), CA - Embassy Suites(b) | 235 |
| 50% |
Tampa (On Tampa Bay), FL - Doubletree Guest Suites(b) | 203 |
|
|
Toronto (Airport), CAN - Holiday Inn Select | 445 |
|
|
|
|
|
|
Third and Fourth Quarter 2007 Completions |
|
|
|
Atlanta (Perimeter Center), GA - Embassy Suites(b) | 241 |
| 50% |
Austin (North), TX - Embassy Suites(b) | 260 |
| 50% |
Birmingham, AL - Embassy Suites(b) | 242 |
|
|
Boca Raton, FL - Embassy Suites(b) | 263 |
|
|
Boston (Marlborough), MA – Embassy Suites(b) | 229 |
|
|
Burlington (Hotel & Conference Center), VT - Sheraton(b) | 309 |
|
|
Cocoa Beach (Oceanfront), FL - Holiday Inn | 500 |
|
|
Corpus Christi, TX - Embassy Suites(b) | 150 |
|
|
Dallas (DFW International Airport-South), TX - Embassy Suites(b) | 305 |
|
|
Dallas (Love Field), TX - Embassy Suites(b) | 248 |
|
|
Deerfield Beach (Boca Raton/Deerfield Beach Resort), FL - Embassy Suites(b) | 244 |
|
|
Ft. Lauderdale (17th Street), FL - Embassy Suites(b) | 358 |
|
|
Ft. Lauderdale (Cypress Creek), FL - Sheraton Suites(b) | 253 |
|
|
Indianapolis (North), IN - Embassy Suites(b) | 221 |
| 75% |
Jacksonville (Baymeadows), FL - Embassy Suites(b) | 277 |
|
|
Kansas City (Plaza), MO - Embassy Suites(b) | 266 |
| 50% |
Los Angeles (Anaheim Located near Disneyland Park), CA - Embassy Suites(b) | 222 |
|
|
Los Angeles (El Segundo International Airport South), CA - Embassy Suites | 349 |
| 97% |
Miami (International Airport), FL - Embassy Suites(b) | 316 |
|
|
Milpitas (Silicon Valley), CA - Embassy Suites(b) | 266 |
|
|
Orlando (International Drive Resort), FL - Holiday Inn | 652 |
|
|
Orlando (International Drive South), FL - Embassy Suites(b) | 244 |
|
|
Orlando (North), FL - Embassy Suites | 277 |
|
|
Philadelphia (Society Hill), PA - Sheraton(b) | 365 |
|
|
Phoenix (Biltmore), AZ - Embassy Suites(b) | 232 |
|
|
Phoenix (Tempe), AZ - Embassy Suites(b) | 224 |
|
|
Raleigh (Crabtree), NC - Embassy Suites(b) | 225 |
| 50% |
Raleigh, NC - Doubletree Guest Suites(b) | 203 |
|
|
San Antonio (International Airport), TX - Embassy Suites(b) | 261 |
| 50% |
San Antonio (N.W. I-10), TX - Embassy Suites(b) | 216 |
| 50% |
San Diego (On the Bay), CA - Holiday Inn | 600 |
|
|
Santa Barbara (Goleta), CA - Holiday Inn | 160 |
|
|
Wilmington, DE - Doubletree(b) | 244 |
| 90% |
24
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Renovation Completion Schedule – (continued)
| Rooms |
| % Owned(a) |
2008 Completions |
|
|
|
Atlanta (Buckhead), GA – Embassy Suites(b) | 316 |
|
|
Bloomington, MN - Embassy Suites(b) | 218 |
|
|
Charlotte, NC – Embassy Suites(b) | 274 |
| 50% |
Dallas (Park Central), TX – Westin | 536 |
| 60% |
Kansas City (Overland Park), KS – Embassy Suites(b) | 199 |
| 50% |
Myrtle Beach (At Kingston Plantation), SC - Embassy Suites | 255 |
|
|
Myrtle Beach Resort, SC - Hilton | 385 |
|
|
New Orleans, LA – Embassy Suites(b) | 370 |
|
|
New Orleans (French Quarter), LA – Holiday Inn | 374 |
|
|
Oxnard (Mandalay Beach Resort & Conference Center), CA – Embassy Suites | 248 |
|
|
Phoenix (Crescent Hotel), AZ – Sheraton(b) | 342 |
|
|
San Francisco (Union Square), CA – Crowne Plaza | 403 |
|
|
Santa Monica (Beach at the Pier), CA – Holiday Inn | 132 |
|
|
Projected Renovation Program Summary ($ in millions) |
|
| |||||||||||
Completion Date |
| Project Cost |
| Hotels Completed |
| Rooms Completed | |||||||
Fourth Quarter 2006 |
|
| $ | 46 |
|
|
| 8 |
|
|
| 2,267 |
|
First Quarter 2007 |
|
|
| 82 |
|
|
| 17 |
|
|
| 4,846 |
|
Second Quarter 2007 |
|
|
| 59 |
|
|
| 12 |
|
|
| 3,495 |
|
Third and Fourth Quarter 2007 |
|
|
| 184 |
|
|
| 33 |
|
|
| 9,422 |
|
2008 |
|
|
| 59 |
|
|
| 13 |
|
|
| 4,052 |
|
Total(1) |
|
| $ | 430 |
|
|
| 83 |
|
|
| 24,082 |
|
| (1) | Does not include redevelopment costs and represents our prorata share of project costs. |
Unconsolidated Operations |
| Rooms |
| % Owned(a) |
Hays, KS – Hampton Inn(b) | 114 |
| 50% | |
Hays, KS – Holiday Inn(b) | 191 |
| 50% | |
New Orleans (Chateau LeMoyne -In French Quarter/Historic Area), LA – |
|
| 50% | |
Salina, KS – Holiday Inn(b) | 192 |
| 50% | |
Salina (I-70), KS – Holiday Inn Express & Suites(b) | 93 |
| 50% |
| (a) | We own 100% of the real estate interests unless otherwise noted. |
| (b) | This hotel is encumbered by mortgage debt or capital lease obligation. |
25
FelCor Lodging Trust Incorporated
Supplemental Information
Three and Six Months Ended June 30, 2007
Hotels Sold in 2007
Property |
|
Date Sold |
|
Rooms |
| Total Gross Sales Price Per Quarter (in millions) | |||
Hotels sold during the quarter ended March 31, 2007: |
|
|
|
|
|
|
|
| |
Los Angeles (Covina/I-10) Covina, CA – Embassy Suites(a) | Feb 2007 |
| 155 |
|
|
|
|
| |
Palm Desert (Palm Desert Resort), CA – Embassy Suites | Feb 2007 |
| 202 |
|
|
|
|
| |
Stamford, CT – Holiday Inn Select | March 2007 |
| 198 |
|
|
|
|
| |
|
|
| 555 |
|
| $ | 64.7 |
| |
Hotels sold during the quarter ended June 30, 2007: |
|
|
|
|
|
|
|
| |
Houston (Intercontinental Airport), TX – Holiday Inn | May 2007 |
| 415 |
|
|
|
|
| |
Dallas (Park Central), TX – Sheraton | May 2007 |
| 438 |
|
|
|
|
| |
Dallas (Park Central Area), TX – Embassy Suites | June 2007 |
| 279 |
|
|
|
|
| |
Dallas (West End/Convention Center) TX – Hampton Inn | June 2007 |
| 309 |
|
|
|
|
| |
Lexington, KY – Sheraton Suites | June 2007 |
| 155 |
|
|
|
|
| |
Brunswick, GA – Embassy Suites | June 2007 |
| 130 |
|
|
|
|
| |
Troy – (North - Auburn Hills), MI – Embassy Suites | June 2007 |
| 251 |
|
|
|
|
| |
Tulsa (I-44), OK – Embassy Suites | June 2007 |
| 244 |
|
|
|
|
| |
|
|
| 2,221 |
|
| $ | 126.3 |
|
| (a) | This hotel was sold by one of our 50% owned unconsolidated joint ventures for gross proceeds of $22.0 million. |
26