-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MItVfG+WhEBMftMPPABpE+vY0TWQzfIqczLUd0XVEAlwt9e5nRCX+1QgYAxqaAA0 LFNCKQNbjIRt+RoAAj5ajw== 0001383733-10-000077.txt : 20101103 0001383733-10-000077.hdr.sgml : 20101103 20101103151109 ACCESSION NUMBER: 0001383733-10-000077 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20100930 FILED AS OF DATE: 20101103 DATE AS OF CHANGE: 20101103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FelCor Lodging Trust Inc CENTRAL INDEX KEY: 0000923603 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 752541756 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14236 FILM NUMBER: 101161180 BUSINESS ADDRESS: STREET 1: 545 E JOHN CARPENTER FREEWAY STREET 2: SUITE 1300 CITY: IRVING STATE: TX ZIP: 75062 BUSINESS PHONE: 9724444900 MAIL ADDRESS: STREET 1: 545 E JOHN CARPENTER FREEWAY STREET 2: SUITE 1300 CITY: IRVING STATE: TX ZIP: 75062 FORMER COMPANY: FORMER CONFORMED NAME: FELCOR LODGING TRUST INC DATE OF NAME CHANGE: 19980810 FORMER COMPANY: FORMER CONFORMED NAME: FELCOR SUITE HOTELS INC DATE OF NAME CHANGE: 19940523 10-Q 1 felcor2010q310q.htm FELCOR LODGING TRUST INCORPORATED 3Q 2010 FORM 10Q WebFilings | EDGAR view

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
(Mark One)
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2010
 
or
 
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from           to
 
Commission File Number: 001-14236
 
FelCor Lodging Trust Incorporated
(Exact name of registrant as specified in its charter)
 
 
 Maryland
 
 75-2541756
 
 
 (State or other jurisdiction of incorporation or organization)
 
 (I.R.S. Employer
Identification No.)
 
 
 
 
 
 545 E. John Carpenter Freeway, Suite 1300, Irving, Texas
 
75062
 
 
 (Address of principal executive offices)
 
 (Zip Code)
 
(972) 444-4900
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has fi led all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. xYes   oNo
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). oYes   oNo
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 Large accelerated filer  o
 
 Accelerated filer x
 Non-accelerated filer     o (Do not check if a smaller reporting company)
 
 Smaller reporting company o
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 
o Yes    x No
 
At October 29, 2010, the registrant had issued and outstanding 97,049,227 shares of common stock.

FELCOR LODGING TRUST INCORPORATED
< font style="font-family:inherit;font-size:12pt;"> 
INDEX
 
 
 
 
Page
 
 
  PART I − FINANCIAL INFORMATION
 
 
 
 
 
Item 1.
Financial Statements
 
 
Consolidated Balance Sheets September 30, 2010 and December 31, 2009
    (unaudited)
 
 
Consolidated Statements of Operations – For the Three and Nine Months Ended
    September 30, 2010 and 2009 (unaudited)
 
 
Consolidated Statements of Comprehensive Loss – For the Three and
    Nine Months Ended September 30, 2010 and 2009 (unaudited)
 
 
Consolidated Statements of Changes in Equity – For the Nine Months Ended
    September 30, 2010 and 2009 (unaudited)
 
 
Consolidated Statements of Cash Flows – For the Nine Months Ended
    September 30, 2010 and 2009 (unaudited)
 
 
Notes to Consolidated Financial Statements
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
General
 
 
Results of Operations
 
 
Non-GAAP Financial Measures
 
 
Pro Rata Share of Rooms Owned
 
 
Hotel Portfolio Composition
 
 
Hotel Operating Statistics
 
 
Hotel Portfolio
 
 
Liquidity and Capital Resources
 
 
Inflation
 
 
S easonality
 
 
Disclosure Regarding Forward-Looking Statements
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Item 4.
Controls and Procedures
 
 
 
 
 
 
  PART II − OTHER INFORMATION
 
 
 
 
 
Item 3.
Defaults Upon Senior Securities
Item 6.
Exhibits
 
 
 
 
SIGNATURE
 
 
 
 
 
 
 

2

PART I -- FINANCIAL INFORMATION
 
Item 1.    
Financial Statements.
 
FELCOR LODGING TRUST INCORPORATED
 
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
 
September 30, 2010
 
December 31, 2009
Assets
 
 
 
Investment in hotels, net of accumulated depreciation of $970,730 at
September 30, 2010 and $916,604 at December 31, 2009
$
2,101,244
 
 
$
2,180,394
 
Investment in unconsolidated entities
102,957
 
 
82,040
 
Cash and cash equivalents
192,478
 
 
263,531
 
Restricted cash
20,586
 
 
18,708
 
Accounts receivable, net of allowance for doubtful accounts of $326 at
September 30, 2010 and $406 at December 31, 2009
36,628
 
 
28,678
 
Deferred expenses, net of accumulated amortization of $15,811 at
September 30, 2010 and $14,502 at December 31, 2009
21,701
 
 
19,977
 
Other assets
37,599
 
 
32,666
 
Total assets
$
2,513,193
 
 
$
2,625,994
 
Liabilities and Equity
 
 
 
Debt, net of discount of $55,972 at September 30, 2010 and $64,267 at
December 31, 2009
$
1,573,402
 
 
$
1,773,314
 
Distributions payable
66,615
 
 
37,580
 
Accrued expenses and other liabilities
180,560
 
 
131,339
 
Total liabilities
1,820,577
 
 
1,942,233
 
Commitments and contingencies
 
 
 
Redeemable noncontrolling interests in FelCor LP at redemption value, 295
units issued and outstanding at September 30, 2010 and December 31,
2009
1,357
 
 
1,062
 
Equity:
 
 
 
 Preferred stock, $0.01 par value, 20,000 shares authorized:
 
 
 
    Series A Cumulative Convertible Preferred Stock, 12,880 shares,
liquidation value of $322,011, issued and outstanding at September 30,
2010 and December 31, 2009
309,362
 
 
309,362
 
    Series C Cumulative Redeemable Preferred Stock, 68 shares,
liquidation value of $169,950, issued and outstanding at September 30,
2010 and December 31, 2009
169,412
 
 
169,412
 
Common stock, $0.01 par value, 200,000 shares authorized and 101,038 and
69,413 shares issued, including shares in treasury, at September 30, 2010
and December 31, 2009, respectively
1,010
 
 
694
 
Additional paid-in capital
2,189,418
 
 
2,021,837
 
Accumulated other comprehensive income
24,800
 
 
23,528
 
Accumulated deficit
(1,951,451
)
 
(1,792,822
)
Less: Common stock in treasury, at cost, of 3,988 shares at September 30,
2010 and 3,845 shares at December 31, 2009
(72,245
)
 
(71,895
)
Total FelCor stockholders’ equity
670,306
 
 
660,116
 
Noncontrolling interests in other partnerships
20,953
 
 
22,583
 
Total equity
691,259
 
 
682,699
 
Total liabilities and equity
$
2,513,193
 
 
$
2,625,994
 
The accompanying notes are an integral part of these consolidated financial statements.

3

FELCOR LODGING TRUST INCORPORATED
 
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three and Nine Months Ended September 30, 2010 and 2009
(unaudited, in thousands, except for per share data)
< td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;">
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2010
 
2009
 
2010
 
2009
Revenues:
 
 
 
 
 
 
 
Hotel operating revenue
$
241,944
 
 
$
222,260
 
 
$
713,937
 
 
$
682,016
 
Other revenue
1,421
 
 
1,280
 
 
2,793
 
 
2,554
 
Total revenues
243,365
 
 
223,540
 
 
716,730
 
 
684,570
 
Expenses:
 
 
 
 
 
 
 
Hotel departmental expenses
87,001
 
 
80,791
 
 
254,469
 
 
240,275
 
Other property related costs
69,894
 
 
63,778
 
 
201,701
 
 
191,961
 
Management and franchise fees
11,545
 
 
10,975
 
 
33,796
 
 
32,990
 
Taxes, insurance and lease expense
26,511
 
 
24,872
 
 
77,913
 
 
74,199
 
Corporate expenses
6,564
 
 
4,471
 
 
22,921
 
 
15,829
 
Depreciation and amortization
36,564
 
 
36,866
 
 
110,454
 
 
108,668
 
Impairment loss
65,849
 
 
—
 
 
79,245
 
 
—
 
Other expenses
1,331
 
 
1,031
 
 
2,693
 
 
3,486
 
Total operating expenses
305,259
 
 
222,784
 
 
783,192
 
 
667,408
 
 
 
 
 
 
 
 
 
Operating income (loss)
(61,894
)
 
756
 
 
(66,462
)
 
17,162
 
Interest expense, net
(35,147
)
 
(24,015
)
 
(107,678
)
 
(67,301
)
Extinguishment of debt
(225
)
 
—
 
 
45,853
 
 
(594
)
Loss before equity in income (loss) from
unconsolidated entities
(97,266
)
 
(23,259
)
 
(128,287
)
 
(50,733
)
Equity in income (loss) from unconsolidated entities
302
 
 
488
 
 
(886
)
 
(3,197
)
Gain on sale of assets
—
 
 
723
 
 
—
 
 
723
 
Loss from continuing operations
(96,964
)
 
(22,048
)
 
(129,173
)
 
(53,207
)
Discontinued operations
7,684
 
 
(3,426
)
 
(1,059
)
 
(4,657
)
< div style="text-align:left;font-size:11pt;">Net loss
(89,280
)
 
(25,474
)
 
(130,232
)
 
(57,864
)
Net loss attributable to noncontrolling interests in other
partnerships
173
 
 
174
 
 
77
 
 
66
 
Net loss attributable to redeemable noncontrolling
interests in FelCor LP
297
 
 
160
 
 
571
 
 
399
 
Net loss attributable to FelCor
(88,810
)
 
(25,140
)
 
(129,584
)
 
(57,399
)
Preferred dividends
(9,678
)
 
(9,678
)
 
(29,034
)
 
(29,034
)
Net loss attributable to FelCor common stockholders
$
(98,488
)
 
$
(34,818
)
 
$
(158,618
)
 
$
(86,433
)
Basic and diluted per common share data:
 
 
 
 
 
 
 
Loss from continuing operations
$
(1.12
)
 
$
(0.50
)
 
$
(2.10
)
 
$
(1.30
)
Net loss
$
(1.04
)
 
$
(0.55
)
 
$
(2.11
)
 
$
(1.37
)
Basic and diluted weighted average common shares
    outstanding
95,034
 
 
63,086
 
 
75,135
 
63,121
 
 
The accompanying notes are an integral part of these consolidated financial statements.
 

4

FELCOR LODGING TRUST INCORPORATED
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
For the Three and Nine Months Ended September 30, 2010 and 2009
(unaudited, in thousands)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
 
2010
 
2009
 
2010
 
2009
Net loss 
$
(89,280
)
 
$
(25,474
)
 
$
(130,232
)
 
$
(57,864
)
Foreign currency translation adjustment
1,927
 
 
4,707
 
 
1,275
 
 
7,157
 
Comprehensive loss 
(87,353
)
 
(20,767
)
 
(128,957
)
 
(50,707
)
Comprehensive loss attributable to noncontrolling
   interests in other partnerships
173
 
 
1 74
 
 
77
 
 
66
 
Comprehensive loss attributable to redeemable
noncontrolling interests in FelCor LP
291
 < /font>
 
138
 
 
568
 
 
366
 
Comprehensive loss attributable to FelCor
$
(86,889
)
 
$
(20,455
)
 
$
(128,312
)
 
$
(50,275
)
 
The accompanying notes are an integral part of these consolidated financial statements.
 
 

5

FELCOR LODGING TRUST INCORPORATED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Nine Months Ended September 30, 2010 and 2009
(unaudited, in thousands)
 
< td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;">
(66
—
 
 Preferred Stock
 
 Common Stock
 
 
 
Acc umulated Other Comprehensive Income
 
 
 
 
 
Noncontrolling Interests in Other Partnerships
 
 
 
 
 
Number of Shares
 
 Amount
 
Number of Shares
 
     Amount
 
Additional Paid-in Capital
 
 
Accumulated Deficit
 
Treasury Stock
 
 
Comprehensive Income (Loss)
 
Total Equity
Balance at December 31, 2008
12,948
 
 
$
478,774
 
 
69,413
 
 
$
694
 
 
$
2,045,482
 
 
$
15,347
 
 
$
(1,645,947
)
 
$
(99,245
)
 
$
23,784
 
 
 
 
 
$
818,889
 
Issuance of stock awards
—
 
 
—
 
 
—
 
 
—
 
 
(11,054
)
 
—
 
 
—
 
 
11,070
 
 
—
 
 
 
 
 
16
 
Amortization of stock awards
—
 
 
—
 
 
—
 
 
—
 
 
3,923
 
 
—
 
 
—
 
 
—
 
 
—
 
 
 
 
 
3,923
 
Forfeiture of stock awards
—
 
 
—
 
 
—
 
 
—
 
 
63
 
 
—
 
 
—
 
 
(191
)
 
—
 
 
 
 
 
(128
)
Allocation to redeemable noncontrolling
interests
—
 
 
—
 
 
—
 
 
—
 
 
(1,162
)
 
—
 
 
—
 
 
—
 
 
—
 
 
 
 
 
(1,162
)
Contribution from noncontrolling interests
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
469
 
 
 
 
 
469
 
Distribution to noncontrolling interests
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(1,141
)
 
 
 
 
(1,141
)
Other
—
 
 
—
 
 
—
 
 
—
 
 
(168
)
 
—
 
 
(40
)
 
—
 
 
168
 
 
 
 
 
(40
)
< /td>
Preferred dividends accrued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$1.4625 per Series A preferred share
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(18,837
)
 
—
 
 
—
 
 
 
 
 
(18,837
)
$1.50 per Series C depositary preferred
share
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(10,197
)
 
—
 
 
—
 
 
 
 
 
(10,197
)
Comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange translation
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
7,124
 
&nbs p;
—
 
 
—
 
 
—
 
 
$
7,124
 
 
 < /div>
 
Net income (loss)
—
 
 
—
 
 
—
 
 
—
 
 
—
 < /font>
 
—
 
 
(57,399< /font>
)
 
—
 
 
)
 
(57,465
)
 
 
 
Comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
(50,341
)
 
(50,341
)
Balance at September 30, 2009
12,948
 
 
$
478,774
 
 
69,413
 
 
$
694
 
 
$
2,037,084
 
 
$
22,471< /font>
 
 
$
(1,732,420
)
 
$
(88,366
)
 
$
23,214
 
 
 
 
 
$
741,451
 
Balance at December 31, 2009
12,948
 
 
$
478,774
 
 
69,413
 
 
$
694
 
 
$
2,021,837
 
 
$
23,528
 
 
$
(1,792,822
)
 
$
(71,895
)
 
$
22,583
 
 
 
 
 
$
682,699
 
Issuance of common stock
—
 
 
—
 
 
31,625
 
 
316
 
 
166,011
< /td>
 
 
—
 
 
—
 
 
—
 
 
—
 
 
 
 
 
166,327
 
Issuance of stock awards
—
 
 
—
 
 
—
 
 
—
 
 
(229
)
 
—
 
 
—
 
 
297
 
 
—
 
 
 
 
 
68
 
Amortization of stock awards
—
 
 
—
 
 
—
 
 
—
 
 
3,629
 
 
—
 
 
—
 
 
—
 
 
—
 
 
 
 
 
3,629
 
Forfeiture of stock awards
—
 
 
—
 
 
—
 
 
—
 
 
149
 
 
—
 
&nb sp;
—
 
 
(647
)
 
—
 
 
 
 
 
(498
)
Allocation to redeemable noncontrolling
interests
—
 
 
—
 
 
—
 
 
—
 
 
(863
)
 
—
 
 
—
 
 
—
 
 
—
 
 
 
 
 
(863
)
Contribution from noncontrolling interests
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
&nbs p;
 
—
 
 
20
 
 
 
 
 
20
 
Distribution to noncontrolling interests
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 < /div>
 
—
 
 
—< /div>
 
 
(1,689
)
 
 
 
 
(1,689
)
Other
—
 
 
—
 
 
—
 
 
—
 
 
(1,116
)
 
—
 
 
(11
)
 
—
 
 
116
 
 
 
 
 
(1,011
)
Preferred dividends accrued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$1.4625 per Series A preferred share
—
 
 
—
 
 
 
 
—
 
 
—
 
 
—
 
 
(18,837
)
 
—
 
 
—
 
 
 
 
 
(18,837
)
$1.50 per Series C depositary preferred
share
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(10,197
)
 
—
 
 
—
 
 
 
 
 
(10,197
)
Comprehensive loss:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 < /div>
 
 
 
 
 
 
 
 
 
 
Foreign exchange translation
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
1,272
 
 
—
 
 
—
 
 
—
 
 
$
1,272
 
 
 
 
Net income (loss)
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
—
 
 
(129,584
)
 
—
 
 
(77
)
 
(129,661
)
 
 
 
Comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
(128,389
)
 
(128,389
)
Balance at September 30, 2010
12,948
 
 
$
478,774
 
—
 
101,038
 
 
$
1,010
 
 
$
2,189,418
 
 
$
24,800
 
 
$
(1,951,451
)
 
$
(72,245
)
 
$
20,953
 
 
 
 
$
691,259
 
The accompanying notes are an integral part of these consolidated financial statements.

6

FELCOR LODGING TRUST INCORPORATED
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2010 and 2009
(unaudited, in thousands)
 
Nine Months Ended September 30,
 
2010
 
2009
Cash flows from operating activities:
 
 
 
Net loss
$
(130,232
)
 
$
(57,864
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
< font style="font-family:inherit;font-size:10pt;"> 
 
Depreciation and amortization
111,420
 
 
112,024
 
Gain on sale of assets
—
 
 
(723
)
Amortization of deferred financing fees and debt discount
13,050
 
 
3,089
 
Amortization of unearned officers’ and directors’ compensation
4,901
 
 
3,924
 
Equity in loss from unconsolidated entities
886
 
 
3,197
 
Distributions of income from unconsolidated entities
1,869
 
 
2,256
 
Extinguishment of debt
(54,096
)
 
594
 
Impairment loss
86,909
 
 
3,448
 
Changes in assets and liabilities:
 
 
 
 Accounts receivable
(8,516
)
 
1,214
 
 Restricted cash – operations
239
 
 
(1,587
)
 Other assets
(6,321
)
 
(4,827
)
 Accrued expenses and other liabilities
47,952
 
 
11,664
 
Net cash flow provided by operating activities
68,061
 
 
76,409
 
 Cash flows from investing activities:
 
 
 
Acquisition of hotels
(97,513
)
 
—
 
Improvements and additions to hotels
(27,841
)
 
(62,465
)
Additions to condominium project
(216
)
 
(115
)
Change in restricted cash – investing
(3,983
)
 
(2,507
)
Proceeds received from property damage insurance
417
 
 
—
 
Redemption of investment securities
—
 
 
1,719
 
Distributions from unconsolidated entities
1,566
 
 
3,700
 
Contributions to unconsolidated entities
(25,172
)
 
(444
)
Net cash flow used in investing activities
(152,742
)
 
(60, 112
)
 Cash flows from financing activities:
 
 
 
Proceeds from borrowings
212,149
 
 
418,390
 
Repayment of borrowings
(355,832
)
 
(340,037
)
Payment of deferred financing fees
(7,507
)
 
(7,785
)
Change in restricted cash – financing
1,016
 
 
—
 
Acquisition of noncontrolling interest
(1,000
)
 
—
 
Distributions paid to noncontrolling interests
(1,689
)
 
(1,141
)
Contributions from noncontrolling interests
20
 
 
469
 
Distributions paid to preferred stockholders
—
 
 
(9,678
)
Net proceeds from common stock issuance
166,327
 
 
—
 
Net cash flow provided by financing activities
13,484
 
 
60,218
 
 Effect of exchange rate changes on cash
144
 
 
1,361
 
&nb sp;Net change in cash and cash equivalents
(71,053
)
 
77,876
 
 Cash and cash equivalents at beginning of periods
263,531
 
 
50,187
 
 Cash and cash equivalents at end of periods
$
192,478
 
 
$
128,063
 
 
 
 
 
 Supplemental cash flow information – interest paid
$
78,603
 
 
$
< font style="font-family:inherit;font-size:10pt;">87,395
 
The accompanying notes are an integral part of these consolidated financial statements.

7
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 
1.    
Organization
 
FelCor Lodging Trust Incorporated (NYSE:FCH), or FelCor, a Maryland corporation, operates as a real estate investment trust, or REIT.  We are the sole general partner of, and the owner of a greater than 99% partnership interest in, FelCor Lodging Limited Partnership, or FelCor LP, through which we held ownership interests in 84 hotels with approximately 24,000 rooms at September 30, 2010.
 
We lease all but one of our hotels to our taxable REIT subsidiaries (or TRS).  These subsidiaries (our operating lessees) have engaged independent third-party management companies to manage the hotels.
 
Of the 84 hotels in which we had an ownership interest at September 30, 2010, we owned a 100% interest in 65 hotels, a 90% interest in entities owning three hotels, an 82% interest in an entity owning one hotel, a 60% interest in an entity owning one hotel and a 50% interest in entities owning 14 hotels.  We consolidate our real estate interests in the 70 hotels in which we held greater than 50% ownership interests, and we record the real estate interests of the 14 hotels in which we held 50% ownership interests using the equity method.
 
At September 30, 2010, 83 of the 84 hotels in which we had ownership interests were leased to operating lessees, and one 50%-owned hotel was operated without a lease.  We held greater than 50% ownership interests and had direct or indirect controlling interests in the lessees of the hotels that were leased to operating lessees.  Because we owned controlling interests in these lessees (including lessees of 13 of the 14 hotels in which we owned 50% of the real estate interests), we consolidated our lessee interests in these hotels (we refer to these 83 hotels as our Consolidated Hotels) and reflect 100% of the hotels’ revenues and expenses, including lease expenses, on our statement of operations.  Of our Consolidated Hotels, we owned 50% of the real estate interests in each of 13 hotels (we accounted for the ownership in our real estate interests of these hotels by the equity method) and more than 50% of the real estate interests in each of the remaining 70 h otels (we consolidate our real estate interest in these hotels).
 
At September 30, 2010, we had 97,344,716 shares and units outstanding consisting of 97,049,756 shares of FelCor common stock and 294,960 FelCor LP limited partnership units not owned by FelCor.
 
The following table illustrates the distribution of our 83 Consolidated Hotels among our various brands at September 30, 2010:
Brand
 
Hotels
 
Rooms
 Embassy Suites Hotels® 
 
46
 
 
11,911
  ;
 Holiday Inn® 
 
15
 
 
5,154
 
 Sheraton® and Westin® 
 
9
 
 
3,217
 
 Doubletree® and Hilton® 
 
< /td>
9
 
 
2,030
 
 Marriott® and Renaissance® 
 
3
 
 
1,321
 
 Fairmont® ; 
 
1
 
 
383
 
 Total
 
83
 
 
24,016
 
 
At September 30, 2010, our Consolidated Hotels were located in the United States (81 hotels in 23 states) and Canada (two hotels in Toronto, Ontario), with concentrations in California (15 hotels), Florida (12 hotels) and Texas (11 hotels).  Approximately 50% of our hotel room revenues were generated from hotels in these three states during the first nine months of 2010.
 

8
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.    
Organization — (continued)
 
At September 30, 2010, of our 83 Consolidated Hotels: (i) subsidiaries of Hilton Hotels Corporation, or Hilton, managed 53 hotels, (ii) subsidiaries of InterContinental Hotels Group, or IHG, managed 15 hotels, (iii) subsidiaries of Starwood Hotels & Resorts Worldwide Inc., or Starwood, managed nine hotels, (iv) subsidiaries of Marriott International Inc., or Marriott, managed three hotels, (v) subsidiaries of Fairmont Hotels and Resorts, or Fairmont, managed one hotel, and (vi) independent management companies managed two hotels.
 
Our hotels managed by Marriott are accounted for on a fiscal year comprised of 52 or 53 weeks ending on the Friday closest to December 31.& nbsp; Our nine-month period ending September 30, 2010 and 2009 includes the results of operations for our Marriott-managed hotels for the thirty-six week period ending September 10, 2010 and September 11, 2009, respectively.
 
The information in our consolidated financial statements for the three and nine mon ths ended September 30, 2010 and 2009 is unaudited.  Preparing financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.  The accompanying financial statements for the three and nine months ended September 30, 2010 and 2009, include adjustments based on management's estimates (consisting of normal and recurring accruals), which we consider necessary for a fair presentation of the results for the periods.  The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2009, included in our Annual Report on Form 10-K.  Operating results for the three and nine months ended September 30, 2010 are not necessarily indicative of actual operating results for the entire year.
 
2.    
Hotel Acquisition
 
In August 2010, we acquired the 383-room Fairmont Copley Plaza in Boston, Massachusetts. The fair values of the assets acquired and liabilities assumed at the date of acquisition were consistent with the purchase price and were allocated based on appraisals and valuation studies performed by management. We expensed $400,000 of acquisition costs (including broker, attorneys and accounting fees) that are not included in the fair value estimates of the net assets acquired. The following table summarizes the fair values of assets acquired and liabilities assumed in our acquisition (in thousands):
 
Assets
 
Investment in hotels(a)
$
98,500
 
Accounts receivable
1,349
 
Other assets
898
 
Total assets acquired
100,747
 
 
 
Liabilities
 
Accrued expenses and other liabilities
3,234
 
Net assets acquired
$
97,513
 
 
(a)    Investment in hotels was allocated to land ($27.6 million), building and improvements ($62.5 million) and furniture, fixtures and equipment ($8.4 million).
 
    

9
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 
2.    
Hotel Acquisition — (continued)
 
The following consolidated unaudited pro forma results of operations including that hotel for the three and nine months ended September 30, 2010 and 2009 assume this acquisition had occurred on January 1, 2009. The pro forma information includes revenues, operating expenses, depreciation and amortization. The unaudited pro forma results of operations are not necessarily indicative of the results of operations if the acquisition had been completed on the assumed date. The unaudited pro forma results of operations are as follows (in thousands, except per share data):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2010
 
2009
 
2010
 
2009
Total revenues
$
248,585
 
 
$
233,327
 
 
$
739,839
 
 
$
713,488
 
Net loss
$
(89,737
)
 
$
(25,018
)
 
$
(131,753
)
 
$
(57,097
)
Earnings per share - basic and diluted
$
(1.04
)
 
$
(0.54
)
 
$
(2.13
)
 
$
(1.36
)
 
For the three and nine months ended September 30, 2010, we have included $5.7 million of revenues and $1.3 million of net income in our consolidated statements of operations related to the operations of this ho tel.
 
3.    Investment in Unconsolidated Entities
 
We owned 50% interests in joint ventures that owned 14 hotels at September 30, 2010 and 15 hotel s at December 31, 2009.  We also own a 50% interest in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services.  We account for our investments in these unconsolidated entities under the equity method.  We do not have any majority-owned subsidiaries that are not consolidated in our financial statements.  We make adjustments to our equity in income from unconsolidated entities related to the difference between our basis in investment in unconsolidated entities compared to the historical basis of the assets recorded by the joint ventures.
 
The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands):
 
September 30, 2010
 
December 31, 2009
 Balance sheet information:
 
 
 
      Investment in hotels, net of accumulated depreciation
$
239,805
 
 
$
259,977
 
      Total assets
$
265,361
 
 
$
279,611
 
      Debt
$
156,398
 
 
$
214,963
 
      Total liabilities
$
161,647
 
 
$
220,389
 
      Equity
$
103,714
 
 
$
59,222
 
 
Our unconsolidated entities’ debt at September 30, 2010 and December 31, 2009 consisted entirely of non-recourse mortgage debt.
 
In April 2010, we contributed $23 million to an unconsolidated joint venture owning Sheraton Tyson's Corner.  That contribution, along with a $23 million contribution from our joint venture partner, was used to pay-off the joint venture's $46 million mortgage debt.

10
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3.    Investment in Unconsolidated Entities — (continued)
 < /font>
The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2010
 
2009
 
2010
 
 
2009
 
Total revenues
$
21,810
 
 
$
20,925
 
 
$
54,197
 
 
 
$
53,845
 
 
Net income (loss)
$
1,531
 
 
$
1,905
 
 
$
(582
)
 
 
$
(2,683
)
(a) 
 
 
 
 
< div style="overflow:hidden;font-size:10pt;"> 
 
 
 
 
 
Net income (loss) attributable to FelCor
$
767
 
 
$
953
 
 
$
(50
)
 
 
$
(1,342
)
 
Impairment loss
—
 
 
—
 
 
—
 
 
 
(476
)
(b) 
Gain on joint venture liquidation
—
 
 
—
 
 
559
 
(b) 
 
—
 
 
Depreciation of cost in excess of book value
(465
)
 
(465
)
 
(1,395
)
 
 
(1,379
)
 
Equity in income (loss) from unconsolidated entities
$
302
 
$
488
 
 
$
( 886
)
 
 
$
(3,197
)
 
 
(a)    
Net loss includes a $3.2 million impairment charge.  The impairment was based on sales contracts for two hotels then owned by one of our joint ventures (a Level 2 input).
(b)    
As a result of a 2009 impairment charge recorded by a joint venture, the net book value of the joint venture's assets no longer supported the recovery of our investment.  Therefore, we recorded an additional 2009 impairment charge to reduce our investment in the joint venture to zero.  In March 2010, the joint venture sold its remaining hotel asset for $3.7 million, with respect to which we received $559,000 in net proceeds.
 
 
The following table summarizes the components of our investment in unconsolidated entities (in thousands):
 
 
September 30, 2010
 
December 31, 2009
Hotel-related investments
$
41,788
 
 
$
18,969
 
Cost in excess of book value of hotel investments
51,100< /font>
 
 
52,429
 
Land and condominium investments
10,069
 
 
10,642
 
 
$
102,957
 
 
$
82,040
 
 
The following table summarizes the components of our equity in income (loss) from unconsolidated entities (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2010
 
2009
 
2010
 
2009
Hotel investments
$
(200
)
 
$
(8
)
 
$
(813
)
 
$
(3,204
)
Other investments
502
 
 
496
 
 
(73
)
 
7
 
Equity in income (loss) from unconsolidated entities
$
302
 
 
$
488
 
 
$
(886
)
 
$
(3,197
< font style="font-family:inherit;font-size:11pt;">)
 

11
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4.    Debt
 
Consolidated debt consisted of the following (dollars in thousands):
< tr>
 
 Encumbered Hotels
 
 Interest Rate (%)
 
 Maturity Date
 
September 30, 2010
 
December 31, 2009
Mortgage debt
 
 
 
 
 
 
 
 
 
 
Mortgage debt
12 hotels
 
L + 0.93
 
(a) 
 
 November 2011
 
$
250,000
 
 
$
250,000
 
Mortgage debt
 9 hotels
 
L + 5.10
 
(b) 
 
 April 2015
 
212,000
 
 
—
 
Mortgage debt
 9 hotels
 
L + 3.50
 
(c) 
 
 August 2011(d)
 
198,800
 
 
200,425
 
Mortgage debt
< /td>
 7 hotels
 
9.02
 
  
 
 April 2014
 
114,306
< font style="font-family:inherit;font-size:10pt;"> 
 
117,422
 
Mortgage debt(e)
 5 hotels
 
6.66
 
 
 
 June - August 2014
 
69,606
 
 
70,917
 
Mortgage debt
 1 hotel
 
8.77
 
 
 
 May 2013
 
27,770
 
 
27,829
 
Mortgage debt(f)
 1 hotel
 
8.62
 
  
 
May 2010
 
14,103
 
 
14,103
 
Mortgage debt
 1 hotel
 
5.81
 
< /td>
  
 
 July 2016
 
11,429
 
 
11,741
 
Mortgage debt
 1 hotel
 
6.15
 
  
 
June 2011
&n bsp;
8,157
 
 
9,228
 
Other
 —
 
4.25
 
  
 
May 2011
 
502
 
 
354
 
Senior notes
 
 
 
 
 
 
 
 
 
 
 
 
Senior secured notes(g)
 14 hotels
 
10.00
 < /div>
 
 
 October 2014
 
580,070
 
 
572,500
 
Senior notes
 —
 
8.50
 
(h) 
 
 June 2011
 
86,659
 
 
86,604
 
Retired debt
 —
 
—
 
 
 
—
 
—
 
 
412,191
 
Total
60 hotels
 
&nb sp;
  
 
 
 
$
1,573,402
 
 
$
1,773,314
 
 
(a)    
We purchased an interest rate cap that caps LIBOR at 7.8% and expires November 2011 for a $250 million notional amount.
(b)    
LIBOR for this loan is subject to a 3% floor. &n bsp;We purchased an interest rate cap that caps LIBOR at 5.0% and expires May 2012 for a $212 million notional amount.
(c)    
LIBOR for this loan is subject to a 2% floor.
(d)    
This loan can be extended for as many as two years (to 2013), subject to satisfying certain conditions.
(e)    
The hotels securing this debt are subject to separate loan agreements and are not cross-collateralized.
(f)    
We are in the process of transferring this hotel to the lender in full satisfaction of the debt.
(g)    
These notes have $636 million in aggregate principal outstanding and were sold at a discount that provides an effective yield of 12.875% before transaction costs.
(h)    
As a result of a rating down-grade in February 2009, the interest rate on the 8½% senior notes increased to 9%.

< div style="line-height:120%;">12
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 
4.    Debt — (continued)
 
In June 2010, we repaid $177 million of secured debt scheduled to mature in 2012 for $130 million, plus accrued interest, representing a 27% discount to the principal balance.  This allowed us to reduce our leverage substantially and unencumbered two hotels.
 
In May 2010, we entered into a new $212 million loan, secured by nine hotels, that matures in 2015.  The new loan bears interest at LIBOR (subject to a 3.0% floor) plus 5.1%.  The proceeds were used to repay $210 million in loans that were secured by 11 hotels and scheduled to mature in May.  The terms of this financing are significantly more favorable than the refinanced debt, and we unencumbered two previously mortgaged hotels.
 
On November 1, 2010, we incurred $29 million of new debt secured by two hotels. The loan bears interest at LIBOR (subject to a 1% floor) plus 4.25% and is scheduled to mature in November 2011, with a one year extension option subject to certain conditions.
 
We reported $35.1 million and $24.0 million  of interest expense for the three months ended September 30, 2010 and 2009, respectively, which is net of: (i) interest income of $104,000 and $229,000 and (ii) capitalized interest of $187,000 and $160,000, respectively.  We reported $107.7 million and $67.3 million of interest expense for the nine months ended September 30, 2010 and 2009, respectively, which is net of: (i) interest income of $307,000 and $573,000 and (ii) capitalized interest of $471,000 and $567,000, respectively.
 
5.    Common Stock Offering
 
In June 2010, we completed a public offering of 31,625,000 shares of our common stock at $5.50 per share.  The net proceeds from the offering were $166.3 million.  These proceeds toge ther with cash on hand were used to repay $177 million of secured debt for $130 million (a 27% discount to par) and fund our acquisition of the Fairmont Copley Plaza in Boston.
 
6.    Hotel Operating Revenue, Departmental Expenses, and Other Property Operating Costs
 
Hotel operating revenue from continuing operations was comprised of the following (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2010
 
2009
 
2010
 
2009
Room revenue
$
193,641
 
 
$
178,795
 
 
$
564,086
 < /div>
 
$
539,949
 
Food and beverage revenue
33,076
 
 
29,207
 
 
106,796
 
 
99,583
 
Other operating departments
15,227
 
 
14,258
 
 
43,055
 
 
42,484
 
Total hotel operating revenue
$
241,944
 
 
$
222,260
 
 
$
713,937
 
 
$
682,016
 
 
Nearly 100% of our revenue in all periods presented was comprised of hotel operating revenue, which includes room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as telephones, parking and business centers).  These revenues are recorded net of any sales or occupancy taxes collected from our guests. All rebates or discounts are recorde d, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us.  All revenues are recorded on an accrual basis, as earned.  Appropriate allowances are made for doubtful accounts, which are recorded as a bad debt expense.  The remainder of our revenue was derived from other sources.
 

13
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6.    Hotel Operating Revenue, Departmental Expenses, and Other Property Operating Costs — (continued)
 
Hotel departmental expenses from continuing operations were comprised of the following (in thousands):
 
Three Months Ended September 30,
 
2010
 
2009
 
 Amount
 
 % of Total Hotel Operating Revenue
 
 Amount
 
 % of Total Hotel Operating Revenue
Room
$
52,636
 
 < /font>
21.8
%
 
$
48,473
 
 
21.8
%
Food and beverage
27,830
 
 
11.5
 
 
25,657
 
 
11.5
 
Other operating departments
6,535
 
 
2.7
 
 
6,661
 
 
3.0
 
Total hotel departmental expenses
$
87,001
 
 
36.0
%
 
$
80,791
 
 
36.3
%
 
 
Nine Months Ended September 30,
 
2010
 
2009
 
 Amount
 
 % of Total Hotel Operating Revenue
 
 Amount
 
 % of Total Hotel Operating Revenue
Room
$
150,793
 
 
21.1
%
 
$
140,671
 
 
20.6
%
Food and beverage
84,623
 
 
11.9
 
 
80,647
 
 
11.8
 
Other operating departments
19,053
 
 
2.6
 
 
18,957
 
 
2.8
 
Total hotel departmental expenses
$
254,469
 
 
35.6
%
 
$
240,275
 
 
35.2
%
 
Other property operating costs from continuing operations were comprised of the following (in thousands):
 
 
Three Months Ended September 30,
 
2010
 
2009
 
 Amount
 
 % of Total Hotel Operating Revenue
 
 Amount
 
 % of Total Hotel Operating Re venue
Hotel general and administrative expense
$
22,321
 
 
9.2
%
 
$
19,901
 
 
9.0
%
Marketing
20,514
 
 
8.5
 
 
18,288
 
 
8.2
 
Repair and maintenance
12,978
 
 
5.4
 
 
12,117
 
 
5.5
 
Utilities
14,081
 
 
5.8
 
 
13,472
 
 
6.0
 
Total other property operating costs
$
69,894
 
 
28.9
%
 
$
63,778
 
 
28.7
%
 

14
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6.    Hotel Operating Revenue, Departmental Expenses, and Other Property Operating Costs — (conti nued)
 
 
Nine Months Ended September 30,
 
2010
 
2009
 
     Amount
 
 % of Total Hotel Operating Revenue
 
     Amount
 
 % of Total Hotel Operating Revenue
Hotel general and administrative expense
$
64,897
 
 
9.1
%
 
$
60,819
 
 
8.9
%
Marketing
60,785
 
 
8.5
 
 
57,140
 
 
8.4
 
Repair and maintenance
< font style="font-family:inherit;font-size:11pt;">38,493
 
 
5.4
 
 
36,451
 
 
5.3
 
Utilities
37,526
 
 
5.3
 
 
37,551
&nb sp;
 
5.5
 
Total other property operating costs
$
201,701
 
 
28.3
%
 
$
191,961
 
 
28.1
%
 
7.    Taxes, Insurance and Lease Expense
 
Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2010
 
2009
 
2010
 
2009
Hotel lease expense(a) 
$< /font>
11,827
 
 
$
10,893
 
 
$
33,090
 
 
$
31,805
 
Land lease expense(b) 
3,044
 
 
2,590
 
 
7,749
 
 
7,215
 
Real estate and other taxes
8,669
 
 
9,049
 
 
27,705
 
 
26,604
 
Property insurance, general liability
  insurance and other
2,971
 
 
2,340
 
 
9,369
 
 
8,575
 
  Total taxes, insurance and lease expense
$
26,511
 
 
$
24,872
 
 
$
77,913
 
 
$
74,199
 
 
(a)    
Hotel lease expense is recorded by the consolidated operating lessees of 13 hotels owned by unconsolidated entities, and is partially offset through noncontrolling interests in other partnerships.  Our 50% share of the corresponding lease income is recorded through equity in income from unconsolidated entities.  Hotel lease expense includes percentage rent of $4.7 million and $3.9 million for the three months ended September 30, 2010 and 2009, respectively, and $11.8 million and $10.7 million for the nine months ended September 30, 2010 and 2009, respectively.< /font>
 
(b)    
Land lease expense includes percentage rent of $1.6 million and $1.3 million for the three months ended Septem ber 30, 2010 and 2009, respectively, and $3.2 million and $3.0 million for the nine months ended September 30, 2010 and 2009, respectively.
 

15
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8.    Impairment
 
Our hotels comprise operations and cash flows that can clearly be distinguished, operationally and for financial reporting purposes, from the remainder of our operations.  Accordingly, we consider our hotels to be components for purposes of determining impairment charges and reporting discontinued operations.
 
During the quarter ended September 30, 2010, we recorded $65.8 million of impairment charges. These charges related to our third quarter 2010 decision to market and sell 14 hotels. Eight of these 14 hotels were impaired in light of the reduced estimated hold periods.
 
During the quarter ended March 31, 2010, we determined that we would be unable to negotiate satisfactory modifications or reductions that make sense for our stockholders on loans secured by two hotels.  Therefore, we recorded a $21.1 million impairment charge (of which $7.7 million is included in discontinued operations) in connection with our decision to transfer the se hotels to the lenders in full satisfaction of the debt secured by these hotels.  These hotels’ cash flows did not cover debt service, and we stopped funding shortfalls in December 2009.  In September 2010, we transfered title of one hotel, and related net assets, with a combined net book value of $9.4 million to the lender in satisfaction of $17.6 million of debt. This resulted in an $8.2 million gain from extinguishment of debt. We will consider the other hotel as part of continuing operations until the hotel is transferred, and the debt satisfied, whereupon we expect to record approximately $7 million of additional gain on extinguishment of debt.  
 
For our 2010 impairment charg es, we estimated the hotels’ fair value by using estimated future cash flows, terminal values based on the projected cash flows and capitalization rates in the range of what is reported in industry publications for operationally similar assets and other available market information.  The cash flows used for determining the fair values were discounted using market-based discounts generally used for operationally and geographically similar assets.  The inputs used to determine the fair values of these hotels are classified as Level 3 under the authoritative guidance for fair value measurements.
 
During the nine months ended September 30, 2009, we recorded $3.4 million of impairment charges related to two hotels sold in December 2009.   ;These valuations were based on a third-party offer to purchase (a Level 2 input) at a price less than our previously estimated fair value.
 
We did not have any hotels held for sale at September 30, 2010.  We consider a sale to be probable within the next twelve months (for purposes of determining whether a hotel is held for sale) when a buyer completes its due diligence review of the asset, we have an executed contract for sale, and we have received a substantial non-refundable deposit.
 
We may record additional impairment charges if operating results of individual hotels are materially different from our forecasts, the economy and lodging industry weakens, or we shorten our contemplated holding period for additional hotels.
 
In order to enhance long-term shareholder value, as part of our strategic plan (as in the past and as market conditions allow), we intend to sell lower-growth hotels that no longer meet our investment criteria, thereby freeing our capital for redeployment (e.g., reduce overall leverage, acquire other hotels and invest in remaining FelCor properties).  We regularly evaluate demand and supply trends for each hotel, portfolio concentration risk and future capital needs.  We expect to market additional hotels for sale based on various factors and we will sell hotels only when we receive adequate pricing.
 

16
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9.    Discontinued Operations
 
Discontinued operations include results of operations of two hotels sold in December 2009 and one hotel transferred to a lender in satisfaction of debt in September 2010.  The following table summarizes the condensed financial information for those hotels (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2010
 
2009
 
2010
 
2009
Hotel operating revenue
$
1,538
 
 
$
6,668
 
 
 
$
4,929
 
 
 
$
22,495
 
 
Operating expenses
(1,727
)
 
(9,682
)
(a) 
 
(12,960
)
(b) 
 
(25,952
)
(c) 
Loss from discontinued operations
$
(189
)
 
$
(3,014
)
 
 
$
(8,031
)
 
 
$
(3,457
)
 
Interest expense, net
(388
)
 
(412
)
 
 
(1,271
)
 
 
(1,200
)
 
Extinguishment of debt
8,261
 
 
—
 
 
 
8,243
 
 
 
—
 
 
Income (loss) from discontinued operations
$
7,684
 
 
$
(3,426
)
 
 
$
(1,059
)
 
 
$
(4,657
)
 
 
(a)    
Includes impairment charge of $2.1 million.
(b)    
Includes impairment charge of $7.7 million.
(c)    
Includes impairment charge of $3.4 million.
 
10.    Loss Per Share
 
The following table sets forth the computation of basic an d diluted loss per share (in thousands, except per share data):
 
< td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;">
(129,584
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2010
 
 
2009
 
2010
 
 
2009
Numerator:
 
 
 
 
 
 
 
 
 
Net loss attributable to FelCor
$
(88,810
)
 
 
$
(25,140
)
 
$
)
 
 
$
(57,399
)
Discontinued operations attributable to FelCor
(7,661
)
 
 
3,410
 
1,043
 
 
 
4,636
 
Loss from continuing operations
attributable to FelCor
(96,471
)
 
 
(21,730
)
 
(128,541
)
 
 
(52,763
)
 Less: Preferred dividends
(9,678
)
 
 
(9,678
)
 
(29,034
)
 
 
(29,034
)
Numerator for continuing operations
attributable to FelCor common stockholders
(106,149
)
 
 
(31,408
)
 
(157,575
)
 
 
(81,797
)
Discontinued operations attributable to FelCor
7,661
 
 
 
(3,410
)
 
(1,043
)
 
 
(4,636
)
Numerator for basic and diluted loss attributable
     to FelCor common stockholders
$
(98,488
)
 
 
$
(34,818
)
 
$
(158,618
)
 
 
$
(86,433
)
Denominator:
 
 
 
 
 
 
 
 
 
Denominator for basic and diluted loss per share
95,034
 
(a) 
 
63,086
 
 
75,135
 
(a) 
 
63,121
 
Basic and diluted loss per share data:
 
 
 
 
 
 
 
 
 
Loss from continuing operations
$
(1.12
)
 
 
$
(0.50
)
 
$
(2.10
)
 
 
$
(1.30
)
Discontinued operations
$
0.08
 
 
 
$
(0.05
)
 
$
(0.01
)
 
 
$
(0.07
)
Net loss
$
(1.04
)
 
 
$
(0.55
)
 
$
(2.11
)
 
 
$
(1.37
)
 
(a)    
Reflects issuance of 31.6 million shares on June 22, 2010.

17
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10.     Loss Per Share — (continued)
 
Securities that could potentially dilute earnings per share in the future that were not included in the computation of diluted loss per share, because they would have been antidilutive for the periods presented, are as follows (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended S eptember 30,
 
2010
 
2009
 
2010
 
2009
Series A convertible preferred shares
9,985
 
 
9,985
 
 
9,985
 
 
9,985
 
 
Series A preferred dividends that would be excluded from net loss attributable to FelCor common stockholders, if these Series A preferred shares were dilutive, were $6.3 million for the three months ended September  ;30, 2010 and 2009, and $18.8 million for the nine months ended September 30, 2010 and 2009.
 
11.    Suspension of Dividends
 
We suspended payment of our common dividend in December 2008 and our preferred dividend in March 2009 (we paid $9.7 million of preferred dividends in January 2009).  Our ability to pay cash dividends in excess of the minimum REIT distribution requirements is limited by the indenture governing our senior secured notes whenever we fail to meet a defined financial ratio threshold. We currently do not meet an interest coverage test; consequently, we do not expect to pay any commo n or preferred cash dividends during 2010.  Dividends are not paid unless declared by our Board of Directors; however, any unpaid preferred dividends continue to accrue, and accrued and current preferred dividends must be paid in full prior to reinstatement of our common dividend.  Our Board of Directors will determine whether and when to declare future dividends (once we meet the financial ratio threshold and are no longer prohibited) based upon various factors, including operating results, economic conditions, other operating trends, our financial condition including the outcome of refinancing debt maturities and capital requirements, as well as minimum REIT distribution requirements.  We had accrued $66.6 million and $37.6 million in dividends payable on our Series A and Series C preferred stock at September 30, 2010 and December 31, 2009, respectively.
 
12.    Noncontrolling Interests
 
We record the noncontrolling interests of other consolidated partnerships as a separate component of equity in the condensed consolidated balance sheets.  Additionally, the condensed consolidated statements of operations separately present earnings and other comprehensive income attributable to controlling and non-controlling interests.  We adjust the noncontrolling interests of FelCor LP each period so that the carrying value equals the greater of its carrying value based on the accumulation of historical cost or its redemption value.  The historical cost of the noncontrolling interests of FelCor LP is based on the proportional relationship between the carrying value of equity associated with our common stockholders relative to that of the unitholders of F elCor LP.  Net income (loss) is allocated to the noncontrolling partners of FelCor LP based on their weighted average ownership percentage during the period.  At September 30, 2010, approximately $1.4 million of cash or FelCor common stock, at our option, would be paid to the noncontrolling interests of FelCor LP if the partnership were terminated.  This balance is calculated based on the 294,960 partnership units held by third parties, valued at the September 30, 2010 closing price for our common stock ($4.60/share), which we have assumed would be equal to the value provided to outside partners upon liquidation of FelCor LP on that date.
 

18
FELCOR LODGING TRUST INCORPORATED
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12.    Noncontrolling Interests — (continued)
 
The changes in redeemable noncontrolling interests for the nine months ended September 30, 2010 and 2009 are shown below (in thousands):
 
 
Nine Months Ended September 30,
 
2010
 
2009
Balance at beginning of period
$
1,062
 
 
$
545
 
Redemption value allocation
863
 
 
1,162
 
Comprehensive income (loss):
 
 
 
 Foreign exchange translation
3
 
 
32
 
 Net loss
(571
)< /font>
 
(399
)
Balance at end of period
$
1,357
 
 
$
1,340
 
 
13.    Fair Value of Financial Instruments
 
Disclosures about fair value of our financial instruments are based on pertinent information available to management as of September 30, 2010.  Considerable judgment is necessary to interpret market data and develop estimated fair value.  Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize on disposition of the financial instruments.  The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.
 
Our estimates of the fair value of (i) accounts receivable, accounts payable and accrued expenses approximate carrying value due to the relatively short maturity of these instruments; (ii) our publicly-traded debt is based on observable market data; and (iii) our debt that is not traded publicly is based on estimated effective borrowing rates for debt with similar terms, loan to estimated fair value and remaining maturities (the estimated fair value of all our debt was $1.7 billion at September 30, 2010).
 
14.    Recently Adopted Accounting Standards
 
The FASB recently amended its guidance surrounding a company's analysis to determine whether any of its variable interests constitute controlling financial interests in a variable interest entity.  This analysis identifies the primary beneficiary of a variable interest entity as the enterprise that has both of the following characteristics: a) the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and b) the obligation to absorb losses of the entity that could potentially be significant to the variable interest entity or the right to receive benefits from the entity that could potentially be significant to the variable interest entity.
 
Additionally, an enterprise is required to assess whether it has an implicit financial responsibility to ensure that a variable interest entity operates as designed when determining whether it has the power to direct the activities of the variable interest entity that most significantly impact the entity's economic performance.  The new guidance also requires ongoing reassessments of whether an enterprise is the primary beneficiary of a variable interest entity.  The guidance was effective for us beginning January 1, 2010, and acc ordingly, we have reevaluated our interests in our entities to determine that the entities are reflected properly in the financial statements as investments or consolidated entities.  Based on our evaluation, we have concluded that we do not have any variable interest entities that are impacted by this new accounting standard.

19

Item 2.    
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
General
 
Hotel occupancies hit historic lows in 2009, but we began seeing improvement in occupancies at our hotels in late 2009. Hotel occupancy continued to improve through third quarter 2010 based on higher demand and moderating supply growth.  As occupancies improved and corporate travel deman d increased late in second quarter 2010, we began seeing sustained average daily rate, or ADR, improvement. This improvement reflected the first increase since September 2008.  We expect a positive imbalance between supply growth and demand growth to continue providing further ADR improvements and stronger margin growth in future periods.
 
In the third quarter 2010, our same-store revenue per available room, or RevPAR, increased 6.3%, compared to the same period in 2009. Our same-store occupancy increased by 4.2%, and ADR increased by 2.1% compared to the same period in 2009. Increased ADR contributed to improved hotel margins in the quarter, compared to the same period in 2009.
 
In the first nine months of 2010, our RevPAR increased 3.8%, compared to the first nine months of 2009.  Compared to the same period in 2009, our occupancy increased by 6.5%, which was offset by a 2.5% ADR decrease.  Our portfolio is trending above 2008 occupancy levels but continues to lag in ADR. The combination of increased occupancy and lower ADR compresses hotel margins, because our hotels have more guests who are paying less.  We continue to work closely with our brand-managers on extensive cost containment initiatives to minimize margin erosion at our hotels.  Many of our hotels have been able to reduce labor costs permanently, and all of our hotels have trimmed non-critical functions.  To this end, while overall costs have increased because of increased occupancy, our hotels have been able to limit loss in margins for the nine months ended September 30, 2010, to 39 basis points, compared to the same period last year.
 
In June 2010, we completed a public offering of 31,625,000 shares of our common stock at $5.50 per share.  The net proceeds from the offering, after underwriting discounts and commissions, were approximately $166 million.  These proceeds, together with cash on hand, were used to repay $177 million of secured debt for $130 million (a 27% discount to par) and fund our $98.5 million acquisition of the Fairmont Copley Plaza in Boston, in August 2010.
 
In May 2010, we obtained a new $212 million loan, secured by nine hotels, that matures in 2015.  The new loan bears interest at LIBOR (subject to a 3.0% floor) plus 5.1%.  The proceeds were used to repay $210 million in loans that were secured by 11 hotels and scheduled to mature in May 2010.  The terms of this financing are significantly more favorable than the refinanced debt, and we unencumbered two previously mortgaged hotels.  Two other loans (totaling $32 million) also matured in May 2010.   The cash flows for the hotels that secure those loans do not cover debt service, and we stopped funding the shortfalls in December 2009.  We have been unable to negotiate an acceptable debt modification or reduction that made sense for our stockholders, with regard to these loans.  We transferred one hotel to the lender in full satisfaction of the debt on September 30, 2010 and are in the process of transferring the remaining hotel to the lender in full satisfaction of the debt.
 
With these transactions, we have resolved all of our significant debt maturities until the end of 2011.
 
We suspended our common dividend in December 2008 and our preferred dividend in March 2009.  Although dividends are not paid unless declared by our Board of Directors, unpaid preferred dividends continue to accrue, and accrued and current preferred dividends must be paid in full prior to payment of any common dividends.  Our senior notes currently restrict us from paying any dividends so long as we remain below certain financial ratio thresholds, except to the extent necessary to satisfy the REIT distribution requirement.  Our Board of Directors will determine whether and when to declare future dividends (once we meet the financial ratio threshold and are no longer prohibited) based upon various factors, including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as minimum REIT distribution requirements.

20

Results of Operations
 
Comparison of the Three Months ended September 30, 2010 and 2 009
 
For the three months ended September 30, 2010, we recorded $98.5 million, or $1.04 per share, of net loss attributable to common stockholders, compared to $34.8 million, or $0.55 per share, of net loss attributable to common stockholders for the same period in 2009.  A $65.8 million impairment loss was the most significant item contributing to the increased loss compared to 2009.
 
In the third quarter of 2010:
 
•    
Total revenue was $243.4 million, an increase of $19.8 million, or 8.9%, compared to the same period in 2009.  The increase in revenue is attributed principally to a 6.3% increase in same-store RevPAR, which reflects a 4.2% increase in occupancy and a 2.1% increase in ADR. The hotel acquired in August 2010 contributed $5.7 million to the increase.
 
< /table>
 
•    
Hotel departmental expenses increased $6.2 million compared to the same period in 2009 due to higher occupancies and $2.4 million of hotel departmental expenses from the hotel acquired in August 2010.  As a percentage of total revenue, hotel departmental expenses decreased from 36.1% to 35.7%, compared to the same period in 2009.  The improvement as a percentage of revenue was achieved by holding hotel departmental expenses per occupied room flat to prior year while increasing ADR.
•    
Other property related costs increased $6.1 million due to higher occupancies and $1.2 million of other property related costs from the hotel acquired in August 2010.  As a percentage of total revenue, they remained essentially flat compared to the same period in 2009.
 
•    
Management and franchise fees increased $570,000, compared to the same period in 2009 due to higher revenues (which serve as the basis for determining such fees) and $170,000 of management and franchise fees from the hotel acquired in August 2010. As a percent of total revenue, management and franchise fees remained essentially unchanged.
 
•    
Taxes, insurance and lease expense increased $1.6 million, compared to the same period in 2009.  This increase includes $392,000 from the hotel acquired in August 2010 and is essentially flat compared to the same period in 2009 as a percent of total revenue.
 
•    
Corporate expenses increased $2.1 million and increased as a percentage of total revenue from 2.0% to 2.7%.  This principally reflects increased corporate bonus accruals that resulted from stronger than anticipated performance in 2010 compared to modest 2009 bonuses.
 
•    
We recorded a $65.8 million impairment loss in the third quarter of 2010. These charges relate to our third quarter 2010 decision to market and sell 14 hotels. Eight of the 14 hotels were impaired in light of the reduced estimated hold periods. For our 2010 impairment charges, we estimated the hotels’ fair value by using estimated future cash flows, terminal values based on the projected cash flows and capitalization rates in the range of what is reported in industry publications for operationally similar assets and other available market information. The cash flows used for determining the fair values were di scounted using market-based discounts generally used for operationally and geographically similar assets.
 
•    
Net interest expense increased $11.1 million, compared to the same period in 2009.  This increase primarily reflects additional interest from our senior secured notes issued in October 2009.
 
•    
Discontinued operations reflects two hotels sold in December 2009 and one hotel transferred to a lender in satisfaction of debt in September 2010. We recorded an $8.3 million gain from debt extinguishment related to the hotel disposed of in September 2010. We recorded a $2.1 million impairment charge in the third quarter of 2009 with respect to one of the hotels sold in December 2009.

21

Comparison of the Nine Months ended September 30, 2010 and 2009
 
For the nine months ended September 30, 2010, we recorded $158.6 million, or $2.11 per share of net loss attributable to common stockholders, compared to $86.4 million, or $1.37 per share of net loss attributable to common stockholders for the same period in 2009.   A $79.2 million impairment loss was the most significant item contributing to the increase in net loss compared to 2009.
 
During the nine months ended September 30, 2010:
 
•    
Total revenue was $716.7 million, an increase of $32.2 million, or 4.7%, compared to the same period in 2009.  The increase in revenue is attributed principally to a 3.8% increase in same-store RevPAR, which reflects a 6.5% increase in occupancy and a 2.5% decrease in ADR. The hotel acquired in August 2010 contributed $5.7 million to the increase.
 
•    
Hotel departmental ex penses increased $14.2 million, compared to the same period in 2009 due to increased occupancies and $2.4 million of hotel departmental expenses from the hotel acquired in August 2010.  As a percentage of total revenue, hotel departmental expenses increased from 35.1% to 35.5%, compared to the same period in 2009.  This increase in expense as a percentage of revenue reflects costs associated with increased occupancy in the face of decreasing ADR.
 
•    
Other property related costs increased $9.7 million due to increased occ upancies and $1.2 million of other property related costs from the hotel acquired in August 2010.  As a percentage of total revenue they remained unchanged compared to the same period in 2009.
 
•    
Management and franchise fees increased $806,000, compared to the same period in 2009 due to higher revenues (which serve as the basis for determining such fees) and $170,000 of management and franchise fees from the hotel acquired in August 2010. As a percent of total revenue, management and franchise fees remained essentially unchanged.
 
•    
Taxes, insurance and lease expense increased $3.7 million, compared to the same period in 2009. This increase includes $392,000 from the hotel acquired in August 2010 and is essentially flat compared to the same period in 2009 as a percent of total revenue.
 
&bu ll;    
Corporate expenses increased $7.1 million and increased as a percentage of total revenue from 2.3% to 3.2%.  This increase primarily reflects a temporary change in how our long term compensation program is implemented and increased corporate bonus accruals.  Because of the impact of the recession on the trading price of our common stock, our Board of Directors determined that issuing restricted stock at exce ptionally low trading prices would be unduly dilutive to our stockholders.  In lieu of issuing restricted stock, restricted cash, with which employees could purchase stock, was granted.  Because those grants were subject to payroll tax withholding, amounts withheld were recognized as an expense in the first quarter of 2010, rather than expensed over the normal three-year vesting period.  Another contributing factor is an increase in corporate bonus accruals that resulted from stronger than anticipated performance in 2010 compared to modest 2009 bonuses.
 
•    
Depreciation and amortization expense increased $1.8 million compared to the same period in 2009, which reflects increased depreciation related to hotel capital expenditures completed in 2009.
 
•    
We recorded a $65.8 million impairment loss in the third quarter of 2010. These charges relate to our third quarter decision to market and sell 14 hotels. Eight of the 14 hotels were impaired in light of the reduced estimated hold periods. In addition, during the first quarter of 2010, we determined that we would be unable to negotiate satisfactory modifications or reductions on loans secured by two hotels that make sense for our stockholders.  The disposition of one of these hotels was completed in September 2010, and that hotel is now included in discontinued operations. We recorded a $13.4 million i mpairment charge in connection with our decision to transfer the remaining hotel to the lender in full satisfaction of the debt

22

secured by that hotel.   For our 2010 impairment charges, we estimated the hotels’ fair value by using estimated future cash flows, terminal values based on the projected cash flows and capitalization rates in the range of what is reported in industry publications for operationally similar assets and other available market information. The cash flows used for determining the fair values were discounted using market-based discounts generally used for operationally and geographically similar assets.
 
•    
Other expenses decreased $793,000 compared to the same period in 2009, primarily due to the following non-recurring expenses incurred in 2009: hotel-level severance expenses, restaurant lease termination costs and brand conversion costs in 2009 at the San Francisco Marriott Union Square.
 
•    
Net interest expense increased $40.4 million compared to the same period in 2009.  This increase primarily reflects additional interest from our $636 million senior secured notes issued in October 2009.
 
•    
During the quarter ended June 30, 2010, we repaid $177 million of mortgage debt secured by two hotels, for $130 million and recorded a related $46.1 million gain on extinguishment of debt.
 
•    
Discontinued operations reflects two hotels sold in December 2009 and one hotel transferred to a lender in satisfaction of debt in Septembe r 2010.  We recorded a $7.7 million impairment charge and an $8.2 million gain from debt extinguishment related to a hotel disposed of in September 2010. We recorded a $3.4 million impairment charge during the nine months ended September 30, 2009 with respect to the hotels sold in December 2009.
 
Non-GAAP Financial Measures
 
We refer in this report to certain “non-GAAP financial measures.”   These measures, including Hotel EBITDA and Hotel EBITDA margin, are measures of our financial performance that are not calculated and presented in accordance with GAAP.  The following tables reconcile 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.
 
The following tables detail our computation of Hotel EBITDA, Hotel EBITDA margin, hotel operating expenses and the reconciliation of hotel operating expenses to total operating expenses with respect to our Consolidated Hotels at the dates presented.
 
Hotel EBITDA and Hotel EBITDA Margin
(dollars in thousands)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2010
 
2009
 
2010
 
2009
Total revenues
$
243,365
 
  ;
$
223,540
 
 
$
716,730
 
 
$
684,570
 
Other revenue
(1,421
)
 
(1,280
)
 
(2,793
)
 
(2,554
)
Hotel operating revenue
241,944
 
&nbs p;
222,260
 
 
713,937
 
 
682,016
 
Less: revenue from acquired hotels
(5,673
)
 
—
 
 
(5,673
)
 
—
 
Same-store hotel operating revenue
236,271
 
 
222,260
 
 
708,264
 
 
682,016
 
Same-store hotel operating expenses
(180,772
)
 
(171,547
)
 
(536,191
)
 
(513,661
)
Hotel EBITDA
$
55,499
 
 
$
50,713
 
 
$
172,073
 
 
$
168,355
 
Hotel EBITDA margin(a) 
23.5
%
 
22.8
%
 
24.3
%
 
24.7
%
 
(a)    
Hotel EBITDA as a percentage of same-store hotel operating revenue.
 

23

Reconciliation of Total Operating Expenses to Same-Store Hotel Operating Expenses
(in thousands)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2010
 
2009
 
2010
 
2009
Total operating expenses
$
305,259
 
 
$
222,784
 
 
$
783,192
 
 
$
667,408
 
Unconsolidated taxes, insurance and lease expense
1,801
 
 
2,024
 
 < /font>
5,555
 
 
6,041
 
Consolidated hotel lease expense
(11,827
)
 
(10,893
)
 
(33,090
)
 
(31,805
)
Corpora te expenses
(6,564
)
 
(4,471
)
 
(22,921
)
 
(15,829
)
Depreciation and amortization
(36,564
)
 
(36,866
)
  ;
(110,454
)
 
(108,668
)
Impairment loss
(65,849
)
 
—
 
 
(79,245
)
 
—
 
Acquired hotel expenses
< div style="text-align:right;font-size:11pt;">(4,153
)
 
—
 
 
(4,153
)
 
—
 
Other expenses
(1,331
)
 
(1,031
)
 
(2,693
)
 
(3,486
)
Same-store hotel operating expenses
$
180,772
 
 
$
171,547
&nb sp;
 
$
536,191
 
 
$
513,661
 
 
The following tables reconcile net income (loss) to Hotel EBITDA and the ratio of operating income (loss) to total revenue to Hotel EBITDA margin.
 
Reconciliation of Net Loss to Hotel EBITDA
(in thousands)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2010
 
2009
 
2010
 
2009
Net loss
$
(89,280
)
 
$
(25,474
)
 
$
(130,232
)
 
$
(57,864
)
Discontinued operations
(7,684
)
 
3,426
 
 
1,059
 
 
4,657
 
EBITDA from acquired hotels
(1,520
)
 
—
 
 
(1,520
)
 
—
 
Equity in loss (income) from unconsolidated entities
(302
)
 
(488
)
 
886
 
 
3,197
 
Consolidated hotel lease expense
11,827
 
 
10,893
 
 
33,090
 
 
31,805
 
Unconsolidated taxes, insurance and lease expense
(1,801
)
 < /div>
(2,024
)
 
(5,555
)
 
(6,041
)
Interest expense, net
35,147
 
 
24,015
 
 
107,678
 
 
67,301
 
Extinguishment of debt
225
 
 
—
 
 
(45,853
< font style="font-family:inherit;font-size:11pt;">)
 
594
 
Corporate expenses
6,564
 
 
4,471
 
 
22,921
 
 
15,829
 
Depreciation and amortization
36,564
 
 
36,866
 
 
110,454
 
 
108,668
 
Impairment loss
65,849
 
 
—
 
 
79,245
 
 
—
 
Gain on sale of assets
—
 
 
(723
)
 
—
 
 
(723
)
Other expenses
1,331
 
 
1,031
 
< font style="font-family:inherit;font-size:10pt;"> 
2,693
 
 
3,486
 
Other revenue
(1,421
)
 
(1,280
)
 
(2,793
)
 
(2,554
)
Hotel EBITDA
$
55,499
 
 
$
50,713
 
 
$
172,073
 
 
$
168,355
 
 

24

Reconciliation of Ratio of Operating Income (Loss) to Total Revenues to Hotel EBITDA Margin
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2010
 
2009
 
2010
 
2009
Ratio of operating incom e (loss) to total revenues
(25.4
)%
 
0.3
 %
 
(9.3
)%
 
2.5
 %
Other revenue
(0.6
)
 
(0.6
)
 
(0.4
)
 
(0.4
)
Revenue from acquired hotel
(2.9
)
&nb sp;
—
 
 
(0.7
)
 
—
 
Unconsolidated taxes, insurance and lease expense
(0.8
)
 
(0.9
)
 
(0.8
)
 
(0.9
)
Consolidated hotel lease expense
5.0
 
 
4.9
 
 
4.7
 
 
4.6
 
Other expenses
0.6
 
 
0.6
 
 
0.4
 
 
0.7
 
Corporate expenses
2.8
 
 
2.0
 
 
3.2
 
 
2.3
 
Depreciation and amortization
15.4
 
 
16.5
 
 
15.5
 
 
15.9
 
Impairment loss
27.7
 
 
—
 
 
11.1
 
 
—
 
Expenses from acquired hotel
1.7
 
 
—
 
 
0.6
 
 
—
 
Hotel EBITDA margin
23.5
 %
 
22.8
 %
 
24.3
 %
 
24.7
 %
 
Hotel EBITDA and Hotel EBITDA Margin
 
Hotel EBITDA and Hotel EBITDA margin are commonly used measures of performance in the hotel 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, using these measures facilitates comparisons with other hotel REITs and hotel owners.  We present Hotel EBITDA and Hotel EBITDA margin by eliminating from continuing operations all revenues and expenses not directly associated with hotel operations including but not limited to corporate-level expenses; impairment losses; gains or losses on disposition of assets; and gains and losses related to extinguishment of debt.  We eliminate corporate-level costs and expenses because we believe property-level results provide investors with supplemental information into the ongoing operational performance of our hotels and the effectiveness of management on a property-level basis.  We exclude the effect of impairment losses, gains or losses on disposition of assets, and gains or losses related to extinguishment of debt because we believe that including these is not consistent with reflecting the ongoing performance of our remaining assets.  We also eliminate consolidated percentage rent paid to unconsolidated entities, which is effectively elimina ted by noncontrolling interests 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.  Hotel EBITDA and Hotel EBITDA margins are presented on a same-store basis.
 
Limitations of Non-GAAP Measures
 
Our management and Board of Directors use Hotel EBITDA and Hotel EBITDA margin to evaluate the performance of our hotels and to facilitate comparisons between us and other hotel owners, in evaluating hotel-level performance and the operating efficiency of our hotel managers.
 
The use of these non-GAAP financial measures has certain limitations.  Hotel EBITDA and Hotel EBITDA margin, as presented by us, may not be comparable to these measures as calculated by other companies.  These measures do not reflect certain expenses that we incurred and will incur, such as depreciation and amortization, interest and 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 most comparable GAAP financial meas ures, 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.

25

 
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.  Hotel EBIT DA 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.  We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.
 
Pro Rata Share of Rooms Owned
 
The following table sets forth, at September 30, 2010, the pro rata share of hotel rooms owned by us after giving consideration to the portion of rooms attributed to our partners in our consolidated and unconsolidated joint ventures:
 
14
 
   Hotels
 
 Room Count at September 30, 2010
Consolidated Hotels
83
 
 
24,016
 
Unconsolidated hotel operations
1
 
 
171
 
Total hotels
84
 
 
24,187
 
 
 
 
 
    50% joint ventures
 
 
(1,794
)
    60% joint venture
1
 
 
(214
)
    82% joint venture
1
 
 
(40
)
    90% joint ventures
3
 
 
(68
)
Pro rata rooms attributed to joint venture partners
 
 
(2,116
)
Pro rata share of rooms owned
 
 
22,071
 
 

26

Hotel Portfolio Composition
 
The following table illustrates the distribution of 82 same-store Consolidated Hotels (excluding the Fairmont Copley Plaza acquired in August 2010) by brand, market and location at September 30, 2010.
 
Brand
 
 
Hotels
 
Rooms
 
 % of Total Rooms
 
 % of 2009 Hotel EBITDA(a)
Embassy Suites Hotels
 
46
 
 
11,911
 
 
50
 
60
Holiday Inn
 
15
 
 
5,154
 
 
22
 
18
Sheraton and Westin
 
9
 
 
3,217
 
 
14
 
9
Doubletree
 
7
 
 
1,471
 
 
6
 
7
Renaissance and Marriott
 
3
 
 
1,321
 
 
6
 
3
Hilton
&n bsp;
2
 
 
559
 
 
2
 
3
 
 
 
 
 
 
 
 
 
 
Market
 
 
 
 
 
 
 
 
 
South Florida
 
5
 
 
1,439
 
 
6
 
8
Los Angeles area
 
4
 
 
899
 
 
4
 
6
Atlanta
 
5
 
 
1,462
 
 
6
 
6
Orlando
 
4
 
 
1,038
 
 
4
 
4
Philadelphia
 
2
 
 
729
 
 
3
 
4
Minneapolis
 
3
 
 
736
 
 
3
 
4
San Francisco area
 
6
 
 
2,138
 
 
9
 
4
Dallas
 
4
 
 
1,333
 
 
6
 
4
Central California Coast
 
2
 
 
408
 
 
2
 
4
San Antonio
 
3
 
 
874
 
 
4
 
3
Myrtle Beach
 
2
 
 
640
 
 
3
 
3
Boston
 
2
 
 
532
 
 
2
 
3
San Diego
 
1
 
 
600
 
 
3
 
3
Other
 
39
 
 
10,805
 
 
45
 
44
 
 
 
 
 
 
 
 
 
 
Location
 
 
 
 
 
 
 
 
 
Suburban
 
34
 
 
8,560
 
 
36
 
32
Urban
 
20
 
 
6,358
 
 
27
 
27
Airport
 
18
 
 
5,788
 
 
25
 
24
Resort
 
10
 
 
2,927
 
 
12
 
17
 
(a)    
Hotel EBITDA is a non-GAAP financial measure.  A detailed reconciliation and further discussion of Hotel EBITDA is contained in the “Non-GAAP Financial Measures” section of Management’s Discussion and An alysis of Financial Condition and Results of Operations in Item 2 of this Quarterly Report on Form 10-Q.
 

27

Hotel Operating Statistics
 
The following tables set forth occupancy, ADR and RevPAR for the three and nine months ended September 30, 2010 and 2009, and the percentage changes thereto between the periods presented, for 82 same-store Consolidated Hotels owned for both periods (excludes the Fairmont Copley Plaza acquired in August 2010).
 
Operating Statistics by Brand
 
< td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;">
 
< td style="vertical-align:bottom;background-color:#cceeff;">
 
< td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;">
 
 
 Occupancy (%)
 
Three Months Ended September 30,
 
 
 
Nine Months Ended September 30,
 
 
 
2010
 
2009
 
%Variance
 
2010
 
2009
 
%Variance
Embassy Suites Hotels
73.6
 
 
< /td>
70.0
 
 
5.2
 
 
73.2
 
 
69.1
 
 
5.9
 
Holiday Inn
75.3
 
 
73.8
 
 
2.1
 
 
73.3
 
 
69.4
 
 
5.6
 
Sheraton and Westin
66.3
 
 
63.6
 
 
4.4
 
 
66.3
 
 
61.0
 
 
8.7
 
Doubletree
74.8
 
 
67.5
 
 
10.8
 
 
74.0
 
 
66.2
 
 
11.7
 
Renaissance and Marriott
62.7
 
 
66.9
 
 
(6.2
)
 
65.3
 
 
61.7
 
 
5.8
 
Hilton
80.3
 
 
77.1
 
 
4.2
 
  ;
66.6
 
 
65.1
 
 
2.3
 
 
 
 
 
 
 
 
 
 
 
 
 
Total hotels
72.7
 
 
69.8
 
 
4.2
 
 
71.7
 
 
67.4
 
 
6.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 ADR ($)
 
Three Months Ended September 30,
 
 
 
Nine Months Ended September 30,
 
 < /font>
 
2010
 
2009
 
%Variance
 
2010
 
2009
 
%Variance
Embassy Suites Hotels
123.56
 
 
123.60
 
 
—
 
 
125.40
 
 
129.86
 
(3.4
)
Holiday Inn
119.41
 
 
113.79
 
 
4.9
 
 
113.82
 
 
113.22
 
 
0.5
 
Sheraton and Westin
104.07
 
 
100.86
 
 
3.2
 
 
105.69
 
 
109.39
 
 
(3.4
)
Doubletree
113.11
 
 
114.00
 
 
(0.8
)
 
116.33
 
 
125.87
 
 
(7.6
)
Renaissance and Marriott
142.59
 
 
130.99
 
 
8.9
 
 
165.27
 
 
164.91
 
 
0.2
 
Hilton
142.27
 
& nbsp;
128.93
 
 
10.4
 
 
124.76
 
 
118.12
  ;
 
5.6
 
 
< font style="font-family:inherit;font-size:11pt;"> 
 
 
 
 
 
 
 
 
 
 
Total hotels
120.85
 
 
118.42
 
 
2.1
 
 
121.60
 
 
124.72
 
 
(2.5
)
 
 
 
 
 
 
 
 
 
 
 
 
&nbs p;
 RevPAR ($)
 
Three Months Ended September 30,
 
 
 
Nine Months Ended September 30,
 
 
 
2010
 
2009
 
%Variance
 
2010
 
2009
 
%Variance
Embassy Suites Hotels
90.98
 
 
86.49
 
 
5.2
 
 
91.77
 
 
89.71
 
 
2.3
 
Holiday Inn
89.98
 
 
83.95
 
 
7.2
 
 
83.45
 
 
78.60
 
 
6.2
 
Sheraton and Westin
69.05
 
 
64.11
 
 
7.7
 
 
70.04
 
 
66.70
 
 
5.0
 
Doubletree
84.60
 
 
76.95
 
 
9.9
 
 
86.02
 
 
83.32
 
 
3.2
 
Renaissance and Marriott
89.47
 
 
87.58
 
 
2.2
 
 
107.90
 
 
101.79
 
 
6.0
 
Hilton
114.20
 
 
99.34
 
 
15.0
 
 
83.12
 
 
76.89
 
 
8.1
 
 
 
 
 
 
 
 
 
 
 
 
Total hotels
87.83
 
 
82.64
 
 
6.3
 
 
87.25
 
 
84.05
 
 
3.8
 
 

28

Operating Statistics for Our Top Markets
< td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;">
 
 
 Occupancy (%)
 
Three Months Ended September 30,
 
 
 
Nine Months Ended September 30,
 
 
 
2010
 
2009
 
%Variance
 
2010
 
2009
 
%Variance
South Florida
72.4
 
 
67.2
 
 
7.8
 
 
77.7
 
 
73.3
 
 
6.0
 
Los Angeles area
79.5
 
 
75.7
 
 
5.1
 
 
75.9
 
 
72.9
 
 
4.2
 
Atlanta
74.7
 
< /td>
 
72.9
 
 
2.5
 
 
75.0
 
 
70.8
 
 
5.9
 
Orlando
66.5
 
 
69.8
 
 
(4.7
)
< font style="font-family:inherit;font-size:10pt;"> 
73.7
 
 
73.6
 
 
0.2
 
Philadelphia
79.2
 
 
72.5
 
 
9.2
 
 
73.4
&n bsp;
 
65.6
 
 
11.9
 
Minneapolis
82.9
 
 
77.8
 
 
6.4
 
 
75.5
 
 
68.2
 
 
10.8
 
San Francisco area
83.2
 
 
81.6
 
 
1.9
 
 
75.8
 
 
69.5
 
 
9.1
 
Dallas
64.2
 
 
58.2
 
 
10.2
 
 
65.3
 
 
59.5
 
 
9.8
 
Central California Coast
83.1
 
 
81.0
 
 
2.6
 
 
77.8
 
 
78.2
 
 
(0.5
)
San Antonio
77.9
 
 
74.7
 
 
4.3
 
 
76.5
 
 
72.8
 
 
5.1
 
Myrtle Beach
82.7
 
 
80.0
 
 
3.4
 
 
66.9
 
 
66.1
 
 
1.2
 
Boston
84.6
 
 
84.4
 
 
0.3
 
 
82.3
 
 
78.4
 
 
5.0
 
San Diego
82.6
 
 
76.9
 
 
7.3
 
 
77.7
 
 
71.7
 
 
8.3
 
 
 ADR ($)
 
Three Months Ended September 30,
 
 
 
Nine Months Ended September 30,
 
 
 
2010
 
2009
 
%Variance
 
2010
 
2009
 
%Variance
South Florida
100.25
 
 
100.94
 
 
(0.7
)
 
127.84
 
 
132.67
 
 
(3.6
)
Los Angeles area
146.10
 
 
141.69
 
 
3.1
 
 
138.45
 
 
138.03
 
 
0.3
 
Atlanta
104.34
 
 
102.90
 
 
1.4
 
 
104.23
 
 
106.24
 
 
(1.9
)
Orlando
95.50
 
 
94.42
 
 
1.1
 
 
106.27
 
 
113.72
 
 
(6.6
)
Philadelphia
128.12
 
 
127.29
 
 
0.7
 
 
124.93
 
 
133.86
 
 
(6.7
)
Minneapolis
126.95
 
 
128.35
 
 
(1.1
)
 
126.36
 
 
129.03
 
 
(2.1
)
San Francisco area
144.56
 
 
132.57
 
 
9.0
 
 
133.03
 
 
127.32
 
 
4.5
 
Dallas
106.94
 
 
108.58
 
 
(1.5
)
 
110.27
 
 
116.83
 
 
(5.6
)
Central California Coast
189 .59
 
 
188.12
 
 
0.8
 
 
163.34
 
 
160.45
 
 
1.8
 
San Antonio
98.46
 
 
102.64
 
 
(4.1
)
 
98.45
 
 
104.75
 
 
(6.0
)
Myrtle Beach
166.08
 
 
159.11
 
 
4.4
 
 
142.90
 
 
139.57
 
 
2.4
 
Boston
148.27
 
 
138.86
 
 
6.8
 
 
137.49
 
 
134.62
 
 
2.1
 
San Diego
123.95
 
 
123.11
 
 
0.7
 
 
119.28
 
 
127.37
 
 
(6.4
)
 
 RevPAR ($)
 
Three Months Ended September 30,
 
 
 
Nine Months Ended September 30,
 
 
 
2010
 
2009
 
%Variance
 
2010
 
2009
 
%Variance
South Florida
72.61
 
 
67.82
 
 
7.1
 
 
99.29
 
 
97.21
 
 
2.1
&n bsp;
Los Angeles area
116.19
 
 
107.26< /div>
 
 
8.3
 
 
105.10
 
 
100.57
 
 
4.5
 
Atlanta
77.89
 
 
74.98
 
 
3.9
 
 
78.12
 
 
75.18
 
 
3.9
 
Orlando
63.50
 
 
65.87
 
 
(3.6
)
 
78.37
 
 
83.67
 
 
(6.3
)
Philadelphia
101.42
 
 
92.26
 
 
9.9
 
 
91.69
 
 
87.76
 
 
4.5
 
Minneapolis
105.20
 
 
99.92
 
 
5.3
 
95.46
 
 
87.96
 
 
8.5
 
San Francisco area
120.31
 
 
108.24
 
 
11.2
 
 
1 00.86
 
 
88.52
 
 
13.9
 
Dallas
68.67
 
 
63.25
 
 
8.6
 
 
71.98
 
 
69.48
 
 
3.6
 
Central California Coast
157.51
 
 
152.39
 
 
3.4
 
 
127.04
 
 
125.43
 
 
1.3
 
San Antonio
76.72
 
 
76.70
 
 
—
 
 
75.28
 
 
76.22
 
 
(1.2
)
Myrtle Beach
137.31
 
 
127.24
 
 
7.9
 
 
95.58
 
 
92.29
 
 
3.6
 
Boston
125.51
 
 
117.14
 
 
7.1
 
 
113.20
 
 
105.51
 
 
7.3
 
San Diego
102.33
 
 
94.72
 
 
8.0
 
 
92.64
 
 
91.36
 
 
1.4
 

29

Hotel Portfolio
 
The fo llowing table sets forth certain descriptive information regarding the 84 hotels in which we held ownership interest at September 30, 2010.
Consolidated Hotels
 Brand
 
 State
 
Rooms
 
 % Owned(a)
Birmingham
 Embassy Suites Hotel
 
 AL
 
242
 
 
Phoenix – Biltmore
 Embassy Suites Hotel
 
 AZ
 
232
 
 
Phoenix – Crescent
 Sheraton
 
 AZ
 
342
 
 
Phoenix – Tempe
 Embassy Suites Hotel
 
 AZ
 
224
 
 
Anaheim – North
 Embassy Suites Hotel
 
 CA
 
222
 
 
Dana Point – Doheny Beach
 Doubletree Guest Suites
 
 CA
 
196
 
 
Indian Wells – Esmeralda Resort & Spa
 Renaissance Resort
 
 CA
 
560
 
 
Los Angeles – International Airport/South
 Embassy Suites Hotel
 
 CA
 
349
 < /div>
 
Milpitas – Silicon Valley
 Embassy Suites Hotel
 
 CA
 
266
 
 
Napa Valley
 Embassy Suites Hotel
 
 CA
 
205
 
 < /font>
Oxnard – Mandalay Beach – Hotel & Resort
 Embassy Suites Hotel
 
 CA
 
248
 
 
San Diego – On the Bay
 Holiday Inn
 
 CA
 
600
 
 
San Francisco – Airport/Burlingame
 Embassy Suites Hotel
 
 CA
 
340
 
 
San Francisco – Airport/South San Francisco
 Embassy Suites Hotel
 
 CA
 
312
 
 
San Francisco – Fisherman’s Wharf
 Holiday Inn
 
 CA
 
585
 
 
San Francisco – Union Square
 Marriott
 
 CA
 
400
 
 
San Rafael – Marin County
 Embassy Suites Hotel
 
 CA
 
235
 
50
%
Santa Barbara – Goleta
 Holiday Inn
 
 CA
 
160
 
 
Santa Monica Beach – at the Pier
 Holiday Inn
 
 CA
 
132
 
 
Wilmington
 Doubletree
 
 DE
 
244
 
90
%
Boca Raton
 Embassy Suites Hotel
 
 FL
 
263
 
 
Deerfield Beach – Resort & Spa
 Embassy Suites Hotel
 
 FL
 
244
 
 
Ft. Lauderdale – 17th Street
 Embassy Suites Hotel
 
 FL
 
361
 
 
Ft. Lauderdale – Cypress Creek
 Sheraton Suites
 
 FL
 
253
 
 
Jacksonville – Baymeadows
 Embassy Suites Hotel
 
 FL
 
277
 
 
Miami – International Airport
 Embassy Suites Hotel
 
 FL
 
318
 
 
Orlando – International Airp ort
 Holiday Inn
 
 FL
 
288
 
 
Orlando – International Drive South/Convention
 Embassy Suites Hotel
 
 FL
 
244
 
 
Orlando– North
 Embassy Suites Hotel
 
 FL
 
277
 
 
Orlando – Walt Disney World Resort
  Doubletree Guest Suites
 
 FL
 
229
 
 
St. Petersburg – Vinoy Resort & Golf Club
 Renaissance Resort
 
 FL
 
361
 
 
Tampa – Tampa Bay
 Doubletree Guest Suites
 
 FL
 
203
 
 
Atlanta – Airport
 Embassy Suites Hotel
 
 GA
 
232
 
 
Atlanta – Buckhead
 Embassy Suites Hotel
 
 GA
 
316
 
 
Atlanta – Galleria
 Sheraton Suites
 
 GA
 
278
 
 
Atlanta – Gateway – Atlanta Airport
 Sheraton
 
 GA
 
395
 
 
Atlanta – Perimeter Center
 Embassy Suites Hotel
 
 GA
 
241
 
50
%
Chicago – Lombard/Oak Brook
 Embassy Suites Hotel
 
 IL
 
262
 
50
%
Chicago – North Shore/Deerfield
 Embassy Suites Hotel
 
 IL
 
237
 
 
Chicago – Gateway – O’Hare
 Sheraton Suites
 
 IL
 
296
 
 
Indianapolis – North
 Embassy Suites Hotel
 
 IN
 
221
 
82
%
Kansas City – Overland Park
 Embassy Suites Hotel
 
 KS
 
199
 
50
%
Lexington – Lexington Green
 Hilton Suites
 
 KY
 
174
 
 
Baton Rouge
 Embassy Suites Hotel
 
 LA
 
223
 
 

30

Hotel Portfolio (continued)
 
 
 Brand
 
 State
 
Rooms
 
 % Owned(a)
New Orleans – Convention Center
< div style="text-align:left;font-size:11pt;"> Embassy Suites Hotel
 
 LA
 
370
 
 
 
New Orleans – French Quarter
 Holiday Inn
 
 LA
 
374
 
 
 
Boston – at Beacon Hill
 Holiday Inn
 
 MA
 
303
 
 
 
Boston – Copley Plaza
 Fairmont
 
 MA
 
383
 
 
 
Boston – Marlborough
 Embassy Suites Hotel
 
 MA
 
229
 
 
 
Baltimore – at BWI Airport
 Embassy Suites Hotel
 
 MD
&nb sp;
251
 
 
90
%
Bloomington
 Embassy Suites Hotel
 
 MN
 
218
 
 
 
Minneapolis – Airport
 Embassy Suites Hotel
 
 MN
 
310
 
 
 
St. Paul – Downtown
 Embassy Suites Hotel
 
 MN
 
208
 
 
 
Kansas City – Plaza
 Embassy Suites Hotel
 
 MO
 
266
 
 
50
%
Charlotte
 Embassy Suites Hotel
 
 NC
 
274
 
 
50
%
Charlotte – SouthPark
 Doubletree Guest Suites
 
 NC
 
208
 
 
 
Raleigh/Durham
 Doubletree Guest Suites
 
 NC
 
203< /font>
 
 
 
Raleigh – Crabtree
 Embassy Suites Hotel
 
 NC
 
225
 
 
50
%
Par sippany
 Embassy Suites Hotel
 
 NJ
&nbs p;
274
 
 
50
%
Secaucus – Meadowlands
 Embassy Suites Hotel
 
  NJ
 
261
 
 
50
%
Philadelphia – Historic District
 Holiday Inn
 
 PA
 
364
 
 
 
Philadelphia – Society Hill
 Sheraton
 
 PA
 
365
 
 
 
Pittsburgh – at University Center (Oakland)
 Holiday Inn
 
 PA
 
251
 
 
 
Charleston – Mills House
 Holiday Inn
 
 SC
 
214
 
 
 
Myrtle Beach – Oceanfront Resort
 Embassy Suites Hotel
 
 SC
 
255
 
 
 
Myrtle Beach Resort
 Hilton
 
 SC
 
385
 
 
 
Nashville – Airport – Opryland Area
 Embassy Suites Hotel
 
 TN
 
296
 
 
 
Nashville – Opryland – Airport (Briley Parkway)
 Holiday Inn
 
 TN
 
383
 
 
 
Austin
& nbsp;Doubletree Guest Suites
 
 TX
 
188
 
 
90
%
Austin – Central
 Embassy Suites Hotel
 
 TX
 
260
 
 
50
%
Corpus Christi
 Embassy Suites Hotel
 
 TX
 
150
 
 
 
Dallas – DFW International Airport South
 Embassy Suites Hotel
 
  ;TX
 
305
 
 
 
Dallas – Love Field
 Embassy Suites Hotel
 
 TX
 
248
 
 
 
Dallas – Market Center
 Embassy Suites Hotel
 
 TX
 
244
 
 
 
Dallas – Park Central
 Westin
 
 TX
 
536
 
 
60
%
Houston – Medical Center
 Holiday Inn
 
 TX
 
287
 
 
 
San Antonio – International Airport
 Embassy Suites Hotel
 
 TX
 
261
  ;
 
50
%
San Antonio – International Airport
 Holiday Inn
 
 TX
 
397
 
 
 
San Antonio – NW I-10
 Embassy Suites Hotel
 
 TX
 
216
 
 
50
%
Burlington Hotel & Conference Center
 Sheraton
 
 VT
 
309
 
 
 
Vienna – Premiere at Tysons Corner
 Sheraton
 
 VA
 
443
 
 
50
%
 
 
 
 
 
 
 
 
 
Canada
 
 
& nbsp;
 
 
 
 
 
Toronto – Airport
 Holiday Inn
 
 Ontario
 
446
 
 
 
Toronto – Yorkdale
 Holiday Inn
 
 Ontario
 
370
 
 
 
 
 
 
 
 
 
 
 
 
 Unconsolidated Hotel
 
 
 
 
 
 
 
New Orleans – French Quarter – Chateau
   LeMoyne
 Holiday Inn
 
 LA
 
171
 
 
50
%
 
(a)    
We own 100% of the real estate interests unless otherwise noted.

31

Liquidity and Capital Resources
 
Operating Activities
 
During the first nine months of 2010, cash provided by operating act ivities (primarily hotel operations) was $68.1 million, which reflects an $8.3 million decrease from the same period in 2009.  This decrease is due primarily to an increase in interest paid (largely reflecting higher average interest rates) and to a lesser extent by an increase in accrued expenses and other liabilities.  At September 30, 2010, we had $192.5 million of cash, including approximately $41.6 million held under management agreements to meet working capital needs.
 
Travel spending fell sharply during the global recession, which resulted in weak lodging demand in 2009. This adversely affected our Consolidated Hotels' RevPAR.  Demand began to improve in late 2009, which resulted in improved occupancy for the first nine months of 2010. However, we did not experience sustained improvement in ADR until third quarter 2010.  We expect our 2010 RevPAR will increase from 3.75% to 4.5% compared to 2009, which assumes continued occupancy and ADR growth in the fourth quarter.  We expect $44 million to $48 million of 2010 cash from operating activities.
< div style="line-height:120%;padding-left:48px;text-indent:-48px;text-indent:48px;">    
We are subject to increases in hotel operating expenses, including wage and benefit costs, repair and maintenance expenses, utilities and insurance expenses that can fluctuate disproportionately to revenues.  Some of these operating expenses are difficult to predict and control, which lends volatility to our operating results.  We have implemented extensive cost containment initiatives at our hotels, including reducing headcount and improving productivity and energy efficiency.  If RevPAR decreases and/or Hotel EBITDA margins shrink, our operations, earnings and/or cash flow could be materially adversely affected.
 
Investing Activities
 
During the first nine months of 2010, cash used in investing activities increased $92.6 million, compared to the same period in 2009, due primarily to our purchase of the Fairmont Copley Plaza and increased contributions to unconsolidated ventures (we contributed $23 million to repay our share of a joint venture’s mortgage debt), which increases were partially offset by lower spending on hotel capital expenditures.  We made extensive capital investments in our hotels from 2006 to 2008, and all of our hotels have been renovated.  As a result, we were able to limit capital spending significantly in 2009.  In the first nine months of 2010, we completed approximately $27.8 million of capital improvements at our hotels, and we expect to spend approximately $42 million of capital in 2010.
 
During the quarter ended September 30, 2 010, we decided to market and sell 14 hotels. We recorded an aggregate impairment charge of $65.8 million relating to eight of these hotels.
 
In order to enhance long-term shareholder value, as part of our strategic plan (as in the past and as market conditions allow), we intend to sell lower-growth hotels that no longer meet our investment criteria, thereby freeing our capital for redeployment (e.g., reduce overall leverage, acquire other hotels and invest in remaining FelCor properties).  We regularly evaluate demand and supply trends for each hotel, portfolio concentration risk and future cap ital needs.  We expect to market additional hotels for sale based on various factors and we will sell hotels only when we receive adequate pricing.
 
Financing Activities
 
During the first nine months of 2010, cash provided by financing activities decreased by $46.7 million compared to the same period in 2009, due primarily to first quarter 2009 funds borrowed under our since terminated line of credit, partially offset by proceeds from our June 2010 public common stock offering.  We expect to pay approximately $12 million in normally occurring principal payments in 2010, which payments will be funded from operating cash flow and cash on hand.
 

32

We suspended payment of our common dividend in December 2008 and our preferred dividend in March 2009 (we paid approximately $9.7 million of preferred dividends in January 2009).  Our ability to pay cash dividends in excess of the minimum REIT distribu tion requirements is limited by the indenture governing our senior secured notes whenever we fail to meet a defined financial ratio threshold, as in the current circumstances; consequently, we do not expect to pay any common or preferred cash dividends during 2010.  Dividends are not paid unless declared by our Board of Directors; however, any unpaid preferred dividends continue to accrue, and accrued and current preferred dividends must be paid in full prior to reinstatement of our common dividend.  Our Board of Directors will determine whether and when to declare future dividends (once we meet the financial ratio threshold and are no longer prohibited) based upon various factors, including operating results, economic conditions, other operating trends, our financial condition including the outcome of refinancing debt maturities and capital requirements, as well as minimum REIT distribution requirements.
 
Common Stock Offering.  In June 2010, we completed a public offering of 31,625,000 shares of our common stock at $5.50 per share.  The net proceeds from the offering, after underwriting discounts and commissions, were approximately $166 million.  These proceeds together with cash on hand were used to repay $177 million of secured debt for $130 million (a 27% discount to par) and fund our $98.5 million acquisition of the Fairmont Copley Plaza.
 
Secured Debt.  At September 30, 2010, we had a total of $1.6 billion of consolidated secured debt with 60 encumbered consolidated hotels with a $1.6 billion aggregate net book value (including 14 hotels that are collateral for our senior secured notes).
 
In June 2010, we repaid $177 million of secured debt scheduled to mature in 2012 for $130 million, plus accrued interest, representing a 27% discount to the principal balance.  This allowed us to reduce our leverage substantially and unencumber two hotels.
    
In May 2010, we obtained a new five-year loan for approximately $212 million secured by nine hotels.  The loan proceeds were used to repay $210 million in loans scheduled to mature in May 2010, secured by 11 hotels (including the nine hotels securing the new loan).  The new loan bears interest at LIBOR (subject to a 3% floor) plus 5.10%.   The terms of this new financing are significantly more favorable than the refinanced debt, and we unencumbered two previously mortgaged hotels.  In February 2010, we extended the maturity of a loan secured by one hotel from May 2010 to May 2013.  Two other loans (totaling $32 million) matured in May 2010.  The cash flows for the hotels that secured those loans did not cover debt service, and we stopped funding the shortfalls in December 2009.  We have been unable to negotiate an acceptable debt modification or reduction that made sense for our stockholders with regard to these loans.  We transferred one hotel to the lender in full satisfaction of the debt on September 30, 2010 and are in the process of transferring the remaining hotel to the lender in full satisfaction of the debt.
 
With these transactions, we have resolved all of our significant debt maturities until the end of 2011.
 
On November 1, 2010, we incurred $29 million of new debt, secured by two hotels. The loan bears interest at LIBOR (subject to a 1% floor) plus 4.25% and is scheduled to mature in November 2011, with a one year extension option subject to certain conditions.
 
Except in the case of our senior secured notes, our mortgage debt is generally recourse solely to the specific hotels securing the debt except in case of fraud, misapplication of funds and certain other limited recourse carve-out provisions, which could extend recourse to us.  Much of our secured debt allows us to substitute collateral under certain conditions and is prepayable, subject to various prepayment, yield maintenance or defeasance obligations.
 

33

Most of our secured debt includes lock-box arrangements under certain circumstances. We are permitted to spend an amount required to cover our budgeted hotel operating expenses, taxes, debt service, insurance and capital expenditure reserves even if revenues are flowing through a lock-box in cases where a specified debt service coverage ratio is not met.  With the exception of one hotel, all of our consolidated loans subject to lock-box provisions currently exceed the applicable minimum debt service coverage ratios. 
 
Senior Notes.  In October 2009, we issued $636 million in aggregate principal amount of our 10% senior secured notes due 2014.  These notes require that we satisfy total leverage, secured leverage and interest coverage tests in order to: (i) incur additional indebtedness except to refinance maturing debt with replacement debt, as defined under our indentures; (ii) pay dividends in excess of the minimum distributions required to meet the REIT qualification test; (iii) repurchase capital stock; or (iv) merge.  We are currently prohibited from paying dividends on our preferred or common stock, except to the extent necessary to satisfy the REIT qualification requirement that we distribute currently at least 90% of our taxable income.  These notes are guaranteed by us, and payment of those obligations is secured by a pledge of the limited partner interests in FelCor LP owned by FelCor, a combination of first lien mortgages and related security interests and/or negative pledges on up to 14 hotels, and pledges of equity interests in certain subsidiaries of FelCor LP.  In addition, we redeemed all of our floating-rate senior notes and all but $87 milli on of our 8½% senior notes and amended the indenture governing the latter to eliminate substantially all of the restrictive covenants, guarantees, collateral and certain events of default provisions. 
 
Interest Rate Caps.  To fulfill requirements under certain loans, we entered into interest rate cap agreements with aggregate notional amounts of $639.2 million at September 30, 2010 and $427.2 million at December 31, 2009.  These interest rate caps were not designated as hedges and had insignificant fair values at both September 30, 2010 and December 31, 2009, resulting in no significant net earnings impact.
 
Inflation
 
Operators of hotels, in general, possess the ability to adjust room rates daily to reflect the effects of inflation.  Competition may, however, require us to reduce room rates in the near term and may limit our ability to raise room rates in the future.  We are also subject to the risk that inflation will cause increases in hotel operating expenses disproportionately to revenues.  If competition requires us to reduce room rates or limits our ability to raise room rates in the future, we may not be able to adjust our room rates to reflect the effects of inflation in full, in which case our operating results and liquidity could be adversely affected.
 
Seasonality
 
The lodging business is seasonal in nature.  Generally, hotel revenues are greater in the second and third calendar quarters than in the first and fourth calendar quarters, although this may not be true for hotels in major tourist destinations. Revenues for hotels in tourist areas generally are substantially greater during tourist season than other times of the year. Seasonal variations in revenue at our hotels can be expected to cause quarterly fluctuations in our revenues. Quarterly earnings also may be adversely affected by events beyond our control, such as extreme weather conditions, economic factors and other considerations aff ecting travel.  To the extent that cash flow from operations is insufficient during any quarter, due to temporary or seasonal fluctuations in revenues, we may utilize cash on hand or borrowings to satisfy our obligations.
 

34
 

Disclosure Regarding Forward-Looking Statements
 
This report and the documents incorporated by reference in this report include forward-looking statements that involve a number of risks and uncertainties.  Forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “anticipates,” “may,” “will,” “should,” “seeks,” or other variations of these terms (including their use in the negative), or by discussions of strategies, plans or intentions.  A number of factors could cause actual results to differ materially from those anticipated by these forward-looking statements.  Certain of these risks and uncertainties are described in greater detail under “Risk Factors” in our Annual Report on Form 10-K or in our other filings with the Securities and Exchange Commission, o r the SEC.
 
These forward-looking statements are necessarily dependent upon assumptions and estimates that may prove to be incorrect. Accordingly, while we believe that the plans, intentions and expectations reflected in these forward-looking statements are reasonable, we cannot assure you that deviations from these plans, intentions or expectations will not be material.  The forward-looking statements included in this report, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, are expressly qualified in their entirety by the risk factors and cautionary statements discussed in our filings to the SEC.  We undertake no obligation to publicly update any forward-looking statements to reflect fut ure circumstances or changes in our expectations.
 
Item 3.    
Quantitative and Qualitative Disclosures about Market Risk.
 
At September 30, 2010, approximately 58% of our consolidated debt had fixed interest rates.
 
The following table provides information about our financial instruments that are sensitive to changes in interest rates.  For debt obligations, the table presents scheduled maturities and weighted average interest rates, by maturity dates.  The fair value of our fixed rate debt indicates the estimated principal amount of debt having the same debt service requirements that could have been borrowed at the date presented, at then current market interest rates.
 
Expected Maturity Date
at September 30, 2010
(dollars in thousands)
 
 Expected Maturity Date
 
2010
 
2011
 
2012
 
2013
 
2014
 
 Thereafter
 
 Total
 
 Fair Value
Liabilities
 
Fixed-rate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
$
15,935
 
 
$
100,635
 
 
$
4,555
 
 
$
32,702
 
 
$
804,869
 
 
$
9,376
 
 
$
968,072
 
 
$
1,038,720
 
Average interest
    rate
8.53
%
 
8.72
%
 
7.68
%
 
8.61
%
 
9.61
%
 
5.81
%
 
9.42
%
 
< font style="font-family:inherit;font-size:10pt;"> 
 
Floating-rate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt
500
 
 
449,943
 
 
1,833
 
 
1,986
 
 
2,153
 
 
204,887
 
 
661,302
 
 
$
643,686
 
Average interest
    rate(a)
5.50
%
 
3.24
%
 
8.10
%
 
8.10
%
 
8.10
%
 
8.10
%
 
4.79
%
 
 
 
  Total debt
$
16,435
 
 
$
550,578
 
 
$
6,388
 
 
$
34,688
 
 
$
807,022
 
 
$
214,263
 
 
$
1,629,374
 
 
 
 
Average interest
    rate
8.44
%
 
4.24
%
 
7.80
%
 
8.58
%
 
9.60
%
 
8.00
%
 
7.54
%
 
 
 
Net discount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(55,972
)
 
 
 
  Total debt
 
 
 
 
 
 
 
& nbsp;
 
 
 
 
 
 
$
1,573,402
 
 
 
 
 
(a)    
The average floating interest rate represents the implied forward rates in the yield curve at September 30, 2010.

35

Item 4.    
Controls and Procedures.
 
(a)Evaluation of disclosure controls and procedures.
 
Under the supervision and with the participation of our management, including our chief executive office r and chief financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934) as of the end of the period covered by this report (the “Evaluation Date”).  Based on this evaluation, our chief executive officer and chief financial officer concluded, as of the Evaluation Date, that our disclosure controls and procedures were effective, such that the information relating to us required to be disclosed in our reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures.
 
(b)Changes in internal control over financial reporting.
 
There have not been any changes in our internal control over financial reporting (as defined in Rule 13a-15 (f) promulgated under the Securities Exchange Act of 1934) during the quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 

36

PART II -- OTHER INFORMATION
 
Item 3.    
Defau lts Upon Senior Securities.
 
In March 2009, we suspended payment of dividends on our Series A Cumulative Convertible Preferred Stock (“Series A Preferred”) and our 8% Series C Cumulative Redeemable Preferred Stock (“Series C Preferred”).  The aggregate quarterly Series A Preferred and Series C Preferred dividends are $6.3 million and $3.4 million, respectively.  As of the date of this Quarterly Report, the aggregate Series A Preferred and Series C Preferred dividends in arrears are $43.9 million and $22.7 million, respectively.
 
Except to the extent required to satisfy minimum REIT distribution requirements, we are restricted by the indenture governing our senior secured notes from making any cash distributions on our common and preferred stock.  We are currently below the minimum thresholds set forth in the indenture for which discretionary cash distributions are permitted.
 
Item 6.    
Exhibits.
 
           The following exhibits are furnished in accordance with the provisions of Item 601 of Regulation S-K:
 
 Exhibit Number
 
 Description of Exhibit
31.1
 
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
 
 
31.2
 
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
 
 
32.1
& nbsp;
Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
 
 
32.2
 
Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 

37

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
 
 
FELCOR LODGING TRUST INCORPORATED
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Date:  November 3, 2010
 
 By:
 /s/ Lester C. Johnson
 
 
 
 
Name:
Lester C. Johnson
 
 
 
 
Title:
Senior Vice Pres ident, Chief Accounting Officer
 
 

38
 EX-31.1 2 felcor2010q3exh311.htm EXHIBIT 31.1 WebFilings | EDGAR view

Exhibit 31.1
 
Certification Pursuant to Section 302 of Sarbanes-Oxley Act of 2002
 
I, Richard A. Smith, certify that:
 
1.    
I have reviewed this Quarterly Report on Form 10-Q of FelCor Lodging Trust Incorporated;
2.    
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to st ate a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.    
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.    
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)    
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosur e controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.    
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
a)    
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)    
any fraud, whether or not material, that involves management or other employees who have a significant role in the re gistrant's internal control over financial reporting.
 
Date:
November 3, 2010
 
/s/Richard A. Smith
 
 
 
Richard A. Smith
Chief Executive Officer

 EX-31.2 3 felcor2010q3exh312.htm EXHIBIT 31.2 WebFilings | EDGAR view

Exhibit 31.2
 
 
Certification Pursuant to Section 302 of Sarbanes-Oxley Act of 2002
 
I, Andrew J. Welch, certify that:
&nb sp;
1.    
I have reviewed this Quarterly Report on Form 10-Q of FelCor Lodging Trust Incorporated;
2.    
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.    
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, an d for, the periods presented in this report;
4.    
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)    
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)     
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)    
evaluated the effectiveness of the registrant's discl osure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)    
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the regi strant's internal control over financial reporting; and
5.    
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
a)    
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)    
an y fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
 
Date:
November 3, 2010
 
/s/Andrew J. Welch
 
 
 
Andrew J. Welch
Chief Financial Officer

 EX-32.1 4 felcor2010q3exh321.htm EXHIBIT 32.1 WebFilings | EDGAR view

Exhibit 32.1
 
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
In connection with the Quarterly Report on Form 10-Q of FelCor Lodging Trust Incorporated (the “Registrant”) for the three and nine months ended September 30, 2010, as filed with the Securities and Exchange Commission on the date hereof (the “Report), the undersigned hereby certifies, in the capacity as indicated below and pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.    
< /td>
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
2.    
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registr ant.
 
 
 
November 3, 2010
/s/Richard A. Smith
 
Richard A. Smith
 
Chief Executive Officer
 

 EX-32.2 5 felcor2010q3exh322.htm EXHIBIT 32.2 WebFilings | EDGAR view

Exhibit 32.2
 
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
In connection with the Quarterly Report on Form 10-Q of FelCor Lodging Trust Incorporated (the “Registrant”) for the three and nine months ended September 30, 2010, as filed with the Securities and Exchange Commission on the date hereof (the “Report), the undersigned hereby certifies, in the capacity as indicated below and pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.     
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
2.    
The information contained in the Report fairly presents, in all material respects, the financial condition an d results of operations of the Registrant.
 
 
 
November 3, 2010
/s/Andrew J. Welch
 
Andrew J. Welch
 
Chief Financial Officer
 

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