IRVING, Texas--(BUSINESS WIRE)--FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it has reinstated the quarterly dividend payments on its Series A Cumulative Convertible Preferred Stock and its 8% Series C Cumulative Redeemable Preferred Stock.
FelCor will pay the current quarterly dividends of $0.4875 per share on its Series A Preferred Stock and $0.50 per depositary share evidencing its Series C Preferred Stock. The dividends will each be due and payable on January 31, 2011, to stockholders of record on January 18, 2011.
The Company was previously restricted from paying dividends as it did not meet an interest coverage threshold relating to its 10% Senior Secured Notes. However, pro forma interest coverage for the most recently reported quarter exceeds the minimum threshold, as a result of the positive impact from recent capital transactions, including recent hotel dispositions.
“We are very pleased to reinstate our quarterly preferred dividends, which have been a priority for the Company. We continue to benefit from our portfolio repositioning program and improving industry conditions, which has strengthened our liquidity,” said Richard A. Smith, FelCor’s President and Chief Executive Officer.
FelCor, a real estate investment trust, is the nation’s largest owner of upper-upscale, all-suite hotels. FelCor owns interests in 82 properties located in more than 30 major markets in the United States. FelCor’s diversified portfolio of hotels and resorts are flagged under global brands such as Doubletree®, Embassy Suites Hotels®, Hilton®, Fairmont®, Marriott®, Renaissance®, Sheraton®, Westin® and Holiday Inn®. Additional information can be found on the Company’s Web site at www.felcor.com.