IRVING, TX-FelCor Lodging Trust Inc.'s Q3 2013 results showed positive results, with year-over-year RevPAR for comparable hotels increasing 7.1%, adjusted FFO per share improving by 75% and net loss per share increasing from $0.18 to $0.05. Especially good news for the REIT was its hotel EBITDA, which, among comparable hotels, increased by 12.7% from $46.2 million during Q3 2012 to $52 million during Q3 2013.
EBITDA also increased among same-store hotels (from $57.1 million to $62 million), though dropped slightly in the Wyndham portfolio (from $10.9 million during Q3 2012 to $10 million during Q3 2013).
Still, the financial results were enough to encourage the REIT's board of directors to reinstate the common dividend. “Our portfolio continues to produce solid results. Third quarter comparable Hotel
EBITDA increased by almost 13%, led by a 53% increase for our newly acquired and recently
redeveloped hotels. We are proud that RevPAR for our comparable portfolio once again
outperformed the industry," comments Richard A. Smith, president and CEO of FelCor. "Based on the outstanding condition of our portfolio and favorable industry fundamentals, our outlook for continued RevPAR growth remains optimistic.”
FelCor has sold five hotels since the beginning of 2013, with three of those sales closing in the third quarter. The total dollar amount is $102.7 million, and the REIT has executed contracts to sell three additional hotels during the remainder of the year.
"We continue to make substantial progress repositioning our portfolio," Smith remarks. "Through the combination of asset sales and EBITDA growth, we continue to strengthen our balance sheet, reduce leverage and grow stockholder value."
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