FelCor Reports Fourth Quarter Results - Exceeds High Guidance.

IRVING, Texas -- FelCor Lodging Trust Incorporated (NYSE: FCH) today reported operating results for the fourth quarter and year ended December 31, 2008.

"Our fourth quarter results were better than expected, despite a very challenging operating environment. Our results reflect extensive cost cutting measures that were implemented to protect our operating margins. In addition, our renovation program has been a resounding success, with our portfolio RevPAR increasing more than any of our peers' during 2008," said Richard A. Smith, FelCor's President and Chief Executive Officer.

Highlights:

* Agreed in principle on the material terms for a $120 million secured loan with one of the current lenders to refinance our only significant 2009 debt maturity.

* Agreed in principle on the material terms with the lead lender for a $200 million secured loan with a term of up to four years, which will allow us to repay and cancel our line of credit, accumulate cash and eliminate all of our corporate financial covenants.

* Adjusted FFO per share was $0.25 and Adjusted EBITDA was $52.3 million for the fourth quarter. This exceeded the high end of our guidance.

* Market share increased more than five percent in the fourth quarter for our 70 hotels where renovations were completed in 2007 and 2008, which is consistent with our expectations. Market share increased almost three percent for our 85 consolidated hotels.

* Hotel EBITDA margin increased 36 basis points for the full year, reflecting successful and ongoing cost cutting measures.

* RevPAR increased one ...

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