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Press Release: LodgeNet Entertainment Corporation
September 25, 2002
SIOUX FALLS, S.D. and IRVING, TX -- LodgeNet Entertainment Corporation (Nasdaq: LNET), the world's largest provider
of broadband, interactive television services to the hospitality industry, today announced it has signed a long-term
contract extension with FelCor Lodging Trust (NYSE: FCH), one of the nation's largest hotel real estate investment
trusts (REITs).
Under the agreement -- which extends the LodgeNet/FelCor relationship into 2010 -- LodgeNet will install its latest-generation
interactive digital system, delivering on-demand digital movies, digital music and music videos, Nintendo®
video games, and other interactive television services to the 20,000 FelCor rooms currently under contract with
LodgeNet. Many of these hotels will also receive or continue receiving TV Internet and/or cable programming services.
FelCor-owned hotels that are covered by the extension include upscale and full-service properties under the brand
flags of Embassy Suites®, Doubletree®, Crowne Plaza®, Holiday Inn®, and Sheraton®.
The agreement also provides FelCor the opportunity to add other FelCor-owned hotels to LodgeNet's portfolio as
their existing contracts expire. This additional group of hotels currently represents 30,000 rooms, extending the
total potential impact of the agreement to approximately 50,000 rooms throughout the United States and Canada.
"LodgeNet looks forward to assisting FelCor in meeting its guest satisfaction objectives through this decade
and into the next," said Scott C. Petersen, President and CEO for LodgeNet. "By building on our existing
relationship with FelCor and through broadband interactive systems that can evolve to meet the needs of its properties,
we will continue proving out the level of trust this contract extension represents."
"We are pleased to extend our partnership with LodgeNet and believe this agreement will continue to provide
incremental revenue to FelCor over the long term," said Thomas J. Corcoran, Jr., President and CEO for FelCor
Lodging Trust. "Through its past performance, LodgeNet has demonstrated a strong commitment to deliver high
satisfaction levels to both our guests and our company."
About LodgeNet
LodgeNet Entertainment Corporation ( www.lodgenet.com ) is the leading provider
in the delivery of broadband, interactive services to the lodging industry, serving more hotel properties throughout
the United States and Canada as well as select international markets than any other company in the industry. These
services include on-demand digital movies, digital music and music videos, Nintendo® video games, high-speed
Internet access and other interactive television services designed to serve the needs of the lodging industry and
the traveling public. As one of the largest companies in the industry, LodgeNet provides service to 930,000 rooms
(including more than 860,000 interactive guest pay rooms) in more than 5,600 hotel properties worldwide. More than
260 million travelers have access to LodgeNet systems on an annual basis. LodgeNet is listed on NASDAQ and trades
under the symbol LNET.
About FelCor Lodging Trust
FelCor Lodging Trust is the only lodging REIT that owns a diversified portfolio of nationally branded, upscale
and full-service hotels managed by strategic brand managers such as Hilton Hotels, Six Continents Hotels, and Starwood
Hotels & Resorts. FelCor is competitively positioned to deliver superior shareholder returns through its strong
management team, strategic brand manager alliances, diversified upscale and full-service hotels, value creation
expertise, and financial strength. FelCor's hotel portfolio consists of 184 hotels with nearly 50,000 rooms and
suites and is concentrated primarily in the upscale and full-service segments. FelCor is the owner of the largest
number of Embassy Suites, Crowne Plaza, Holiday Inn, and independently owned Doubletree-branded hotels. Other leading
hotel brands under which FelCor's hotels are operated include Sheraton Suites®, Sheraton, and Westin®.
FelCor has a current market capitalization of approximately $3.1 billion. Additional information can be found on
the Company's Website at www.felcor.com .
Source: LodgeNet Entertainment Corporation