Press Release: FelCor Lodging Trust Incorporated
June 1, 2001
IRVING, TX -- FelCor Lodging Trust Incorporated (NYSE: FCH), one of the nation's largest hotel real estate investment
trusts (REITS), yesterday announced Richard J. O'Brien as Chief Financial Officer and Executive Vice President.
On May 10, 2001, FelCor announced the $2.7 billion acquisition of MeriStar Hospitality Corporation.
Mr. O'Brien, 39, was most recently with GE Capital Real Estate, where he held a number of leadership positions.
As a Managing Director, in various positions, he was responsible for e-commerce investments, the development of
strategic alliances and new programs, and debt program management. Prior to serving as a Managing Director, he
served as the Chief Financial Officer of the Americas business unit of GE Capital Real Estate, with $8.0 billion
in assets. Mr. O'Brien also previously worked with the GE Capital Corporation's Office of the Controller serving
as an internal consultant on accounting and finance issues related to large and complex transactions, including
business acquisitions. Prior to his tenure with GE Capital Corp., he held management positions with J. P. Morgan
Incorporated and KPMG Peat Marwick.
``We are extremely pleased to name Rick to the open CFO post,'' said Thomas J. Corcoran, Jr., FelCor's President
and Chief Executive Officer. ``His broad corporate finance experience with GE Capital Corporation brings substantial
value to FelCor and its integration with MeriStar Hospitality Corporation. He is a strong leader with significant
experience in various types of debt and equity transactions.''
Mr. O'Brien commented, ``I am honored to join FelCor, and I look forward to working with Tom and the FelCor management
team. Under Tom's leadership, FelCor has significantly grown since the Company went public in 1994, and he has
built a team with tremendous depth in the hotel industry. I look forward to providing the leadership to the already
strong finance function and contributing to the successful integration of MeriStar. This position is a perfect
fit for me.''
FelCor's hotel portfolio consists of 186 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 $3.6 billion. Additional information can be found on the Company's
website at www.felcor.com.
With the exception of historical information, the matters discussed in this news release include ``forward looking
statements'' within the meaning of the federal securities laws that are qualified by cautionary statements contained
herein and in FelCor's filings with the Securities and Exchange Commission.
SOURCE: FelCor Lodging Trust Incorporated