(Read more on the debt and equitymarkets.)
IRVING, TX-FelCor Lodging Trust Inc., using a $430-millionrenovation plan to bolster gains, wrapped up work on 17 hotels inthe first quarter. In monitoring eight that debuted their new looksat the year's start, the reinvestment has delivered double-digitRevPAR growth.
"This year, there will be some noise in our numbers. That isinevitable when you're doing this kind of work," Richard A. Smith,president and CEO of the locally based REIT, told shareholders andanalysts during yesterday's conference call. To date, FelCor hascompleted renovations at 29 of 83 earmarked hotels. If the planstays on track, 70 hotels will be completed by year's end. And sofar, he said it is "on budget and on time."
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