FelCor Names New Chief Financial Officer
IRVING, Texas--(BUSINESS WIRE)-- FelCor Lodging Trust Incorporated (NYS: FCH) today announced the appointment of Michael C. Hughes as Senior Vice President, Chief Financial Officer and Treasurer, effective July 1, 2013. Mr. Hughes succeeds Andrew J. Welch, who is leaving the company after 15 years of service. Mr. Welch will remain with FelCor through December 31, 2013 to facilitate the transition.
Michael C. Hughes, FelCor Senior Vice President, Chief Financial Officer and Treasurer (Photo: Business Wire)
Before undertaking his new role, Mr. Hughes served as FelCor's Senior Vice President, Finance and Treasurer. He joined the company in 2006 as Vice President, Finance and assumed additional responsibilities as the company's Treasurer in 2009. During his tenure at FelCor, Mr. Hughes played a vital role in the company's capital markets activities and led FelCor's corporate forecasting, budgeting, cash management, rating agency relationships and treasury functions.
Mr. Hughes has more than 15 years of experience in finance, having also served as the Vice President of Corporate Finance for Wyndham International, Inc. (which he joined in 2002) and as a business consultant with Maverick Management LLC. He was awarded a bachelors degree in business from Rhodes College and is a holder of the Chartered Financial Analyst® designation.
Richard A. Smith, President and Chief Executive Officer of FelCor, said, "Michael's deep understanding of the lodging industry and real estate, coupled with his sophisticated financial and capital markets expertise and knowledge of FelCor's business, makes him particularly well-suited to assume broader responsibilities at FelCor. Michael's efforts were crucial to our successful balance sheet restructuring program, which reduced our cost of capital and extended and staggered debt maturities, and has been an integral member of our leadership team for many years."
Mr. Smith continued, "We are grateful for Andy's meaningful contributions to FelCor over the past 15 years. He has been an essential part of the Company's turnaround, and it has been a pleasure to work alongside him over the past eight years. On behalf of our Board of Directors, the management team and all of our colleagues, we wish Andy the very best and are glad to have him on board to ensure a smooth transition."
FelCor, a real estate investment trust, owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major and resort markets. FelCor partners with leading hotel companies to operate its 66 hotels, which are flagged under globally recognized names and premier independent hotels in New York. Additional information can be found on the Company's website at www.felcor.com.
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FelCor Lodging Trust Incorporated
Stephen A. Schafer, 972-444-4912
Vice President Strategic Planning & Investor Relations
KEYWORDS: United States North America Texas
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