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FOR IMMEDIATE RELEASE |
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CONTACTS: |
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Ann Parker |
Monica Hildebrand |
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Director of Corporate Communications |
Vice President of Communications
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LodgeNet Entertainment Corporation |
FelCor Lodging Trust |
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605-988-1000 |
972-444-4917 |
| communications@lodgenet.com |
mhildebrand@felcor.com |
LODGENET, FELCOR EXPAND
INTERACTIVE TELEVISION RELATIONSHIP
Agreement To Bring LodgeNet Services To More
Than 85% Of Total FelCor Room Base
___________________________________________________________
DALLAS TX, June 22, 2004
– LodgeNet Entertainment Corporation (NASD: LNET), one of the world’s largest
providers of interactive television systems and broadband services to the
hospitality industry, and FelCor Lodging Trust, the nation’s second largest lodging
real estate investment trust (REIT), today announced a long-term agreement that
increases by 65% the number of FelCor-owned rooms to feature LodgeNet services.
The new
agreement names LodgeNet as the on-demand entertainment provider for 47
additional FelCor properties (representing nearly 14,000 rooms). LodgeNet also
provides an array of on-demand entertainment and/or satellite programming to
the more than 20,000 FelCor-owned rooms it currently serves. The total FelCor
portfolio currently numbers more than 39,000 guest rooms.
“We are very pleased with
the vote of confidence this new agreement represents,” said Scott C. Petersen,
President and CEO for LodgeNet. “We look forward to leveraging our interactive
television offerings over an even broader base of FelCor’s hotels and working
with them to grow revenues and increase guest satisfaction over the long term.”
“After evaluating the
landscape of hotel technology and service providers, we feel LodgeNet is best
aligned with our current and future objectives,” said Thomas J. Corcoran, Jr.,
President and CEO of FelCor Lodging Trust. “This agreement will enable more of
our hotels to benefit from the systems, services and support organization
LodgeNet has already deployed on our behalf.”
LodgeNet is showcasing
its full range of TV and HSIA SIGNETURE Solutions
at Booth 1512 of the HITEC 2004 show, today through June 24 at the Dallas
Convention Center. More information on
LodgeNet at HITEC can be found at www.lodgenet.com.
About LodgeNet
LodgeNet Entertainment Corporation (www.lodgenet.com) is
one of the world’s largest providers of interactive television systems and
broadband services to hotels, including resort and casino hotels, throughout
the United States and Canada as well as select international markets. These
services include on-demand movies, music and music videos, Nintendo®
video games, Internet on television, and other interactive television services,
as well as high-speed Internet access, all designed to serve the needs of the
lodging industry and the traveling public. LodgeNet provides service to more
than one million rooms, including 967,000 interactive guest pay rooms, in more
than 5,800 hotel properties worldwide. LodgeNet estimates that during 2003 more
than 260 million travelers had access to LodgeNet’s interactive television
systems. LodgeNet is listed on NASDAQ and trades under the symbol LNET.
About FelCor Lodging Trust
FelCor is the nation’s second largest lodging REIT and the largest
owner of full service, all-suite
hotels. FelCor’s consolidated portfolio
is comprised of 155 hotels, located in 33 states and Canada. FelCor owns 71 upscale, all-suite hotels,
and is the owner of the largest number of Embassy Suites Hotels® and
Doubletree Guest Suites® hotels in the U.S. FelCor’s portfolio also includes 73 hotels
in the upscale and full service segments.
FelCor has a current market capitalization of approximately $3.1
billion. Additional information can be
found on FelCor’s Website at http://www.felcor.com.
Certain statements in this press
release constitute “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended.
When used in this press release, words such as “expect”, “anticipate”,
“estimate”, “believe”, “no assurance”, “intend”, “should”, “could”, “may”,
“plan”, “project”, “predict”, and similar expressions and statements which are
made in the future tense, or which refer to future events or developments, are
intended to identify such forward-looking statements. These forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance
or achievements to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Factors that could cause actual
results to differ materially from those contemplated by the forward-looking
statements include, among others, the following factors: general economic and
business conditions, and trends in the lodging and entertainment industries in
particular; changes in hotel occupancy rates, business and leisure travel rates
and the “buy rate” of our customers; our ability to access popular content on
terms that are acceptable to us; timely availability of content; changes to the
competition , including the ability of our competitors to deliver on demand
entertainment or competitive services through the Internet or cable; the impact
of changes in regulation which may limit our ability to provide content we
currently provide; the occurrence of one or more future terrorist attacks,
wars, public health concerns or other crises; availability of key components
and services necessary for the manufacture and assembly of our interactive
systems; uncertainties in our strategies or efforts to improve operating
results by increasing revenue and decreasing costs; availability of capital on
terms that are acceptable to us and sufficient to execute our business plan,
including expanding the installation of our digital system in our customers’
guest rooms, and to adapt to technological changes in our industry; changes in
customer relationships with hotel chains and their franchisees, including our
ability to obtain new customers and to retain existing customers; the results
of our product development difficulties and delays of new technologies and
enhancement of existing technologies.
These
forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or
undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances on which
any such statement is based.
LodgeNet is a registered
trademark of LodgeNet Entertainment Corporation. All rights reserved. Other
names and brands may be claimed as the property of others.
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