FelCor Lodging Trust and RLJ Lodging Trust merge creating $7 billion leading lodging REIT

Client(s) Independent Directors of FelCor Lodging Trust Incorporated

Jones Day advised the Independent Directors of FelCor Lodging Trust Incorporated in its $7 billion all-stock merger with RLJ Lodging Trust. Under the terms of the Merger Agreement, each share of FelCor common stock was converted into 0.362 shares of newly issued common shares of RLJ common stock in a taxable merger. FelCor’s operating units were exchanged for limited partnership units in RLJ’s operating partnership at a similar exchange ratio of 0.362. Following the merger, RLJ’s shareholders own approximately 71 percent of the combined company’s fully diluted equity, and FelCor’s shareholders own the remaining 29 percent. This strategic merger was unanimously approved by the Boards of both companies. The company will retain the RLJ Lodging Trust name and will trade under the ticker symbol “RLJ” (NYSE).