FelCor Lodging Trust Incorporated FCH, the Irving, TX-based real estate investment trust (“REIT”) has announced the retirement of the former President and Chief Executive Officer (“CEO”) Richard A. Smith. The Chief Operating Officer of the company, Troy A. Pentecost, has been assigned the additional roles of President and interim senior executive officer with immediate effect. With this change in top leadership positions, the company is likely to continue unlocking value for the shareholders. Mr. Smith has also resigned from FelCor’s board of directors. He will, however, stay in the company in a nonexecutive role till the end of this year in order to aid the smooth transition of responsibilities.
Mr. Pentecost, a hospitality industry veteran, joined FelCor as Executive Vice President and Director of Asset Management in Mar 2006. In 2010, he became the Chief Operating Officer of the company and was responsible for the operations of the asset management, design and construction groups. It is expected that Mr Pentecost, with his huge hospitality industry experience and profound knowledge of FelCor’s operations, is the perfect choice to lead the company during the interim period.
FelCor is one of the nation’s largest owners of upper-upscale, all-suite hotels. The company currently carries a Zacks Rank #5 (Strong Sell).
Investors interested in the REIT sector can consider some better-ranked stocks like Alexandria Real Estate Equities, Inc. ARE, Arbor Realty Trust Inc. ABR and CareTrust REIT, Inc. CTRE. All these stocks hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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