FelCor Sells Two Hotels for $63 Million
06 Abril 2006 - 7:15PM
PR Newswire (US)
IRVING, Texas, April 6 /PRNewswire-FirstCall/ -- FelCor Lodging
Trust Incorporated (NYSE:FCH), one of the nation's largest hotel
real estate investment trusts (REITs), today announced it has
closed on the sale of two previously identified non-strategic
hotels for $63 million. The non-strategic hotels are the 304-room
Crowne Plaza(R) hotel in Miami, Fla., and the 445-room Crowne Plaza
hotel in Philadelphia, Pa. The two hotels were purchased by
Hospitality Properties Trust ("HPT"). This year through April 6,
2006, FelCor has sold 10 non-strategic hotels for an aggregate
sales price of $226 million, which includes nine hotels sold to
HPT. These sales are part of the strategy unveiled earlier this
year to sell non-strategic hotels, use the proceeds to reduce debt
and invest on high return-on- investment capital projects at the
Company's remaining core hotels. After the sale of these hotels,
FelCor will have 25 non-strategic hotels remaining, which the
Company intends to sell in 2006 and 2007. FelCor also reported that
consolidated hotel revenue per available room increased
approximately 15 percent in March and approximately 14 percent for
the first quarter of 2006, compared to the same periods of 2005.
FelCor is the nation's largest owner of full service, all-suite
hotels. FelCor's portfolio is comprised of 115 hotels, located in
28 states and Canada. FelCor owns 62 full service, all-suite
hotels, and is the largest owner of Embassy Suites Hotels(R) and
Doubletree Guest Suites(R) hotels. FelCor's hotels are flagged
under global brands such as Embassy Suites Hotels, Doubletree(R),
Hilton(R), Sheraton(R), Westin(R) and Holiday Inn(R). FelCor has a
current market capitalization of approximately $3.3 billion.
Additional information can be found on the Company's Web site at
http://www.felcor.com/ . With the exception of historical
information, the matters discussed in this news release include
"forward looking statements" within the meaning of the federal
securities laws that are qualified by cautionary statements
contained herein and in FelCor's filings with the Securities and
Exchange Commission. DATASOURCE: FelCor Lodging Trust Incorporated
CONTACT: Monica L. Hildebrand, Vice President of Communications,
+1-972-444-4917, or , or Stephen A. Schafer, Vice President of
Investor Relations, +1-972-444-4912, or , both of FelCor Lodging
Trust Incorporated Web site: http://www.felcor.com/
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