FelCor Agrees to Sell Six Non-Strategic Hotels
05 Abril 2012 - 9:00AM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it has agreed to sell six non-strategic hotels for $103.0
million, in the aggregate, to an undisclosed buyer. The purchaser
has paid a $3.9 million hard money deposit toward the purchase
price. The transaction is expected to close late in the second
quarter. As part of its long-term portfolio repositioning strategy,
which includes the sale of 39 non-strategic hotels, FelCor is
currently marketing 16 hotels, including the six hotels announced
today.
After repayment of $73 million of secured debt and other costs
at closing, FelCor expects to use the remaining $30 million of
proceeds to pay a portion of its accrued preferred dividends
(almost half of the $67.7 million arrearage) in conjunction with
paying the regular quarterly preferred dividends on July 31, 2012.
FelCor expects that the remaining accrued dividends will be paid in
2012 using proceeds from future asset sales.
The portfolio, which consists of 1,527 rooms, includes the
Holiday Inn San Antonio-Airport, the Sheraton Suites Ft.
Lauderdale-Cypress Creek, Doubletree Guest Suites hotels in
Raleigh/Durham and Tampa-Rocky Point, and the Embassy Suites hotels
in Boca Raton and St. Paul. The portfolio purchase price represents
a 6.8% cap rate based on 2011 net operating income. When this
transaction closes in the second quarter, FelCor will have sold 15
of the 25 hotels that it has brought to market since December
2010.
About FelCor
FelCor, a real estate investment trust, owns 76 primarily
upper-upscale, full-service hotels that are located in major and
resort markets throughout 22 states. FelCor partners with leading
hotel companies to operate its diversified portfolio of hotels,
which are flagged under globally recognized names such as,
Doubletree®, Embassy Suites®, Fairmont®, Hilton®, Marriott®,
Renaissance®, Sheraton®, Westin® and Holiday Inn®, and premier
independent hotels in New York. Additional information can be found
on the Company's Web site at 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 herein and in FelCor’s filings
with the Securities and Exchange Commission. We undertake no
obligation to update any forward-looking statement to conform the
statement to actual results or changes in our expectations.
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