FelCor Sells Portfolio of Six Hotels
04 Junho 2012 - 9:30AM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it has sold a portfolio of six hotels for gross proceeds of
$103 million.
After repayment of $73 million of secured debt and other costs,
FelCor expects to use the remaining proceeds to pay approximately
$30 million of accrued preferred dividends (almost half of the
$67.7 million arrearage) when it pays the regular quarterly
preferred dividends on July 31, 2012. FelCor expects to pay the
remaining accrued dividends 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 purchase price represents a 6.8%
cap rate based on 2011 net operating income for the portfolio.
Holliday Fenoglio Fowler and CBRE Hotels represented FelCor in
this transaction.
About FelCor
FelCor, a real estate investment trust, owns 70 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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