FelCor Agrees to Sell Two Non-Strategic Hotels and Expects to Pay Remaining Accrued Preferred Dividends
19 Setembro 2012 - 9:00AM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it has agreed to sell the 370-room Embassy Suites – New
Orleans-Convention Center and the 296-room Embassy Suites –
Nashville-Airport for an aggregate purchase price of $70 million.
The purchaser has paid a $2.1 million hard money deposit toward the
purchase price. The transaction is expected to close in
October.
FelCor expects to use a portion of the proceeds to pay the
remaining $37.7 million of accrued preferred dividends when the
company pays its regular quarterly preferred dividends on October
31, 2012.
As part of FelCor’s long-term portfolio repositioning strategy,
the company is selling 39 non-strategic hotels. After selling the
two hotels discussed above, FelCor will have sold 18 of the 25
hotels that it has brought to market since December 2010. The
company continues to make significant progress using asset sale
proceeds to strengthen its balance sheet.
About FelCor
FelCor, a real estate investment trust, owns 69 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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