FelCor Closes $161 Million of 4.95% Mortgage Loans and Repays $167 Million of Debt
01 Outubro 2012 - 9:30AM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it closed five single asset-mortgage loans totaling $160.8
million. The 10-year loans mature in 2022, bear an average fixed
interest rate of 4.95% and are not cross-collateralized. The
mortgage loans are secured by the Embassy Suites Hotels located in
Birmingham, Napa Valley, Deerfield Beach, Ft. Lauderdale and
Minneapolis.
A portion of the proceeds from the new loans were used to repay
the 9.02% mortgage loan, which had an outstanding balance of $107
million and would otherwise mature in 2014. The repaid loan was
secured by a pool of seven hotels, including four of the five
hotels mortgaged to support the new loans. The remaining three
hotels that secured the repaid loan (two of which are
non-strategic) are now unencumbered.
FelCor also repaid the remaining $60 million balance of a CMBS
loan using excess proceeds from the new loan and recent asset
sales. This repaid loan, which would otherwise mature in 2013, was
secured by five properties, of which one property now secures the
new loan and four are now unencumbered. FelCor has no debt maturing
through June 2014.
"These transactions illustrate our successful progress toward
completely restructuring our balance sheet, including reducing our
average interest rate and extending and staggering our debt
maturity profile. The average interest rate on the new loans is
more than 400 basis points lower than the repaid 9.02% loan, and we
were able to unencumber seven hotels," said Andrew J. Welch,
Executive Vice President and Chief Financial Officer.
About FelCor
FelCor, a real estate investment trust, owns a diversified
portfolio of 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.
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