FelCor Sells Embassy Suites Nashville and New Orleans
31 Outubro 2012 - 10:35AM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it sold 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.
FelCor is using the net proceeds to pay the remaining $37.7
million of accrued preferred dividends and to repay debt.
As part of FelCor’s long-term portfolio repositioning strategy,
the company is selling 39 non-strategic hotels. Including the sales
announced today, FelCor has sold 18 of the 25 hotels that it has
brought to market since December 2010. The company also has a
contract (and a non-refundable cash deposit) to sell another hotel,
for a total of 19 hotels. FelCor is using the proceeds to pay all
remaining accrued preferred dividends and to support its
comprehensive balance sheet restructuring plan to reduce FelCor’s
leverage and cost of capital.
About FelCor
FelCor, a real estate investment trust, owns 67 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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