FelCor Completes Exchange of Ten Joint Ventures Hotels
28 Julho 2014 - 9:45AM
Business Wire
- Retains Five Hotels
- Continues to Execute Its Portfolio
Repositioning Plan
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it unwound joint ventures that owned 10 non-strategic hotels.
Through an exchange of interests, FelCor now owns five of those
hotels outright, and its joint venture partner owns the other five.
The company intends to begin marketing the five retained hotels in
early September.
The hotels retained by FelCor, comprising 1,224 rooms, include
Embassy Suites Hotels in Austin, Chicago, Raleigh and two in San
Antonio. The five hotels retained by FelCor’s joint venture
partner, comprising 1,215 rooms, include Embassy Suites Hotels in
Atlanta, San Rafael, Parsippany and two in Kansas City.
In addition, FelCor received its joint ventures partner’s 10%
interest in the DoubleTree Suites Hotel, located in downtown
Austin, and now owns the hotel outright.
"We are positioning FelCor to deliver sustainable growth by
assembling a high-quality and diverse portfolio. We continue
progressing with our portfolio positioning plan this year, and by
the end of the third quarter, we expect to have either sold or
begun marketing 19 of the 21 non-strategic hotels. In addition, we
will use proceeds from future and pending asset sales to repay debt
and complete our balance sheet restructuring plan," said Richard A.
Smith, President and Chief Executive Officer.
About FelCor
FelCor, a real estate investment trust, owns a diversified
portfolio of primarily upper-upscale and luxury hotels that are
located in major and resort markets throughout the U.S. FelCor
partners with leading hotel companies to operate its hotels, which
are flagged under globally renowned names and premier independent
hotels. Additional information can be found on the Company's
website 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.
FelCor Lodging Trust IncorporatedStephen A. Schafer,
972-444-4912Vice President Strategic Planning & Investor
Relationssschafer@felcor.com
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