FelCor Announces Sale of Two Non-Strategic Hotels, Enters Agreement to Sell Third
FelCor Lodging Trust Incorporated (NYSE:FCH) today announced that it sold its 225-room Embassy Suites Hotel – Raleigh and 536-room Westin – Dallas Park Central for aggregate gross proceeds of $63.6 million in separate transactions. FelCor is using asset sale proceeds to repay outstanding debt.
FelCor has also agreed to sell the 261-room Embassy Suites Hotel – San Antonio Airport for $29.5 million. The purchaser has paid a $500,000 non-refundable deposit toward the purchase price. FelCor expects to close the sale in March.
FelCor is nearing the completion of its portfolio repositioning plan, having sold 34 non-strategic hotels for aggregate gross proceeds of $764 million to date. Following the sale of the two hotels announced today, there are six remaining non-strategic hotels to be sold.
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.
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