FelCor Sells Embassy Suites Nashville and New Orleans
IRVING, Texas -- October 31, 2012
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
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
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.
FelCor Lodging Trust Incorporated
Stephen A. Schafer, 972-444-4912
Vice President Strategic Planning & Investor Relations
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