Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

FelCor Lodging Turst Jumps 19% on Hotel Sale Agreement

Don't Miss Out —
Follow us on:

April 5 (Bloomberg) -- FelCor Lodging Trust Inc., a real estate investment trust, that owns interests in hotels in the U.S. and Canada, rose the most in more than two years after announcing the sale of six hotels.

FelCor, based in Irving, Texas, rose 19 percent to $4.28 after agreeing to sell six “non-strategic” hotels for $103 million to an undisclosed buyer. It plans to repay $73 million of secured debt and other costs when the sale closes and use the remaining $30 million to pay part of its accrued preferred dividends.

The transaction is expected to close late in the second quarter. Trading volume was almost 6 million shares, more than 10 times the 20-day average volume of 588,135. The shares have gained 40 percent in 2012.

To contact the reporter on this story: Richard Stubbe in Houston at rstubbe1@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.