IRVING, Texas--(BUSINESS WIRE)--Jun. 4, 2012--
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it
has sold a portfolio of six hotels for gross proceeds of $103 million.
After repayment of $73 million of secured debt and other costs, FelCor
expects to use the remaining proceeds to pay approximately $30 million
of accrued preferred dividends (almost half of the $67.7 million
arrearage) when it pays the regular quarterly preferred dividends on
July 31, 2012. FelCor expects to pay the remaining accrued dividends in
2012 using proceeds from future asset sales.
The portfolio, which consists of 1,527 rooms, includes the Holiday Inn
San Antonio-Airport, the Sheraton Suites Ft. Lauderdale-Cypress Creek,
Doubletree Guest Suites hotels in Raleigh/Durham and Tampa-Rocky Point,
and the Embassy Suites hotels in Boca Raton and St. Paul. The purchase
price represents a 6.8% cap rate based on 2011 net operating income for
Holliday Fenoglio Fowler and CBRE Hotels represented FelCor in this
FelCor, a real estate investment trust, owns 70 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.
Source: FelCor Lodging Trust Incorporated
FelCor Lodging Trust Incorporated
Stephen A. Schafer, 972-444-4912
President Strategic Planning & Investor Relations