Continues successful execution of its portfolio disposition program
IRVING, Texas--(BUSINESS WIRE)--Jul. 18, 2012--
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it
has agreed to sell the 222-room Embassy Suites – Anaheim-North hotel for
$25.5 million. Urban Common, the purchaser, has made a $1.3 million hard
money deposit toward the purchase price. The sale is expected to close
in late August. FelCor will use the net proceeds to repay a portion of
the $88 million balance on the CMBS loan that matures in 2013.
As part of its long-term portfolio repositioning strategy, which
includes the sale of 39 non-strategic hotels, FelCor is currently
marketing 10 hotels, including the hotel announced today. Including this
sale, FelCor will have sold 16 of the 25 hotels that it has brought to
market since December 2010.
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