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FelCor declares sale of three hotels for gross USD90m.

M2 EQUITYBITES-July 15, 2015-FelCor declares sale of three hotels for gross USD90m

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FelCor Lodging Trust Incorporated (NYSE:FCH) disclosed on Wednesday that it sold three non strategic hotels for aggregate gross proceeds of USD90m and that it is using the asset sale proceeds to repay outstanding debt.

These hotels were the 274-room Embassy Suites Charlotte (which was 50% owned in a joint venture), the 216-room Embassy Suites San Antonio-NW I-10 and the 260-room Embassy Suites Austin-Central.

The company added that it has nearly completed its portfolio repositioning plan, with the sale of 38 non-strategic hotels for total gross proceeds of USD884m and that it has executed contracts to sell the two remaining non-strategic hotels (both of which have non-refundable deposits), by the third quarter of this year

A real estate investment trust, the company owns a diversified portfolio of upscale, luxury hotels in the US. It partners with hotel companies to operate its hotels that are flagged under renowned names and independent hotels, it said.

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Publication:M2 EquityBites (EQB)
Date:Jul 15, 2015
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