FelCor Completes Exchange of 10 Joint Venture Hotels; Retains 5 Hotels; Partners Now Own Other 5
July 28, 2014 9:01am
The hotels retained by FelCor, comprising 1,224 rooms, include Embassy Suites Hotels in Austin, Chicago, Raleigh and two in San Antonio. The five hotels retained by FelCor's joint venture partner, comprising 1,215 rooms, include Embassy Suites Hotels in Atlanta, San Rafael, Parsippany and two in Kansas City.
In addition, FelCor received its joint ventures partner's 10% interest in the DoubleTree Suites Hotel, located in downtown, Austin and now owns the hotel outright.
"We are positioning FelCor to deliver sustainable growth by assembling a high-quality and diverse portfolio. We continue progressing with our portfolio positioning plan this year, and by the end of the third quarter, we expect to have either sold or begun marketing 19 of the 21 non-strategic hotels. In addition, we will use proceeds from future and pending asset sales to repay debt and complete our balance sheet restructuring plan," said Richard A. Smith, President and Chief Executive Officer.
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
Contact: Stephen A. Schafer, Vice President Strategic Planning & Investor Relations
FelCor Appoints COO Troy Pentecost President and Interim Senior Executive Officer as Richard Smith Retires as President, CEO and Director
FelCor Sells 383-Room Holiday Inn Nashville Airport to Fairwood Capital for $31.6 Million
FelCor Co-Founder Thomas Corcoran to Receive ALIS Lifetime Achievement Award
FelCor Completes Sale of 560-Room Renaissance Esmeralda Indian Wells Resort for $75.9 Million
FelCor Reports Q2 2016 Net Income of $13.8 million Compared to a Net Loss in the Year Ago Quarter; RevPAR Up 2.6%
FelCor Reports First Quarter 2016 Earnings: Same-store RevPAR Increased by 4.7%
FelCor Reports Fourth Quarter 2015 Earnings with RevPAR Growth of 8.1%
FelCor to Sell Morgans and Royalton Hotels
Q3 2015 Financial Reports Round Up: Wyndham, Felcor & Extended Stay America
Aimbridge Hospitality Assumes Management of Embassy Suites Chicago Lombard/Oak Brook
Felcor Announces Sale of Three Non-Strategic Hotels
The Plasencia Group Represents FelCor in Sale of Embassy Suites San Antonio - Northwest I-10 Hotel
Felcor Sells the Embassy Suites San Antonio International Airport Hotel for $29.5 million
Felcor Sells Two Non-Strategic Hotels for $63.6 M, Enters Agreement to Sell Third for $29.5 M
FelCor Lodging Trust Opens the Newly Redeveloped 330-room Knickerbocker Hotel in Iconic NYC Landmark
Felcor Sells 446-key Holiday Inn-Toronto Airport & 221-key Embassy Suites Hotel-Indianapolis North
FelCor Reports Q2 2014 Net Income of $14.6 million with RevPAR Gains of 9.2%
Felcor Sells Two Non-Strategic Hotels; The Doubletree Suites Dana Point & Embassy Suites BWI Airport
FelCor Lodging Trust to Sell the 208-room Doubletree Suites Hotel Charlotte-SouthPark for $37M
Felcor Lodging Trust Sells the 218-room Embassy Suites in Bloomington, Minnesota for $24 Million
Please login or register to post a comment.