Enters Agreement to Sell Embassy Suites Hotel in Bloomington, Minnesota
IRVING, Texas, February 5, 2014 - FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it has sold its 232-room Embassy Suites hotel in Atlanta, GA for $17.2 million.
The company also agreed to sell its 218-room Embassy Suites hotel in Bloomington, MN for $24 million. The purchaser has paid a non-refundable deposit toward the purchase price, and FelCor expects the sale to close in March.
FelCor is using asset sales proceeds to repay outstanding debt, including the $11 million loan secured by the Atlanta property.
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.
About FelCor Lodging Trust Incorporated
FelCor, a real estate investment trust, owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major and resort markets throughout the U.S. FelCor partners with leading hotel companies to operate its hotels, which are flagged under globally renowned names and premier independent hotels. Additional information can be found on the Company's website at www.felcor.com.
Contact: Stephen A. Schafer - Vice President Strategic Planning & Investor Relations