Enters Agreement to Sell Embassy Suites in Jacksonville for $10 Million
IRVING, Texas, September 19, 2013 - FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it sold the 244-room DoubleTree hotel in Wilmington, DE for $27.7 million.
FelCor has also agreed to sell the 277-room Embassy Suites hotel in Jacksonville for $10 million. The purchaser has paid a non-refundable deposit toward the purchase price and FelCor expects the sale to close in October.
The Company has made significant progress on its asset sale program. As part of FelCor's long-term portfolio repositioning strategy, the company is selling 39 non-strategic hotels. Including the dispositions announced today, FelCor will have sold 24 of the 30 hotels brought to market since December 2010 for aggregate gross proceeds of approximately $530 million. The company is also currently negotiating contracts with buyers to sell three additional hotels. FelCor is using asset sales proceeds to repay outstanding debt.
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 62 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.
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.
Contact: Stephen A. Schafer, Vice President Strategic Planning & Investor Relations