FelCor Sells Embassy Suites Hotel in Anaheim
Continues successful execution of its portfolio disposition program
IRVING, Texas--(BUSINESS WIRE)-- FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it has sold the 222-room Embassy Suites Anaheim-North for $25.5 million to Urban Commons, LLC. 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 nine hotels. FelCor has sold 16 of the 25 hotels that it has brought to market since December 2010.
HREC Investment Advisors represented FelCor in the transaction.
FelCor, a real estate investment trust, owns 69 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 (WEST) ® 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 FelCors 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 Incorporated
Stephen A. Schafer, 972-444-4912
Vice President Strategic Planning & Investor Relations
Source: FelCor Lodging Trust IncorporatedCopyright Business Wire 2012