FelCor Completes Sale of 560-Room Renaissance Esmeralda Indian Wells Resort for $75.9 Million
IRVING, TX. August 4, 2016 - FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it sold the 560-room Renaissance Esmeralda Indian Wells Resort for gross proceeds of $75.9 million. FelCor will use the proceeds to repay borrowings under its line of credit.
FelCor continues to make progress on its planned asset sales. The Company remains committed to redeploying proceeds from asset sales to repay debt and strengthen its balance sheet and funding investments that generate enhanced returns, such as stock repurchases and high-ROI redevelopment projects.
About FelCor
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
[email protected]
972-444-4912
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.
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