FelCor Completes Exchange of 10 Joint Venture Hotels; Retains 5 Hotels; Partners Now Own Other 5
IRVING, Texas - July 29, 2014 - FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it unwound joint ventures that owned 10 non-strategic hotels. Through an exchange of interests, FelCor now owns five of those hotels outright, and its joint venture partner owns the other five. The company intends to begin marketing the five retained hotels in early September.
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 .
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.
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