FelCor Sells Portfolio of Nine Hotels
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FelCor Sells Portfolio of Nine Hotels
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2006-12-20
FelCor Lodging Trust Incorporated (NYSE: FCH), one of the nation's largest hotel real estate investment trusts (REITs), today announced the sale of a portfolio of nine hotels. The sale is part of the Company's previously announced disposition plan.
The portfolio was purchased by Snyder Hotel Group for an undisclosed amount. The portfolio consists of the following hotels:
Location # of Rooms
Holiday Inn Atlanta (Airport), GA 493
Holiday Inn Atlanta (Jonesboro), GA 180
Holiday Inn Select Atlanta (Perimeter), GA 250
Holiday Inn Columbus (Airport), GA 224
Holiday Inn Kansas City (Northeast), MO 165
Holiday Inn Knoxville (West), TN 240
Embassy Suites Minneapolis (Downtown), MN 216
Holiday Inn Montgomery (East I-85), AL 210
Crowne Plaza Omaha (Old Mill), NE 223
Total Rooms 2,201
FelCor has sold 34 of the 45 hotels as part of its ongoing repositioning strategy. FelCor has received total gross proceeds of approximately $530 million for the 34 hotels. The Company expects to receive between $700 and $730 million in total gross proceeds for the 45 hotels. The trailing twelve EBITDA multiple for the 45 hotels is expected to be approximately 12 times.
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