FelCor Sells the DoubleTree Hotel Wilmington

FelCor Sells the DoubleTree Hotel Wilmington

Enters into agreement to sell Embassy Suites hotel in Jacksonville

IRVING, Texas--(BUSINESS WIRE)-- FelCor Lodging Trust Incorporated (NYS: 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.

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 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.



FelCor Lodging Trust Incorporated
Stephen A. Schafer, 972-444-4912
Vice President Strategic Planning & Investor Relations
sschafer@felcor.com

KEYWORDS:   United States  North America  Texas

INDUSTRY KEYWORDS:

The article FelCor Sells the DoubleTree Hotel Wilmington originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Learn about investing from the comfort of your own home.

Portfolio Basics

Take the first steps to building your portfolio.

View Course »

Investment Strategies

Learn the strategies you need to build a winning portfolio

View Course »

Add a Comment

*0 / 3000 Character Maximum