FelCor Sells Four Hotels for $30 Million; Announces Holiday Inn(R) - Santa Monica Acquisition
March 09 2004 - 11:56AM
PR Newswire (US)
FelCor Sells Four Hotels for $30 Million; Announces Holiday Inn(R)
- Santa Monica Acquisition IRVING, Texas, March 9
/PRNewswire-FirstCall/ -- FelCor Lodging Trust Incorporated , the
nation's second largest hotel real estate investment trust
(REIT),today announced that it has closed on the sale of four
previously identified non-strategic hotels for $30 million. The
non-strategic hotels sold include: a Holiday Inn hotel in Plano,
Texas; a Crowne Plaza(R) hotel, in Jackson, Miss., a Crowne Plaza
hotel in Houston, Texas; and a Hampton Inn(R) hotel in Omaha,
Nebraska. The hotels ranged in size from 131 to 354 rooms, and each
hotel sale had a separate buyer. FelCor intends to use a portion of
the proceeds to purchase the Holiday Inn in Santa Monica, Calif.
The Holiday Inn - Santa Monica has 132 rooms. FelCor has entered
into a contract to purchase the hotel for $27 million, which the
Company expects to close within the next 30 days. The seven-story
property is located on Ocean Drive and is across the street from
the Santa Monica pier. The hotel will continue to be branded as a
Holiday Inn and will be managed by InterContinental Hotels Group.
The acquisition is currently anticipated to provide a $0.02 per
share improvement to FelCor's previously announced earnings
estimates for 2004. FelCor also reported that consolidated hotel
portfolio revenue per available room (RevPAR) increased 1.0 percent
in February and 1.7 percent year to date, compared to the same
periods of 2003. RevPAR growth for January was 2.2 percent,
compared to January 2003. FelCor has now seen RevPAR growth for
three consecutive months. "We are pleased with the progress of our
disposition program, which is the first phase of our repositioning
strategy," said Thomas J. Corcoran, Jr., FelCor's President and
Chief Executive Officer. "In addition, we are pleased to announce
our first hotel acquisition since 2002. The Santa Monica Holiday
Inn is a great piece of real estate and a strong fit with our
refined investment strategy." FelCor is the nation's second largest
lodging REIT and the owner of the largest number of full service,
all-suite hotels in the nation. FelCor's consolidated portfolio is
comprised of 157 hotels, located in 33 states and Canada. FelCor
owns 71 full service, all-suite hotels, and is the owner of the
greatest number of Embassy Suites Hotels(R) and Doubletree Guest
Suites(R) hotels. FelCor's portfolio also includes 74 hotels in the
upscale and full service segments. FelCor has a current market
capitalization of approximately $3.0 billion. Additional
information can be found on the Company's Web site at
http://www.felcor.com/ . With the exception of historical
information, the matters discussed in this news release include
"forwardlooking statements" within the meaning of the federal
securities laws. Forward looking statements are not guarantees of
future performance. Numerous risks and uncertainties, and the
occurrence of future events, may cause actual results to differ
materially from those currently anticipated. Certain of these risks
and uncertainties are described in our filings with the Securities
and Exchange Commission. Although we believe our current
expectations to be based upon reasonable assumptions, we can give
no assurance that our expectations will be attained or that actual
results will not differ materially. DATASOURCE: FelCor Lodging
Trust Incorporated CONTACT: Richard J. O'Brien, Executive Vice
President and CFO, +1-972-444-4932, or , or Monica L. Hildebrand,
Vice President of Communications, +1-972-444-4917, or , or Stephen
A. Schafer, Director of Investor Relations, +1-972-444-4912, or ,
all of FelCor Lodging Trust Incorporated Web site:
http://www.felcor.com/
Copyright
Felcor Lodging (NYSE:FCH)
Historical Stock Chart
From May 2024 to Jun 2024
Felcor Lodging (NYSE:FCH)
Historical Stock Chart
From Jun 2023 to Jun 2024