FelCor Sells Sheraton Tysons Corner Hotel
December 15 2010 - 8:00AM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
the sale of the 443-room Sheraton Premiere Hotel at Tysons Corner
in Vienna, Virginia to The JBG Companies for $84.5 million in cash.
The hotel will continue to be managed by Starwood Hotels &
Resorts as a Sheraton under a long-term management contract.
The property was owned in a joint venture between FelCor and
Starwood Hotels & Resorts Worldwide Inc. FelCor received $42.25
million in gross proceeds, and there was no debt associated with
the hotel. The sale price, approximately $191,000 per key, is
approximately 23 times trailing-twelve-month hotel EBITDA.
Molinaro Koger represented FelCor in this transaction.
FelCor, a real estate investment trust, is the nation’s largest
owner of upper-upscale, all-suite hotels. FelCor owns interests in
83 hotels and resorts, located in 22 states and Canada. FelCor’s
diversified portfolio is flagged under global brands - Embassy
Suites Hotels®, Doubletree ®, Hilton®, Marriott®, Renaissance®,
Fairmont®, Sheraton®, Westin® and Holiday Inn®. Additional
information can be found on the Company’s Web site at
www.felcor.com.
About The JBG Companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is an
active developer, owner and operator of office, residential, hotel
and retail properties with more than $10 billion in assets under
management and development. JBG has established a reputation as one
of the leading real estate companies in the Washington metropolitan
area. Founded in 1960, in 2010 The JBG Companies marked half a
century of business success and charitable involvement in the
greater Washington community. More information can be found by
visiting the company's Web site: www.JBG.com, or by calling
240.333.3600.
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