FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it has sold the Holiday Inn Toronto-Yorkdale to Easton Hotel Group for CAD $22.9 million.
Since December 2010, FelCor has sold nine non-strategic hotels for aggregate gross proceeds of $222 million and will use proceeds from asset sales for debt repayment to reach its desired leverage target. The Company continues to execute its long-term value creation strategy by creating a diversified portfolio of high-quality hotels located in major markets and resort locations that have dynamic demand generators and high barriers to entry that produce long-term growth above the industry.
FelCor, a real estate investment trust, owns 76 primarily upper-upscale, full-service hotels that are located in major and resort markets throughout 22 states. FelCor partners with leading hotel companies to operate its diversified portfolio of hotels, which are flagged under globally recognized names such as, Doubletree®, Embassy Suites®, Fairmont®, Hilton®, Marriott®, Renaissance®, Sheraton®, Westin®, Holiday Inn®, and premier independent hotels in New York. Additional information can be found on the Company's Web site at www.felcor.com.
Contacts:
FelCor Lodging Trust Incorporated
Stephen A. Schafer, 972-444-4912
Vice
President Strategic Planning & Investor Relations
sschafer@felcor.com
