IRVING, TX—FelCor Lodging Trust Incorporated unwound joint ventures that owned 10 non-strategic hotels. The company now own five of those hotels outright, which it plans to begin marketing in early September, while its joint venture partner owns the other five.
The hotels retained by FelCor include Embassy Suites properties in Austin, Chicago, Raleigh and two in San Antonio; altogether, they comprise 1,224 rooms. The five hotels retained by FelCor’s joint venture partner, comprising 1,215 rooms, include Embassy Suites hotels in Atlanta, San Rafael, Parsippany and two in Kansas City.
In addition, FelCor received its joint ventures partner’s 10% interest in the DoubleTree Suites Hotel, located in downtown Austin, and now owns the hotel outright.
“We are positioning FelCor to deliver sustainable growth by assembling a high-quality and diverse portfolio. We continue progressing with our portfolio-positioning plan this year, and by the end of the third quarter, we expect to have either sold or begun marketing 19 of the 21 non-strategic hotels. In addition, we will use proceeds from future and pending asset sales to repay debt and complete our balance sheet restructuring plan,” stated Richard A. Smith, president and CEO.