MEMPHIS, TN RFS Hotel Investors sold its 280-room Hawthorn Suites Atlanta Northwest to Schaedle Worthington Hyde Properties, LP for $20.75 million.
Proceeds from the sale will go toward reducing the company s borrowings under its line of credit. We have sufficient borrowing capacity under the line to permit RFS to complete the proposed Hilton lease termination transaction in early 2001 and with proceeds from this hotel sale we will remain one of the lower leveraged lodging REITs, said Kevin Luebbers, executive vp/CFO for RFS. (10/5/00)