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News and Information Article
IRVING, Texas, Nov. 9 /-FirstCall/ -- FelCor Lodging Trust
Incorporated (NYSE: FCH), one of the nations largest hotel real estate
investment trusts (REITs), today announced that it has sold the Allerton
Crowne Plaza in Chicago to a partnership between affiliate entities of
Oxford Lodging Advisory & Investment Group, LLC, and Perry Capital, at an
earnings multiple slightly in excess of 20 times trailing Earnings Before
Interest, Taxes, Depreciation and Amortization. The sale was pursuant to
the terms of FelCors previously announced agreement with InterContinental
Hotels Group.
"The transaction is accretive to our shareholders and the proceeds from
the sale will be reinvested to renovate our core hotels," said Richard A.
Smith, FelCors President and Chief Executive Officer. "Our renovation
program continues to be a success and we are seeing double-digit returns on
renovations to our core hotels."
FelCor is the nations largest owner of upscale, all-suite hotels.
FelCors consolidated portfolio is comprised of 104 hotels, located in 27
states and Canada. FelCor owns 65 upper upscale, all-suite hotels, and is
the largest owner of Embassy Suites Hotels(R) and Doubletree Guest
Suites(R) hotels. FelCors hotels are flagged under global brands such as
Embassy Suites Hotels, Doubletree(R), Hilton(R), Sheraton(R), Westin(R) and
Holiday Inn(R). FelCor has a current market capitalization of approximately
$3.2 billion.
With the exception of historical information, the matters discussed in
this news release include "forward looking 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 are based upon reasonable
assumptions, we can give no assurance that our expectations will be
attained or that actual results will not differ materially.
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