FelCor Sells the Allerton Crowne Plaza Chicago
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FelCor Sells the Allerton Crowne Plaza Chicago
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Category: North America & West Indies / Carribean islands -
This is a press release selected by our editorial committee and published online for free on 2006-11-10
FelCor Lodging Trust Incorporated (NYSE: FCH), one of the nation's 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 FelCor's 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, FelCor's 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 nation's largest owner of upscale, all-suite hotels. FelCor's 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. FelCor's 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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