FelCor Sells Sheraton Tysons Corner Hotel (United States)
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FelCor Sells Sheraton Tysons Corner Hotel (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2010-12-16
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced the sale of the 443-room Sheraton Premiere Hotel at Tysons Corner in Vienna, Virginia to The JBG Companies for $84.5 million in cash. The hotel will continue to be managed by Starwood Hotels & Resorts as a Sheraton under a long-term management contract.
The property was owned in a joint venture between FelCor and Starwood Hotels & Resorts Worldwide Inc. FelCor received $42.25 million in gross proceeds, and there was no debt associated with the hotel. The sale price, approximately $191,000 per key, is approximately 23 times trailing-twelve-month hotel EBITDA.
Molinaro Koger represented FelCor in this transaction.
FelCor, a real estate investment trust, is the nation’s largest owner of upper-upscale, all-suite hotels. FelCor owns interests in 83 hotels and resorts, located in 22 states and Canada. FelCor’s diversified portfolio is flagged under global brands - Embassy Suites Hotels®, Doubletree ®, Hilton®, Marriott®, Renaissance®, Fairmont®, Sheraton®, Westin® and Holiday Inn®. Additional information can be found on the Company’s Web site at www.felcor.com.
About The JBG Companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is an active developer, owner and operator of office, residential, hotel and retail properties with more than $10 billion in assets under management and development. JBG has established a reputation as one of the leading real estate companies in the Washington metropolitan area. Founded in 1960, in 2010 The JBG Companies marked half a century of business success and charitable involvement in the greater Washington community. More information can be found by visiting the company's Web site: www.JBG.com, or by calling 240.333.3600.
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