The sale is part of the Company's previously announced disposition plan, the portfolio was purchased by Snyder Hotel Group for an undisclosed amount. The portfolio consists of the following hotels:
- Holiday Inn Atlanta (Airport), GA / 493 Rooms
- Holiday Inn Atlanta (Jonesboro), GA / 180 Rooms
- Holiday Inn Select Atlanta (Perimeter), GA / 250 Rooms
- Holiday Inn Columbus (Airport), GA / 224 Rooms
- Holiday Inn Kansas City (Northeast), MO / 165 Rooms
- Holiday Inn Knoxville (West), TN / 240 Rooms
- Embassy Suites Minneapolis (Downtown), MN / 216 Rooms
- Holiday Inn Montgomery (East I-85), AL / 210 Rooms
- Crowne Plaza Omaha (Old Mill), NE / 223 Rooms
Total Rooms 2,201
FelCor has sold 34 of the 45 hotels as part of its ongoing repositioning strategy. FelCor has received total gross proceeds of approximately $530 million for the 34 hotels. The Company expects to receive between $700 and $730 million in total gross proceeds for the 45 hotels. The trailing twelve EBITDA multiple for the 45 hotels is expected to be approximately 12 times.
FelCor is the nation's largest owner of full service, all-suite hotels. FelCor's portfolio is comprised of 94 hotels, located in 26 states and Canada. FelCor owns 64 full service, 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 that are qualified by cautionary statements contained herein and in FelCor's filings with the Securities and Exchange Commission.
