MEMPHIS, Tenn.--(BUSINESS WIRE)--Nov. 22, 2002--RFS Hotel Investors, Inc. (NYSE:RFS) today announced that it has concluded the sale of the 153-room Comfort Inn in Ft. Mill, South Carolina for $3.25 million.
Kevin M. Luebbers, executive vice president and chief financial officer of RFS, stated, The sale of the Comfort Inn in Ft. Mill is consistent with the Company's strategy of reducing its investment in limited service hotels. The Company now receives approximately 27% of its EBITDA from limited service hotels, and nearly 100% of that total is derived from strong limited service brands such as Hampton Inn, Courtyard by Marriott and Holiday Inn Express.
The sale results in a book loss of approximately $3.8 million. However, the impact of the sale will be negligible to the Company's ongoing EBITDA and funds from operations (FFO). Sales proceeds will be used to reduce borrowings under the Company's line of credit.
RFS Hotel Investors, Inc. (RFS) is a real estate investment trust (REIT) that owns 57 hotels with approximately 8,250 rooms located in 24 states. RFS's hotel portfolio is diversified by geography, brand and segment. Leading brands under which RFS hotels are operated include Sheraton(R), Residence Inn by Marriott(R), Hilton(R), Doubletree(R), Holiday Inn(R), Hampton Inn(R), and Homewood Suites by Hilton(R). By segment, RFS receives approximately 37% of its EBITDA from full service hotels, 36% from extended stay hotels and 27% from limited service hotels.
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