FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it sold the 560-room Renaissance Esmeralda Indian Wells Resort for gross proceeds of $75.9 million. FelCor will use the proceeds to repay borrowings under its line of credit.
FelCor continues to make progress on its planned asset sales. The Company remains committed to redeploying proceeds from asset sales to repay debt and strengthen its balance sheet and funding investments that generate enhanced returns, such as stock repurchases and high-ROI redevelopment projects.
FelCor, a real estate investment trust, owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major and resort markets throughout the U.S. FelCor partners with leading hotel companies to operate its hotels, which are flagged under globally renowned names and premier independent hotels.
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