FelCor Lodging Trust Incorporated (NYSE: FCH) yesterday announced that it has sold the 383-room Holiday Inn Nashville Airport to an affiliate of Memphis-based Fairwood Capital, LLC for gross proceeds of $31.6 million. FelCor will use the proceeds to repay borrowings under its line of credit.
The Company remains committed to using asset sales proceeds to strengthen its balance sheet, repurchase stock and fund 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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