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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Felcor Lodging Trust Incorporated (delisted) | NYSE:FCH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.30 | 0 | 01:00:00 |
FelCor Lodging Trust Inc. (FCH), a real estate investment trust (REIT) that owns upper-upscale hotels, has recently sold the Holiday Inn Toronto-Yorkdale hotel at Toronto, Canada, to the Easton Hotel Group for CAD $22.9 million in cash.
The 370-room hotel is strategically located in close proximity to downtown Toronto and Lester B. Pearson International Airport and is adjacent to the Yorkdale Shopping Centre – one of the largest and most exclusive malls in the city. Besides its locational advantage, the hotel also boasts of an outstanding reputation for fantastic food and beverage selections, with multiple options to accommodate for every budget and taste.
The asset sale was part of the long-term strategy of FelCor to focus on a diversified portfolio of high-quality hotels in major markets and resort locations that have high barriers to entry and solid demand to drive healthy return on investments.
Since December 2010, the company has sold 9 non-strategic hotels in secondary and tertiary markets primarily comprising mid-scale hotels for gross proceeds of $222 million. FelCor intends to utilize the proceeds from the asset sale to repay its debt to reach its desired leverage target. As of September 30, 2011, the company had a staggering consolidated debt of $1.6 billion
FelCor presently owns 76 hotels and resorts in 22 states in the U.S. and Canada under globally-recognized brands such as – Embassy Suites Hotels, Doubletree, Hilton, Marriott, Renaissance, Fairmont, Sheraton, Westin and Holiday Inn.
We currently have a ‘Neutral’ recommendation on FelCor, which has a Zacks #3 Rank that translates into a short-term 'Hold' recommendation and indicates that the stock is expected to perform in line with the overall U.S. equity market for the next 1–3 months. We also have a ‘Neutral’ recommendation and a Zacks #3 Rank for Host Hotels & Resorts Inc. (HST), one of the competitors of FelCor.
1 Year Felcor Lodging Chart |
1 Month Felcor Lodging Chart |
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