Our mission is to provide investors with superior returns on their capital by offering increased earnings, asset value and dividend growth over the long term. We accomplish our mission by identifying and acting on unique opportunities at existing assets, continuing to build our portfolio of premier hotels in diverse locations and creating a strong balance sheet with a low cost of capital.
A History in the Making
Completed phase one of the non-strategic asset sale program (totaling 45 hotels) and purchased two upper-upscale properties, the Renaissance Esmeralda and the Renaissance Vinoy.
Completed the comprehensive redevelopment of the San Francisco Marriott Union Square; the hotel was subsequently named Marriott of the Year for the Americas.
Acquired upper-upscale properties including Morgans, Royalton, and the historic Knickerbocker®, and sold eight hotels for proceeds of $137 million.
Sold five non-strategic hotels for $103 million, completed redevelopment of Morgans; converted eight Holiday Inn hotels to upper-upscale and luxury Wyndham brands, and reinstated our common dividend.
Opened The Knickerbocker® in Times Square in February. Sold eight hotels for $225 million, thereby completing the portfolio repositioning program. Refinanced almost $1 billion of debt, which significantly lowered borrowing costs and extended maturities.
Completed a $450 million property renovation program and several redevelopment projects; gaining significant market share across our portfolio.
Purchased the iconic Fairmont Copley Plaza in Boston, continued to refine and improve portfolio, and announced the second phase of asset sales.
Sold 10 non-strategic hotels for $207 million, improved the balance sheet, completed significant redevelopment at two hotels, and renovated another seven hotels.
Sold eight non-strategic hotels for $169 million and used proceeds to repay debt. Doubled the quarterly common dividend.
About Felcor Lodging Trust Incorporated
FelCor, a real estate investment trust, was founded in 1991 by Hervey Feldman (“Fel”) and Tom Corcoran (“Cor”) and went public in 1994.
Today, FelCor partners with top hotel companies to operate its 41 properties with more than 12,000 guest rooms under globally renowned names and as premier independent hotels. FelCor hotels are concentrated in major gateway urban markets, such as San Francisco, New York and Boston, as well as resort destinations, such as Napa Valley and the Florida coast.