FelCor Sells Morgans New York
18 Luglio 2017 - 6:30PM
Business Wire
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced
that it has sold its 117-room Morgans New York hotel for gross
proceeds of $37 million. FelCor will use net proceeds to repay
borrowings under its line of credit.
Royalton New York remains under contract and is expected to
close in early August for gross proceeds of $55 million. The
company continues to proceed with its previously announced efforts
to market The Knickerbocker for sale.
About FelCor
FelCor, a real estate investment trust, owns a diversified
portfolio of primarily upper-upscale hotels that are located in
major urban and resort markets throughout the U.S. FelCor partners
with top hotel companies that operate its properties under globally
renowned names and as premier independent hotels. Additional
information can be found on the company's website at
www.felcor.com.
Forward-Looking Statements
The information presented herein may contain forward-looking
statements. These forward-looking statements, which are based on
current expectations, estimates and projections about the industry
and markets in which RLJ Lodging Trust (“RLJ”) and FelCor operate
and beliefs of and assumptions made by RLJ management and FelCor
management, involve uncertainties that could significantly affect
the financial results of RLJ or FelCor or the combined company.
Words such as “projects,” “will,” “could,” “continue,” “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” “forecast,” “guidance,” “outlook,” “may,” and “might”
and variations of such words and similar expressions are intended
to identify such forward-looking statements, which generally are
not historical in nature. Such forward-looking statements may
include, but are not limited to, statements about the anticipated
benefits of the proposed merger between FelCor and RLJ, including
future financial and operating results, the attractiveness of the
value to be received by FelCor stockholders, the attractiveness of
the value to be received by RLJ, the combined company’s plans,
objectives, expectations and intentions, the timing of future
events, anticipated administrative and operating synergies, the
anticipated impact of the merger on net debt ratios, cost of
capital, future dividend payment rates, forecasts of FFO accretion,
projected capital improvements, expected sources of financing, and
descriptions relating to these expectations. All statements that
address operating performance, events or developments that we
expect or anticipate will occur in the future — including
statements relating to expected synergies, improved liquidity and
balance sheet strength — are forward-looking statements. These
statements are not guarantees of future performance and involve
certain risks, uncertainties and assumptions that are difficult to
predict. Although we believe the expectations reflected in any
forward-looking statements are based on reasonable assumptions, we
can give no assurance that our expectations will be attained and
therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements.
Some of the factors that may affect outcomes and results include,
but are not limited to: (i) national, regional and local economic
climates, (ii) changes in the real estate industry, financial
markets and interest rates, or to the business or financial
condition of either company or business, (iii) increased or
unanticipated competition for the companies’ properties, (iv) risks
associated with acquisitions, including the integration of the
combined companies’ businesses, (v) the potential liability for the
failure to meet regulatory requirements, including the maintenance
of REIT status, (vi) availability of financing and capital, (vii)
risks associated with achieving expected revenue synergies or cost
savings, (viii) risks associated with the companies’ ability to
consummate the merger and the timing of the closing of the merger,
(ix) the outcome of claims and litigation involving or affecting
either company, (x) applicable regulatory changes, and (xi) those
additional risks and factors discussed in reports filed with the
SEC by RLJ and FelCor from time to time, including those discussed
under the heading “Risk Factors” in their respective most recently
filed reports on Forms 10K and 10Q. Neither RLJ nor FelCor, except
as required by law, undertakes any duty to update any
forward-looking statements appearing in this document, whether as a
result of new information, future events or otherwise. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof.
Additional Information about the Proposed Mergers and Where
to Find It
This communication may relate to the proposed transaction
pursuant to the terms of the Merger Agreement and Plan of Merger,
dated as of April 23, 2017, by and among RLJ, FelCor and the other
entities party thereto.
In connection with the proposed merger, RLJ has filed with the
SEC a registration statement on Form S-4 (which registration
statement has not yet been declared effective) that includes a
joint proxy statement of RLJ and FelCor that also constitutes a
prospectus of RLJ, which joint proxy statement/prospectus has not
yet been declared effective. RLJ and FelCor also plan to file other
relevant documents with the SEC regarding the proposed transaction.
INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS
AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
You may obtain a free copy of the joint proxy statement/prospectus
and other relevant documents (if and when they become available)
filed by RLJ and FelCor with the SEC at the SEC’s website at
www.sec.gov. Copies of the documents filed by RLJ with the SEC will
be available free of charge on RLJ’s website at
www.rljlodgingtrust.com or by emailing RLJ Investor Relations at
ir@rljlodgingtrust.com or at 301-280-7774. Copies of the documents
filed by FelCor with the SEC will be available free of charge on
FelCor’s website at www.felcor.com or by contacting FelCor Investor
Relations at asalami@felcor.com or at 972-444-4967.
This document shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the U.S.
Securities Act of 1933, as amended.
Participants in the Solicitation
RLJ and FelCor and their respective trustees, directors and
executive officers and other members of management and employees
may be deemed to be participants in the solicitation of proxies in
respect of the proposed merger. You can find information about
RLJ’s executive officers and Trustees in RLJ’s definitive proxy
statement filed with the SEC on March 28, 2017 in connection with
its 2017 annual meeting of shareholders and in Form 4s of RLJ’s
trustees and executive officers filed with the SEC. You can find
information about FelCor’s executive officers and directors in
Amendment No. 1 to FelCor’s Annual Report on Form 10-K for the year
ended December 31, 2016 on Form 10-K/A filed with the SEC on April
28, 2017 and in Form 4s of FelCor’s directors and executive
officers filed with the SEC. Additional information regarding the
interests of such potential participants will be included in the
joint proxy statement/prospectus and other relevant documents filed
with the SEC if and when they become available. You may obtain free
copies of these documents from RLJ or FelCor using the sources
indicated above.
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version on businesswire.com: http://www.businesswire.com/news/home/20170718006138/en/
FelCor Lodging Trust IncorporatedAbi Salami,
972-444-4967Director, Investor Relations & Strategic
Planningasalami@felcor.com
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