Courtesy of Benzinga.
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it has sold a portfolio of six hotels for gross proceeds of $103 million.
After repayment of $73 million of secured debt and other costs, FelCor expects to use the remaining proceeds to pay approximately $30 million of accrued preferred dividends (almost half of the $67.7 million arrearage) when it pays the regular quarterly preferred dividends on July 31, 2012. FelCor expects to pay the remaining accrued dividends in 2012 using proceeds from future asset sales.
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