FelCor Gets New Loan, Tranfers Two Hotels to Lender

13.05.10

FelCor Gets New Loan, Tranfers Two Hotels to Lender

Irving , TX-based Felcor Lodging Trust has obtained a new $212 million loan, secured by nine hotels, that matures in 2015.

The new loan bears interest at LIBOR (subject to a 3.0% floor) plus 5.1%. The proceeds were used to repay $210 million in loans that were secured by 11 hotels and were scheduled to mature in May 2010. With this financing, Felcor resolved all but two of its remaining 2010 debt maturities on terms more favorable than the refinanced debt; the financing also unencumbered two previously mortgaged hotels.

The two remaining loans (totaling $32 million) were scheduled to mature in May 2010. The cash flows for the hotels that secure those loans do not cover debt service, and the company stopped funding the shortfalls in December 2009. Unable to negotiate an acceptable debt modification or reduction that would be in the best interests of its stockholders with regard to these loans, those hotels will be transferred to the lenders in full satisfaction of the debt.

Source: Citybizlist Real Estate

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