- Revenue per available room (“RevPAR”) for 66 same-store hotels (45 core and 21 non-strategic) increased 6.2% for the quarter.
- Adjusted EBITDA was $53.2 million.
- Adjusted funds from operations ("FFO") per share was $0.08.
- Net loss was $19.6 million.
- Sold three non-strategic hotels (one in August and two in October) for $95.5 million. Proceeds were used to repay debt and the remaining $38 million of accrued preferred dividends on October 31. Expect to sell one additional non-strategic hotel for gross proceeds of $8.7 million. To date, we have sold 19 of 39 hotels.
- Closed five non-crossed 10-year secured loans bearing an average interest rate of 4.95%, raising $160.8 million. Used a portion of the proceeds to repay a $107 million mortgage loan (secured by seven properties) at 9.02%.
FelCor Reports Third Quarter Results
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