FelCor to pay $37.7 million accrued preferred dividends via asset sale

By Susanna Moon

Chicago, Sept. 19 - FelCor Lodging Trust Inc. said it plans to pay the remaining $37.7 million of accrued preferred dividends when it pays the regular quarterly preferred dividends on Oct. 31.

Funding for the payment will come from the sale of assets.

The company agreed to sell the 370-room Embassy Suites - New Orleans-Convention Center and the 296-room Embassy Suites - Nashville-Airport for $70 million, according to a press release.

As part of FelCor's long-term portfolio repositioning strategy, the company is selling 39 non-strategic hotels, the release noted.

FelCor is an Irving, Texas-based real estate investment trust that owns upscale all-suite hotels.

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