FelCor to redeem 8% cumulative redeemable preferreds via stock sale

By Marisa Wong

Madison, Wis., April 6 – FelCor Lodging Trust Inc. said it plans to redeem its 8% series C cumulative redeemable preferred stock using proceeds from a public offering of common stock.

The redemption is part of FelCor’s long-term strategy to strengthen its balance sheet and reduce leverage, improve its portfolio quality and enhance returns on investment, according to a press release.

The company intends to use any remaining proceeds from the stock offering, along with cash on hand and proceeds from future asset sales, to further this strategy, which includes investing in future redevelopment projects and other growth opportunities.

The Irving, Texas-based real estate investment trust owns a portfolio of primarily upper-upscale and luxury hotels.

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