FelCor Sells Sheraton Tysons Corner Hotel
The property was owned in a joint venture between FelCor and Starwood Hotels & Resorts Worldwide Inc. FelCor received $42.25 million in gross proceeds, and there was no debt associated with the hotel. The sale price, approximately $191,000 per key, is approximately 23 times trailing-twelve-month hotel EBITDA.
FelCor, a real estate investment trust, is the nation’s largest owner of upper-upscale, all-suite hotels. FelCor owns interests in 83 hotels and resorts, located in 22 states and Canada. FelCor’s diversified portfolio is flagged under global brands - Embassy Suites Hotels®, Doubletree ®, Hilton®, Marriott®, Renaissance®, Fairmont®, Sheraton®, Westin® and Holiday Inn®. Additional information can be found on the Company’s Web site at .
About The JBG Companies | Headquartered in Chevy Chase, Maryland, The JBG Companies is an active developer, owner and operator of office, residential, hotel and retail properties with more than $10 billion in assets under management and development. JBG has established a reputation as one of the leading real estate companies in the Washington metropolitan area. Founded in 1960, in 2010 The JBG Companies marked half a century of business success and charitable involvement in the greater Washington community. More information can be found by visiting the company's Web site: , or by calling 240.333.3600.
Stephen A. Schafer
VP Strategic Planning & Investor Relations