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Hotel REITs sell assets, strengthen portfolios

Published Monday, September 01, 2008

While hotel buyers are seizing the opportunity to acquire assets at a discount amid a softening U.S. economy, some high-profile REITs have become net sellers to pay down debt or redeploy capital. Felcor Lodging Trust is more interested in selling some of the 85 hotels it owns rather than buying more, confirms Stephen Schafer, vice president of strategic planning for the Irving, Texas-based REIT. In fact, Felcor intends to put a half dozen properties on the market for sale by fall in order to deleverage its balance sheet. The company's debt represents five times its earnings before interest, ...

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