In a prepared statement, Felcor did not disclose the sale amount of the nine hotels but confirmed it has grossed about $530 million or an average $15.89 million per hotel on the sale of 34 properties to date. The company has 11 more hotels to sell and expects to gross between $700 million and $730 million for the 45-property portfolio. The trailing 12 EBITDA multiple for the 45 hotels is expected to be about 12 times, according to the Felcor statement.

The REIT says the sale of the nine hotels was done at this time as part of its ongoing repositioning strategy. The hotels are the Holiday Inn Airport Atlanta, 493 rooms; Holiday Inn Atlanta in Jonesboro, GA, 180 rooms; Holiday Inn Select Atlanta in Perimeter, GA, 250 rooms; Holiday Inn Airport Columbus in Columbus, GA, 224 rooms; Holiday Inn Kansas City, Kansas City, MO, 165 rooms; Holiday Inn Knoxville, Knoxville, TN, 240 rooms; Embassy Suites Downtown Minneapolis, 216 rooms; Holiday Inn Montgomery, East Interstate 1-85, Montgomery, AL, 210 rooms; and Crowne Plaza Omaha, Old Mill, NE, 223 rooms.

Felcor's portfolio totals 94 hotels in 26 states and Canada. The REIT owns 64 full service, all-suite hotels and executives says it is the largest owner in the US of Embassy Suites hotels and Doubletree Guests Suites hotels, with a current market capitalization of about $3.2 billion.