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Resort and Arcadian Shores Golf Club in Myrtle Beach, South Carolina for $35.3 million; Will Rebrand Hilton after Renovation |
IRVING, Texas�July 23, 2002 - FelCor Lodging
Trust Incorporated (NYSE: FCH) today announced the acquisition of the 385-room
Wyndham Myrtle Beach Resort® and Arcadian Shores Golf Club in Myrtle
Beach, South Carolina. The hotel, a leasehold interest in the golf
course, and adjacent land were purchased for $35.3 million. FelCor
will convert the hotel to a Hilton® hotel in Spring 2003, and will
upgrade the guestrooms and the public space as part of a $10 million renovation
plan. FelCor has executed a 15-year management agreement with Hilton
Hotels Corporation concurrent with the acquisition closing. To acquire
the hotel, FelCor utilized excess cash held on its balance sheet, and maintains
no outstanding balance on its line of credit.
The Embassy Suites hotel is part of the 145-acre Kingston Plantation master planned oceanfront resort community that includes freshwater lakes, a rolling wooded terrain, water activity park, and more than 1,600 feet of oceanfront property. FelCor and Hilton Hotels, through a joint venture arrangement, developed and continue to manage rentals for Brighton condominiums, a 200-unit residential condominium development with 20,000 square feet of meeting space as part of Kingston Plantation. This project was completed and sold in the summer of 2000. This same joint venture holds land for the development of up to an additional 400 residential condominium units. The Wyndham Myrtle Beach Resort features 385 rooms, which includes nine suites, and is located on premiere oceanfront property known as South Carolina�s famous Grand Strand. Each room offers spectacular ocean views. The 16-story building features a restaurant, beach bar and casual dining restaurant, mezzanine lounge, heated outdoor pool, exercise room and four lighted tennis courts. Additional amenities include approximately 16,000 square feet of meeting space and an exhibit hall in the hotel. There is a total of approximately 100,000 square feet of meeting space available through Kingston Plantation and the Wyndham Myrtle Beach Resort. For recreation, the Resort offers the Arcadian Golf Shores Club, an 18-hole Rees Jones championship golf course. The Arcadian is located adjacent to the Wyndham Myrtle Beach Resort and offers scenic lakes, challenging bunkers, tree-lined fairways and greens with distinctive contouring. The Arcadian also features a clubhouse and a fully-stocked pro shop. The Resort is located nine miles from the Myrtle Beach Convention Center and is within 20 minutes of the Myrtle Beach International Airport. The Myrtle Beach area, with 60 miles of pristine shoreline, boasts more than 100 golf courses, fishing, surfing, retail outlets, special boutiques and outdoor malls, historic gardens and amusement parks. FelCor is the only lodging REIT that owns a diversified portfolio of
nationally branded, upscale and full-service hotels managed by strategic
brand managers such as Hilton Hotels, Six Continents Hotels, and Starwood
Hotels & Resorts.
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Contact:
Monica L. Hildebrand
Vice President of Communications FelCor Lodging Trust 972.444.4917 www.felcor.com |
Also See: | Michael A. DeNicola Named Executive Vice President and Chief Investment Officer for FelCor / December 2001 |
Medieval-Themed Hotel Opens in Myrtle Beach, SC / March 2001 |