Rochester, NY 8/20/2009 7:39:16 PM
FelCor Lodging Trust Inc. FCH - Felcor Lodging Announces Shares climb from Abandoning Underwater Properties
FelCor Lodging Trust Inc. FCH
Shares of FelCor Lodging Trust rose Tuesday after an analyst said the hotel operator could increase the value of the company by forfeiting several underwater properties to lenders. FelCor shares gained 16cents, or 5%, to $3.39 in midday trading. Shares have traded between 66 cents and $10.19 in the past 12 months.
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R.W. Baird analyst David Loeb wrote in a note to investors that the hotel real estate trust could forfeit to lenders its underwater, or negative-equity mortgages, where the property's value is less than the debt still owed on it. Abandoning the properties to lenders, he said, would boost the value of the remainder of the company. He calculated that its equity value could increase by $2 per share.
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