CLEVELAND, Feb. 28, 2011 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA; FCEB) today announced that a subsidiary has completed the sale of the Charleston Marriott in Charleston, West Virginia, to an affiliated entity of Inland American Real Estate Trust, Inc. ("Inland American"), for $25.5 million.
Forest City continues to own and operate the 897,000-square-foot Charleston Town Center, a premier shopping and dining destination in the heart of downtown Charleston.
"We believe strongly in the Charleston market and are committed to the success of our Charleston Town Center retail property," said Charles A. Ratner, Forest City president and chief executive officer. "This disposition demonstrates our ability to access the value in our portfolio while focusing on core property types. We have a small national hotel portfolio, in comparison with much greater emphasis on retail, office and multifamily residential properties."
Marriott has a long-term management agreement for the property and has approved the ownership transition. The sale is not expected to impact the hotel's operations, services or staff. Inland American owns a diverse portfolio of real estate assets, including a portfolio of hotel properties across the country.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $11.8 billion in total assets. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit http://www.forestcity.net.
Safe Harbor Language
Statements made in this news release that state Forest City Enterprises' or Forest City management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The Company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of current lending and capital market conditions on its liquidity, ability to finance or refinance projects and repay its debt, the impact of the current economic environment on its ownership, development and management of its real estate portfolio, general real estate investment and development risks, vacancies in its properties, further downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, anchor store consolidations or closings, international activities, the impact of terrorist acts, risks associated with an investment in a professional sports team, its substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its credit facility and senior debt, exposure to hedging agreements, the level and volatility of interest rates, the continued availability of tax-exempt government financing, the impact of credit rating downgrades, effects of uninsured or underinsured losses, environmental liabilities, conflicts of interest, risks associated with the sale of tax credits, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, increased legislative and regulatory scrutiny of the financial services industry, volatility in the market price of its publicly traded securities, litigation risks, as well as other risks listed from time to time in the Company's SEC filings, including but not limited to, the Company's annual and quarterly reports.
SOURCE Forest City Enterprises, Inc.