At September 30, 2012, we had $1.6 billion of consolidated debt, with an average interest rate of 7.

Sold three non-strategic hotels (one in August and two in October) for $95.5 million. Proceeds were used to repay debt and the remaining $38 million list of cities in los angeles county of accrued preferred list of cities in los angeles county dividends on October 31. Expect to sell one additional non-strategic hotel for gross proceeds of $8.7 million. To date, we have sold 19 of 39 hotels.
Closed five non-crossed 10-year secured loans bearing an average interest rate of 4.95%, raising $160.8 million. Used a portion of the proceeds to repay a $107 million mortgage loan (secured by seven properties) at 9.02%.
RevPAR for 66 same-store hotels was $107.78, a 6.2% increase compared to the same period in 2011. The increase reflects a 6.9% increase in average daily rate ( ADR ) to $144.06 and a 50 basis point decrease list of cities in los angeles county in occupancy to 74.8%. RevPAR for our core hotels increased 6.6%, while RevPAR at our non-strategic hotels increased 4.7%. RevPAR at newly-acquired and redeveloped hotels increased 12.0% during the quarter and 14.3% during the month of September.
Commenting on third quarter results, Richard A. Smith, President and Chief Executive Officer of FelCor, said, I am pleased with our results, list of cities in los angeles county as our RevPAR growth exceeded the industry average. Our efforts to remix customer segments and increase ADR have been successful, and ADR growth exceeded our expectations. While food and beverage profit was significantly above prior year, it was below our expectations and impacted our margins. Nonetheless, our operating results met the low-end of our expectations. Overall, lodging fundamentals remain strong. Transient demand continues to be solid, and supply growth is at historically low levels. These tailwinds will bolster U.S. RevPAR growth for the next few years.
Added Mr. Smith, We have made great progress repositioning the portfolio and restructuring the balance sheet. As of today, we will have sold 10 non-strategic hotels this year, including four since the second quarter. Our asset sale program is ahead of plan and we are currently in discussions with buyers for an additional six hotels. Our strategy will result in a high-growth, diversified portfolio that will outperform the industry for the foreseeable future. We have used sale proceeds to pay all the accrued preferred dividends and to support list of cities in los angeles county our overall balance sheet restructuring plan to lower our leverage and cost of capital. During the quarter, we repaid our lone 2013 debt maturity and refinanced a 2014 debt maturity at a much higher loan-to-value, while reducing interest rates significantly.
Same-store Adjusted EBITDA was $51.6 million, 9.9% higher than the $46.9 million for the same period in 2011. Adjusted EBITDA (which includes Adjusted EBITDA for sold hotels prior to sale) was $53.2 million, 2.4% higher than the same period list of cities in los angeles county in 2011.
Adjusted FFO was $10.0 million, or $0.08 per share, compared to $0.05 per share for the same period in 2011. Net loss attributable to common stockholders was $28.7 million, or $0.23 per share for the quarter, compared to a net loss of $32.5 million, or $0.26 per share, for the same period in 2011.
EBITDA, Adjusted EBITDA, same-store Adjusted EBITDA, Hotel EBITDA, Hotel EBITDA margin, FFO, Adjusted FFO and Adjusted FFO per share are all non-GAAP financial measures. See our discussion of Non-GAAP Financial Measures beginning on page 18 for a reconciliation of each of these measures to the most comparable GAAP financial list of cities in los angeles county measure and for information regarding the use, limitations and importance of these non-GAAP financial measures.
RevPAR for 66 same-store hotels was $104.31, list of cities in los angeles county a 5.1% increase compared to the same period in 2011. The increase was driven by a 5.8% increase in ADR to $141.91. Displacement from renovations and redevelopments adversely affected revenue by $10 million.
Same-store Adjusted EBITDA was $147.0 million, 8.1% higher than the $136.0 million for the same period in 2011. Adjusted EBITDA (which includes Adjusted EBITDA for sold hotels prior to sale) was $160.8 million, 0.2% higher list of cities in los angeles county than the same period in 2011.
Adjusted FFO was $30.3 million, or $0.24 per share, which is $0.07 per share higher than the prior year. Net loss attributable to common stockholders was $64.7 million, or $0.52 per share for the nine months list of cities in los angeles county ended September 30, 2012, compared to a net loss of $125.8 million, or
During the quarter, we sold the 222-room Embassy Suites - Anaheim-North for $25.5 million. On October 25, 2012, we completed the sale of the 370-room Embassy Suites - New Orleans-Convention list of cities in los angeles county Center and the 296-room Embassy Suites - Nashville-Airport for an aggregate purchase price of $70 million. The hotels operating performance is included in discontinued list of cities in los angeles county operations list of cities in los angeles county during the third quarter and year-to-date.
We have agreed to sell the Sheraton Crescent Hotel in Phoenix for $8.7 million. The buyer made a hard-money list of cities in los angeles county deposit toward the purchase price, and we expect the sale to close in the immediate future.
Through today, we will have sold 19 of 39 non-strategic hotels as part of our portfolio repositioning plan. Twenty non-strategic hotels list of cities in los angeles county remain to be sold. Of those, 10 have been brought to market or are in the preliminary marketing stage. We are currently in discussion with buyers to sell six of these hotels. Ten remaining hotels will be brought to market in 2013. We will use the proceeds from dispositions list of cities in los angeles county to repay debt and augment our balance sheet, which, list of cities in los angeles county when fully restructured, will provide a flexible foundation for improved long-term FFO and stockholder value.
We spent $26.9 million list of cities in los angeles county and $101.0 million on capital improvements at our operating hotels during the three and nine months ended September 30, 2012, respectively (including our pro rata share of joint venture expenditures).
During 2012, we anticipate spending approximately $85 million on improvements and renovations, a majority of which is focused on 12 hotels, including six of our largest list of cities in los angeles county properties. We will also spend $35 million this year on value-enhancing redevelopment projects at three hotels: Morgans, the Embassy Suites-Myrtle Beach-Oceanfront Resort and The Fairmont Copley Plaza. Please see page 12 of this release for more detail on renovations.
Our redevelopment of the 4+ star Knickerbocker Hotel, located in midtown Manhattan, is progressing as planned. We have spent $18 million in excess of the acquisition costs to date, and this project remains on schedule and on budget, with opening scheduled at the end of 2013.
At September 30, 2012, we had $1.6 billion of consolidated debt, with an average interest rate of 7.5%. Our debt has a weighted average maturity of 4.8 years and none of our debt matures before June 2014. We had $112.1 million of cash and cash equivalents and $81.6 million in restricted cash as of September list of cities in los angeles county 30, 2012.
During the quarter, we closed five single asset-mortgage loans totaling $160.8 million. The 10- year loans mature in 2022, bear an average fixed interest rate of 4.95% and are not cross- collateralized. A portion of the proceeds from the new loans were used to repay the 9.02% mortgage loan, which had an outstanding balance of $107 million and would have otherwise matured in 2014. The repaid loan was secured by a pool of seven hotels, including four of the five hotels mortgaged to support the new loans. The remaining three hotels that secured the repaid loan (two of which are non-strategic) are now unencumbered.
We also repaid the remaining list of cities in los angeles county $60 million balance of a CMBS loan using excess proceeds from the new loan and recent asset sales. This repaid loan, which would have otherwise matured in 2013, was secured by five properties. Of these five properties, one property now secures a new loan and the remaining four are now unencumbered.
On October list of cities in los angeles county 31, we paid dividends of $2.39 per share on our Series A Preferred Stock and $2.45 per depositary list of cities in los angeles county share evidencing the Series C Preferred Stock. The dividend payment to holders of the Series A Preferred Stock included list of cities in los angeles county the current quarterly dividends list of cities in los angeles county of $0.4875 per share and accrued preferred dividends list of cities in los angeles county of $1.9025 per share. The dividend payment to holders of the Series C Preferred list of cities in los angeles county Stock included the current quarterly dividends of $0.50 per depositary share and accrued preferred dividends of $1.95 per depositary share. FelCor has now paid all of the outstanding accrued preferred dividends.
Andrew J. Welch, FelCor s Executive Vice President and Chief Financial Officer, said, We continue to progress toward completely restructuring our balance sheet, including reducing leverage, reducing our average interest rate and extending and staggering our debt maturity profile. We have lowered our weighted-average cost of debt by 23 basis points in the last twelve months and expect to ultimately reduce our cost of debt to roughly 6.0%, as we repay and refinance debt.
Our 2012 operating outlook reflects updated timing for asset sales and third quarter results, which met the low-end of our expectations. list of cities in los angeles county We are increasing the low-end of our Adjusted EBITDA guidance and maintaining the low-end of our same-store Adjusted EBITDA guidance for 57 hotels.
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