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Devon Energy seeks buyer for Colcord Hotel in downtown OKC

Calls to CBRE were not returned on Friday.

Devon Energy’s plan early on was to eventually sell the hotel. Then CEO Larry Nichols told The Oklahoman it was “very likely” the hotel likely would be sold within four years because the company wasn’t the hotel business.

“I have never been in the hotel business and don’t want to be in the hotel business,” he said. “We are in the oil and gas business, and we try to focus on what we think we know something about.”

Coury continued to manage the hotel for a brief time before former Skirvin Hilton manager John Williams was hired to take over. In 2014 Devon hired Coury to return and manage the hotel.

Like many energy producers, Devon was hit hard by the collapse in energy prices earlier this year. For the second quarter of 2020, it posted a net loss of $670 million, or $1.78 per share, on total revenues of $394 million.

It also holds a massive amount of debt — $4.4 billion. However, only $558 million of that will mature during the next decade. Devon officials stated earlier this year it held $4.7 billion in liquidity, with $1.7 billion of that in cash.

Since then, Devon has closed on its deal to sell its assets in the Barnett Shale field for about a half-billion dollars, and announced corporate boards for both it and Tulsa-based WPX Energy plan to merge. If shareholders agree, officials expect that would happen during the first quarter next year.

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