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Apr. 4, 2014

FelCors Sells Charlotte Hotel for $37M

By Eliza Theiss, Associate Editor

FelCor Lodging Trust Incorporated has announced entering into a $37 million sales agreement with an undisclosed buyer for the 208-key Doubletree Suites Hotel Charlotte – SouthPark as part of its portfolio repositioning plan.  The deal is expected to close in May and the buyer has put down a $900,000 non-refundable deposit.

FelCor has sold 26 non-strategic hotels as part of its portfolio repositioning plan and has signed or is currently in negotiations to shed four additional properties for aggregate proceeds of about $80 million, which will be used to refund outstanding debt.

Located in Charlotte’s affluent SouthPark neighborhood, Doubletree Suites Hotel Charlotte is in close proximity to some of Metrolina’s finest shopping, dining and entertainment, such as the SouthPark Mall, Symphony Park, Mint Museum, Carowinds Theme Park and Boomerang Bay Waterpark, as well as the Queen City’s business center and major employers, such as Bank of America, Coca-Cola and Nucor. Amenities include 12,000 square feet of flexible meeting and event space, golf course, pool, fitness center, business center, The Market Café hotel restaurant and the Banker’s Lounge. The hotel offers one- and two-bedroom suites ranging between 700 and 1,000 square feet.

In other news, another Charlotte Hotel traded recently. The 163-key Hyatt House Charlotte / Center City was purchased in March 2014 by affiliates of RLJ Lodging Trust as part of a ten-hotel portfolio acquisition. RLJ paid a total of $313 million for the just-closed acquisition and announced it will engage in $25 million worth of capital expenditures mostly over the next 25 months.  The 1,560-key portfolio will be managed by Hyatt affiliates.

Image courtesy of DoubleTree Suites by Hilton Charlotte-SouthPark

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