Embassy Suites Going for $20M
- Aug 12, 2013
FelCor Lodging Trust Incorporated, an Irving, TX-based REIT boasting a portfolio of primarily upper-scale and luxury hotels located in major or resort markets, has announced entering an agreement to sell the 223-key Embassy Suites Baton Rouge for $20 million in a transaction expected to close by the end of the month. FelCor will direct all of the proceeds resulting from the sale towards repaying outstanding debt. The unnamed buyer has put forward a ten percent non-refundable deposit toward the purchase price.
Located at 4914 Constitution Ave., Embassy Suites Baton Rouge is less than 20 minutes from Baton Rouge Metropolitan Airport, just off I-10, and three miles from the state capital’s downtown. The hotel boasts 10,000 square feet of event space, comprised of several full-service meeting facilities including audio-visual support, several conference rooms, as well as an executive conference suite, complete with a full conference table within the living room, with the largest event space holding up to 500 guests. The hotel also features a 24-hour business center, Wi-Fi throughout, state-of-the-art fitness center, three-hole putting green, classic Louisiana-style open-air atrium and full-service catering department. Dining options include the on-site Zydeco Bar and Grill as well as the hotel’s cooked-to-order breakfast and complimentary evening reception.
According to The Advocate, the Embassy Suites Baton Rouge has been open since 1985 and was purchased by FelCor in 1996 for $30 million as part of a $275 million nine-hotel deal. FelCor invested $2.2 million in maintenance and upgrade work as well to re-enter the Embassy Suites brand the property had lost since its opening.
Other FelCor properties in the area include two New Orleans properties: the French Quarter-Chateau Lemoyne, a historic French Quarter hotel, part of the Holiday Inn brand and the Wyndham-branded downtown hotel Windham New Orleans – French Quarter.
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Image courtesy of Embassy Suites Hotel Baton Rouge’s Google+ profile