FelCor Sells Three Hotels to Repay Outstanding Debt
- Jul 23, 2015
Hospitality REIT FelCor Lodging Trust Inc. has sold three non-strategic assets to three separate buyers.
The company sold the 216-key Embassy Suites San Antonio-Northwest I-10, the 260-key Embassy Suites Austin Central, and the 274-key Embassy Suites Charlotte (50 percent JV). The Embassy Suites Austin Central became the property of Stonebridge Cos., as previously reported by Commercial Property Executive.
The price tag for the three assets was of $90 million, and proceeds will be used by FelCor to repay outstanding debt.
The sale is part of FelCor’s portfolio repositioning plan. To date, the company has sold 38 non-strategic hotels with gross proceeds of $884 million. Two remaining non-strategic hotels are expected to change hands in the third quarter.
Image courtesy of Embassy Suites by Hilton