FelCor Sheds Two Properties for $70M
- Sep 24, 2012
FelCor Lodging Trust Inc. has entered into an agreement to sell two properties for the combined price of $70 million. The properties are the 296-key Embassy Suites – Nashville – Airport and the 370-key Embassy Suites Hotel New Orleans – Convention Center.
Located at 315 Julia St., the 370-key Embassy Suites Hotel New Orleans – Convention Center sits in the heart of the Crescent City’s downtown, in the Warehouse District. Embassy Suites New Orleans – Convention Center features a 24-hour BusinessLink business center, complete with the necessary professional amenities, such as photocopying services. The hotel also features 8,000 square feet of meeting space, including a 3,952-square-foot event space, plus an atrium, a heated lap pool and a fitness center, along with a bar, Madeline’s Lounge, and The Sugar House Restaurant, offering local cuisine.
Services include complimentary cooked-to-order breakfasts, manager’s receptions in the evening, as well as valet parking.
Suites feature private bedrooms, spacious living rooms, flat-screen televisions, high-speed Internet access, plus a wet bar, work/dining table, refrigerator, coffeemaker and microwave.
The buyer has put forward a $2.1 million hard-money deposit toward the purchase price. The deal is expected to close in October. The sale is part of FelCor’s long-term portfolio repositioning strategy, through which it is seeking to divest itself of 39 (non-strategic) hotels of its total of 69. It has shed 18 of the 25 properties it has put on the market since December 2010.
FelCor, a real estate investment trust, owns 69 primarily upper-upscale, full-service hotels in major and resort markets in 22 states. FelCor partners with leading hotel brands such as Doubletree, Embassy Suites, Hilton, Marriott, Sheraton and Westin, as well as premier independent hotels in New York.
Photo credit: Embassy Suites Hotel New Orleans – Convention Center’s Google+ page