FelCor Lodging Trust Incorporated has sold the 222-room Embassy Suites - Anaheim-North for $25.5 million to Urban Commons. FelCor will use the net proceeds to repay a portion of the $88-million balance on the CMBS loan that matures in 2013. As part of its long-term portfolio repositioning strategy, which includes the sale of 39 non-strategic hotels, FelCor is currently marketing nine hotels.
The REIT has sold 16 of the 25 hotels that it has brought to market since December 2010. HREC Investment Advisors represented FelCor in the transaction. FelCor owns 69 hotels, primarily upper-upscale and full service.
