FelCor Lodging Trust Incorporated announced that it sold its 225-room Embassy Suites Hotel – Raleigh and 536-room Westin – Dallas Park Central for aggregate gross proceeds of $63.6 million in separate transactions. FelCor is using asset sale proceeds to repay outstanding debt.
FelCor has also agreed to sell the 261-room Embassy Suites Hotel – San Antonio Airport for $29.5 million. The purchaser has paid a $500,000 non-refundable deposit toward the purchase price. FelCor expects to close the sale in March.
FelCor is nearing the completion of its portfolio repositioning plan, having sold 34 non-strategic hotels for aggregate gross proceeds of $764 million to date. Following the sale of the two hotels announced today, there are six remaining non-strategic hotels to be sold.