FelCor Lodging Trust has agreed to sell the 208-room Doubletree Suites Hotel Charlotte-SouthPark for $37 million. The undisclosed purchaser paid a $900,000 non-refundable deposit toward the purchase price. FelCor expects the sale to close in May.
FelCor continues to progress with its portfolio repositioning plan. The company is currently negotiating contracts or has agreed to sell four other hotels for aggregate proceeds of approximately $80 million. FelCor will use the proceeds from selling these assets to repay outstanding debt. To date, FelCor has sold 26 non-strategic hotels as part of its plan.
FelCor is a real estate investment trust, which owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major and resort markets throughout the U.S.