FelCor Lodging Trust has sold its 232-room Embassy Suites hotel in Atlanta for $17.2 million. The company also agreed to sell its 218-room Embassy Suites hotel in Bloomington, MN for $24 million.
The unnamed purchaser has paid a non-refundable deposit toward the purchase price, and FelCor expects the sale to close in March.
FelCor is using asset sales proceeds to repay outstanding debt, including the $11-million loan secured by the Atlanta property.
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.