FelCor Agrees to Sell Embassy Suites Hotel in Anaheim - Californie (United States)
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FelCor Agrees to Sell Embassy Suites Hotel in Anaheim - Californie (United States)
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Category: Central and South America - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2012-07-19
Continues successful execution of its portfolio disposition program
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it has agreed to sell the 222-room Embassy Suites – Anaheim-North hotel for $25.5 million. Urban Common, the purchaser, has made a $1.3 million hard money deposit toward the purchase price. The sale is expected to close in late August. 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 10 hotels, including the hotel announced today. Including this sale, FelCor will have sold 16 of the 25 hotels that it has brought to market since December 2010.
About FelCor
FelCor, a real estate investment trust, owns 70 primarily upper-upscale, full-service hotels that are located in major and resort markets throughout 22 states. FelCor partners with leading hotel companies to operate its diversified portfolio of hotels, which are flagged under globally recognized names such as, Doubletree, Embassy Suites, Fairmont, Hilton, Marriott, Renaissance, Sheraton, Westin and Holiday Inn, and premier independent hotels in New York.
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