FelCor Lodging Trust, Irving, Texas, announced that it is selling six U.S. hotels for US$103 million to an undisclosed buyer.
FelCor said the transaction is expected to close late in the second quarter. The properties include the Holiday Inn San Antonio – International Airport, Sheraton Suites Cypress Creek – Fort Lauderdale, DoubleTree Guest Suites by Hilton Raleigh/Durham, DoubleTree Guest Suites by Hilton Tampa-Rocky Point, Embassy Suites Boca Raton Hotel and Embassy Suites Hotel St. Paul – Downtown.
“FelCor has been marketing these six hotels as part of its current wave of asset dispositions and just ten remain to be sold, the majority of which we expect to be disposed of within the next year,” said David Loeb, an analyst at Baird Equity Research.
After using US$73 million to repay debt, FelCor expects to use the remaining US$30 million from the sale to pay a portion of its accrued dividends, almost half of the US$67.7 million arrearage.