FelCor Lodging Trust announced the sale of two U.S. hotels on Thursday.
FelCor Lodging Trust, Irving, Texas, sold the 244-room DoubleTree by Hilton Hotel Wilmington, located in Wilmington, Delaware for US$27.7 million and the 277-room Embassy Suites Jacksonville Baymeadows – Jacksonville, located in Jacksonville, Florida, for US$10 million. The purchaser of the Jacksonville hotel has paid a non-refundable deposit toward the purchase price, and FelCor expects the sale to close in October.
The purchasing party was not disclosed but Stephen Schafer, FelCor’s vice president of strategic planning & investor relations, told HOTELS that the management and branding arrangements for the hotels is not expected to change.
As part of FelCor’s long-term portfolio repositioning strategy, the company is selling 39 non-strategic hotels. Including these sales, FelCor said it will have sold 24 of the 30 hotels brought to market since December 2010 for aggregate gross proceeds of approximately US$530 million. The company said it is also currently negotiating contracts with buyers to sell three additional hotels and that it is using asset sales proceeds to repay outstanding debt.
