DALLAS—Irving, TX-based FelCor Lodging Trust Inc. is the new sole owner of three Embassy Suites hotels in Texas, one in Chicago and one in Raleigh, NC, after the trust revealed that it unwound joint ventures that comprised 10 hotels.
“We are positioning FelCor to deliver sustainable growth by assembling a high-quality and diverse portfolio,” says Richard A. Smith, president and CEO. “We continue progressing with our portfolio positioning plan this year, and by the end of the third quarter, we expect to have either sold or begun marketing 19 of the 21 non-strategic hotels. In addition, we will use proceeds from future and pending asset sales to repay debt and complete our balance sheet restructuring plan.”
FelCor will begin marketing the properties—including two in San Antonio and one in Austin—in early September.
Five other hotels will be retained by FelCor’s joint venture partner—comprising 1,215 rooms—including Embassy Suites hotels in Atlanta, San Rafael, CA, Parsippany, NJ, and two in Kansas City.
In the transaction, FelCor also received its joint-venture partner’s 10% interest in a DoubleTree Suites Hotel in downtown Austin, and now owns the hotel outright.