DANA POINT, CA—FelCor Lodging Trust has sold its 196-room Doubletree Suites Hotel-Dana Point, along with a Baltimore Embassy Suites hotel for a total of $54.1 million.
The company did not disclose the identity of the buyer, but said that the sale is part of FelCor's portfolio repositioning plan.
FelCor is currently negotiating contracts or has agreed to sell four other hotels for aggregate proceeds of approximately $73 million. FelCor is using asset sale proceeds to repay outstanding debt. To date, FelCor has sold 28 non-strategic hotels for aggregate gross proceeds of $627 million.
The 251-room Embassy Suites Hotel-BWI Airport, was also part of this sale.
FelCor, a real estate investment trust, owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major and resort markets throughout the U.S. FelCor partners with leading hotel companies to operate its hotels, which are flagged under globally renowned names and premier independent hotels.
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