BOSTON-Irving, TX-based FelCor Loding Trust Inc. is purchasing the fee-simple interest of the Fairmont Copley Plaza hotel for $98.5 million. Fairmont Hotels & Resorts is selling, but staying on as management for the hotel under a 20-year management agreement it signed when it originally purchased the property. At the time, Fairmont paid $3 million to the previous owner for the long-term assignment.

The 383-room trophy hotel has 23,000 square feet of meeting space, a 5,720-square-foot Grand Ballroom, as well as the Oak Room and the Oak Bar. Its RevPAR for 2009 clocked in at $162. Fairmont picked up the hotel through a two-part deal in 2003 from Saudi Arabian Prince Alwaleed bin Talai bin Abdulaziz Alsaud, purchasing the second half of the hotel for $23 million.  

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