IRVING, TX-In its efforts to continue disposing of non-strategic assets to reposition its portfolio, FelCor Lodging Trust Inc. entered into an agreement to sell two Embassy Suites for an aggregate price of $70 million. The unnamed buyer has paid $2.1 million hard money deposit toward the purchase price, with the transaction anticipated to close in October, 2012.

The two hotels under contract are the 370-room Embassy Suites-New Orleans-Convention Center at 315 Julia St. and the 296-room Embassy Suites Nashville-Airport at 10 Century Blvd. A portion of the proceeds from the sale will be used to pay the remaining $37.7 million of accrued preferred dividends in late October.

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