Felcor sells two non-strategic hotels for aggregate gross proceeds of $54.1M FelCor Lodging Trust Incorporated announced that it has sold its 196-room Doubletree Suites Hotel-Dana Point and its 251-room Embassy Suites Hotel-BWI Airport for aggregate gross proceeds of $54.1M. FelCor continues to progress with its portfolio repositioning plan. The company is currently negotiating contracts or has agreed to sell four other hotels for aggregate proceeds of approximately $73M. FelCor is using asset sale proceeds to repay outstanding debt. To date, FelCor has sold 28 non-strategic hotels for aggregate gross proceeds of $627M.
FelCor to sell Morgans, Royalton hotels in New York FelCor Lodging Trust (FCH) announced that it is in negotiations to sell its Morgans and Royalton hotels in New York. Proceeds from these opportunistic asset sales will be used to fund initiatives intended to create significant stockholder value. FelCor and Morgans Hotel Group (MHGC), which operates the hotels, have agreed that FelCor may sell the hotels unencumbered by management. Morgans will continue to manage the properties for FelCor until they are sold.