Felcor sells Crowne Plaza Miami
Dallas Business Journal
A North Texas hotel real estate investment trust has sold two Crowne Plaza hotels.
Irving-based FelCor Lodging Trust said it received a total of $63 million for both the 304-room Crowne Plaza in Miami and a 445-room Crowne Plaza hotel in Philadelphia.
FelCor (NYSE: FCH) said Hospitality Properties Trust bought both properties.
So far this year, FelCor said it has sold 10 non-strategic hotels for a total of $226 million. Of those sales, the company said nine were to Hospitality Properties Trust.
"These sales are part of the strategy unveiled earlier this year to sell non-strategic hotels, use the proceeds to reduce debt and invest on high return-on-investment capital projects at the company's remaining core hotels," FelCor said. "After the sale of these hotels, FelCor will have 25 non-strategic hotels remaining, which the company intends to sell in 2006 and 2007."
FelCor said it owns 115 hotels in 28 states and Canada.
Web site: www.felcor.com
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