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FelCor Pays $35M for Wyndham Asset in Myrtle Beach

ATLANTA-The Irving-TX-based REIT continues its buying spree with the $35.3-million purchase of the 385-room Wyndham Myrtle Beach Resort and Arcadian Shores Golf Club. It plans a $10-million renovation and conversion to the Hilton brand in spring 2003. A management agreement is already in place.

By Marita Thomas | Updated on July 23, 2002

ATLANTA-Dallas-based Wyndham Hotel Corp. has sold the 385-room Wyndham Myrtle Beach Resort and Arcadian Shores Golf Club in Myrtle Beach, SC to Irving, TX-based FelCor Lodging Trust.

FelCor says in a prepared statement it paid $35.3 million for the hotel, a leasehold interest in the golf course and an undisclosed amount of adjacent land.

FelCor paid cash for the property from a reserve of about $135-million that principals told GlobeSt.com earlier this month was on hand and ready for spending. There is no outstanding balance on the company’s line of credit.

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