Schafer will not disclose the hotels' asking price, but adds that FelCor will retain the properties if prospective buyers' bids are not considered sufficient. "We're not distress sellers," he says.

The Holiday Inn Orlando-International Drive Resort is the largest of the three Florida hotels being put up for sale by FelCor, with 652 rooms in 14 stories within proximity to area theme parks. The Holiday Inn-Oceanfront in Cocoa Beach has 500 rooms, while Embassy Suites-Bay Meadows in Jacksonville has 277 suites.

FelCor has 14 total hotels throughout Florida, including four others in Orlando, plus two in Fort Lauderdale and one each in Boca Raton, Deerfield Beach, Miami, St. Petersburg and Tampa. The company has 85 all-suite hotels throughout North America, of which 70 have been renovated since last year.

During the third quarter, FelCor posted funds from operations of $65.1 million, in line with guidance. Revenue per available room increased 2.6% from a year earlier, with renovated properties picking up 5.4%, while average daily rate remained steady and occupancy increased 2.3%.

"The US economy is experiencing an accelerated downturn, leading to weaker consumer spending and tightened restrictions on corporate travel, which has affected lodging demand," Richard A. Smith, FelCor president and CEO, stated in the company's latest report. He added that the company is limiting capital and development spending as a way of managing the ongoing economic downturn, as well as restructuring hotel-level costs and general administrative expenses.