IRVING, TX-FelCor Lodging Trust Inc. has inked contracts to sell six of the 14 hotels it began marketing in late 2010.
The six properties, one of which is the Embassy Suites-Phoenix-Tempe, will generate gross proceeds of about $114 million, according to the REIT, which made the announcement during its first quarter 2011 earnings conference call.
The disposition program is part of FelCor’s long-term strategic plan to improve its portfolio quality, growth rates and diversification. Additionally, the REIT has identified an additional 21 hotels that it describes as “non-strategic.”
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