FelCor Agrees to Sell Embassy Suites Baton Rouge
Monday August 5th, 2013 - 10:18AM E
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IRVING, TN—FelCor Lodging Trust Incorporated has agreed to sell the 223-room Embassy Suites in Baton Rouge for $20 million.
The purchaser has paid a $2 million non-refundable deposit toward the purchase price.
According to the company, all proceeds from the sale will be used to repay outstanding debt. FelCor expects the sale to close in August.
Tags: • Hospitality • Acquisitions •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.