FelCor Sells CA Embassy Suites
Thursday July 19th, 2012 - 7:37AM
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ANAHEIM, CA—FelCor Lodging Trust has agreed to sell the 222-room Embassy Suites-Anaheim North for $25.5 million to Urban Commons.
The sale is expected to close in late August. FelCor plans to use the net proceeds to repay a portion of the $88 million balance on a CMBS loan that matures in 2013.
Urban Commons is a Los Angeles, CA-based real estate investment and development firm whose portfolio includes hotels as well as other asset types.
Tags: Hospitality Ownership
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.