FelCor Lodging Agrees to Sell Holiday Inn in Santa Barbara
Wednesday May 15th, 2013 - 9:08AM E
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
IRVING, TX—FelCor Lodging Trust Incorporated has agreed to sell the 160-room Holiday Inn-Santa Barbara/Goleta for $24 million.
FelCor has received a nonrefundable deposit of $960,000 toward the purchase price from the undisclosed buyer and the company expects the sale to close in June.
FelCor expects to use all of the proceeds to repay outstanding debt.
Tags: • Hospitality • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.