FelCor Lodging Agrees to Sell Holiday Inn in Santa Barbara
Wednesday May 15th, 2013 - 9:08AM E
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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 •
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.