FelCor Lodging Trust Incorporated announced that it sold the 244-room DoubleTree hotel north of Wilmington, for $27.7 million.
FelCor, based in Irving, Texas, has also agreed to sell the 277-room Embassy Suites hotel in Jacksonville for $10 million.
The north Wilmington Hotel has remained a popular destination for business travelers. It also has banquet and meeting facilities. The hotel group of real estate broker CBRE had been marketing the hotel.
Doubletree is a Hilton Hotel brand best known for its cookies that are left in each room. Another Doubletree operates in the city of Wilmington.
The purchaser has paid a non-refundable deposit toward the purchase price, and FelCor expects the sale to close in October. The identity of the buyer was not immediately disclosed. The company reported it has made progress on its asset sale program.
As part of FelCor’s long-term portfolio repositioning strategy, the company is selling 39 non-strategic hotels.
Including the recently announced sales, FelCor will have sold 24 of the 30 hotels brought to market since December 2010 for approximately $530 million.
The company is also currently negotiating contracts with buyers to sell three additional hotels. FelCor is using asset sales proceeds to repay outstanding debt.
FelCor, a real estate investment trust, owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major and resort markets throughout the U.S. FelCor partners with leading hotel companies. Additional information can be found on the company’s website at www.felcor.com.
