IRVING, Texas — Lodging owner FelCor Lodging Trust Inc. said yesterday that it is buying the Fairmont Copley Plaza hotel in Boston for $98.5 million from an affiliate of Fairmont Hotels & Resorts.
Fairmont will continue to manage the hotel under a long-term contract. The deal is expected to close in the third quarter and will be funded with cash on hand. The real estate investment trust plans to spend $20 million to renovate the 383-room historic hotel.
Shares of the FelCor rose 6 cents to $5.99.
Associated Press August 3, 2010