Wednesday, August 11, 2010

NEWS NOTE: Fairmont Copley selling for $98.5m

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

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