FelCor Lodging Trust Incorporated (NYSE: FCH) yesterday announced that it has sold its 117-room Morgans New York hotel for gross proceeds of $37 million. FelCor will use net proceeds to repay borrowings under its line of credit.
Royalton New York remains under contract and is expected to close in early August for gross proceeds of $55 million. The company continues to proceed with its previously announced efforts to market The Knickerbocker for sale.
FelCor, a real estate investment trust, owns a diversified portfolio of primarily upper-upscale hotels that are located in major urban and resort markets throughout the U.S. FelCor partners with top hotel companies that operate its properties under globally renowned names and as premier independent hotels.