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.

 

Fairmont Copley Selling For $98.5M

by Banker & Tradesman time to read: <1 min
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