TORONTO — FelCor Lodging Trust Incorporated has announced the sale of its Holiday Inn Toronto-Yorkdale property to the Easton Hotel Group for $22.9 million.
Since December 2010, FelCor has sold nine non-strategic hotels for aggregate gross proceeds of $222 million and will use proceeds from asset sales for debt repayment to reach its desired leverage target.
FelCor, a real-estate investment trust, owns 76 primarily upper-upscale, full-service hotels located in markets throughout 22 American states. FelCor operates a diverse portfolio of hotels, including Doubletree, Embassy Suites, Fairmont, Hilton, Marriott, Renaissance, Sheraton, Westin, Holiday Inn and premier independent hotels in New York.
