IRVING, TX—FelCor Lodging Trust Incorporated 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.