IRVING, TX— FelCor Lodging Trust here has closed on the sale of four previously identified non-strategic hotels in Ontario, Canada to Fortis Properties for US$32 million, reportedly intending to use the proceeds to invest in other urban hotels in Canada via a tax-free exchange transaction. The divested hotels comprise Holiday Inn-branded properties located in Sarnia, Kitchener-Waterloo, Cambridge and Peterborough in Ontario. The portfolio encompasses a total of 630 rooms, with the hotels themselves ranging in size from 143 – 183 rooms. Fortis was said to have assumed ownership as well as management of the hotel properties upon closing of the transaction, which saw Colliers International Hotels acting as the exclusive advisor. “The sale of these non-strategic hotels is in line with our objective to reposition our portfolio by selling smaller hotels in secondary markets,” said FelCor EVP/Chief Investment Officer Michael DeNicola. “With the closing of these four hotels, we have 24 remaining non-strategic hotels for sale, and transaction activity remains strong,” he added.
