Hospitality Properties Trust
bought two hotels from
FelCor Lodging Trust
for $63 million.
The hotels are the 304-room Crowne Plaza in Miami and the 445-room Crowne Plaza in Philadelphia.
Additionally, HPT will invest $7.1 million in these hotels during the three years following the closing to fund capital improvements.
HPT's annual minimum returns for the two hotels as assured by
InterContinental Hotels Group
would be $5.04 million in 2006, $5.6 million in 2007, $5.8 million in 2008 and about $6 million after $7.1 million of planned hotel improvements are funded.
The Newton, Mass.-based trust has funded this transaction by drawing under its unsecured revolving bank credit facility.
HPT also said that its previously announced acquisition of the 524 room Holiday Inn Sunspree Resort in Montego Bay, Jamaica for $30 million is expected to close later in 2006.
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