• FelCor to buy Fairmont Copley Plaza

FelCor is to buy the Fairmont Copley Plaza Hotel in Boston from an affiliate of Fairmont Hotels & Resorts for $98.5m (£63.9m) in cash, or $257,000 per key.

FelCor plans to spend a further $20m on renovations to attract the corporate market, including a fitness centre. Richard Smith, FelCor’s president and CEO, said: "The Boston hotel market, particularly the Back Bay area, has extremely high barriers to entry and diverse demand generators and is one of our three stated targeted acquisition markets."

See the full release here: http://phx.corporate-ir.net/phoenix.zhtml?c=118512&p=irol-newsArticle&ID=1454944&highlight=

Share →