FelCor Lodging Trust Inc. has agreed to sell six non-strategic hotels for $103.0 million, in the aggregate, to an undisclosed buyer. The purchaser has paid a $3.9 million hard money deposit toward the purchase price.

As part of its long-term portfolio repositioning strategy, which includes the sale of 39 non-strategic hotels, FelCor is currently marketing 16 hotels.

The portfolio consists of 1,527 rooms and includes six hotels currently being marketed: the Holiday Inn San Antonio-Airport, the Sheraton Suites Ft. Lauderdale-Cypress Creek, Doubletree Guest Suites hotels in Raleigh/Durham and Tampa-Rocky Point, and the Embassy Suites hotels in Boca Raton and St. Paul. The portfolio purchase price represents a 6.8 percent cap rate based on 2011 net operating income. When this transaction closes in the second quarter, FelCor will have sold 15 of the 25 hotels that it has brought to market since December 2010

After repayment of $73 million of secured debt and other costs at closing, FelCor expects to use the remaining $30 million of proceeds to pay a portion of its accrued preferred dividends (almost half of the $67.7 million arrearage) in conjunction with paying the regular quarterly preferred dividends on July 31, 2012. FelCor expects that the remaining accrued dividends will be paid in 2012 using proceeds from future asset sales.