IRVING, Texas – Locally based FelCor Lodging Trust Inc. and Pittsburgh-based Interstate Hotels Corp. have closed on a joint venture agreement for the purchase of seven Marriott hotels and one Hampton Inn hotel. The hotels purchased include: Fairfield Inn in Downtown Scottsdale, Ariz.; Courtyard By Marriott in Downtown Atlanta; Fairfield Inn in Downtown, Atlanta; Fairfield Inn in’ Regal Row; Courtyard By Marriott Near the Houston Galleria; Fairfield Inn – I-10 East, Houston; Fairfield Inn Near the Houston Galleria; and Hampton Inn – I-10 East, Houston.
The completion of the transaction marks the first joint venture between FelCor and Interstate. Each company will own 50% of the new partnership. The eight hotels, valued at $77 million, will be leased to newly formed entities, which are owned in part by both companies. Crossroads Hospitality Management Co., an affiliate of Interstate Hotels, will manage the hotels.