INDIAN WELLS, Calif.
FelCor Lodging Trust Incorporated announced that it sold the 560-room Renaissance Esmeralda Indian Wells Resort & Spa for gross proceeds of $75.9 million, which it will use to repay debt.
The sale is part of FelCor’s strategy to redeploy proceeds from asset sales to repay debt and strengthen its balance sheet while also funding investments that generate enhanced returns. At this time there did not appear to be additional information on the transaction, or an announcement of the new owner.
FelCor, a real estate investment trust, owns a diversified portfolio of primarily upper-upscale and luxury hotels that are located in major and resort markets throughout the U.S.
The Renaissance Indian Wells Resort & Spa offers over 213,000 square feet of event space.
