From Earlier: FelCor Announces Acquisition of New York City Knickerbocker Hotel for $115M

FelCor Lodging Trust Incorporated

today announced the acquisition of the landmark Knickerbocker Hotel in midtown Manhattan, New York, for $115 million. Consistent with its portfolio repositioning strategy, the company also announced it is marketing 16 non-strategic hotels. FelCor will apply the sale proceeds to strengthen its balance sheet and reduce leverage.