Lodging owner FelCor Lodging Trust Inc. said it is buying the Fairmont Copley Plaza hotel in Boston for $98.5 million from an affiliate of Fairmont Hotels & Resorts.
Fairmont will continue to manage the hotel under a long-term contract. The deal is expected to close in the third quarter and will be funded with cash on hand.
The real estate investment trust plans to spend $20 million to renovate the 383-room historic hotel.
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