The owners of the Embassy Suites in Baton Rouge said Monday they have an agreement to sell the 223-room hotel for $20 million.
FelCor Lodging Trust Inc., of Irving, Texas, which owns the hotel on Constitution Avenue, did not disclose the buyer. FelCor did say the purchaser has paid a $2 million non-refundable deposit toward the purchase price.
FelCor, a real estate investment trust that owns 64 hotels, said it expects the sale to close this month and will use all of the proceeds to repay outstanding debt.
The Embassy Suites has been open since 1985. It operated as an Embassy Suites until 1990, when a legal battle between Embassy Suites and one of its largest franchisees led the property to be rebranded as a Crown Sterling Suites. FelCor bought the property in 1996 for $30 million as part of a $275 million purchase of nine other hotels. It spent $2.2 million to refurbish the property and restore the Embassy Suites name.