FelCor Lodging Trust Inc., which announced plans to purchase it earlier this month, has completed its acquisition of Boston's historic Fairmont Copley Plaza hotel, it announced last week.
Purchased for $98.5 million, the hotel on Boston's Back Bay — which has 383 guest rooms and 23,000 square feet of meeting space, including a 5,720-squar-foot grand ballroom — will now commence a $20 million "refreshing" that will include improvements to its public areas and its guest rooms, as well the addition of a new fitness center. Known for its Oak Room steakhouse, the 98-year-old hotel was last renovated in 2004, when it underwent a $25 million guest room remodel.
"This irreplaceable asset is a significant acquisition for FelCor," FelCor President and CEO Richard A. Smith said early this month upon announcing his company's agreement to acquire the hotel. "The Boston hotel market, particularly the Back Bay area, has extremely high barriers to entry and diverse demand generators and is one of our three stated targeted acquisition markets. This transaction represents a rare opportunity to gain entry into this submarket at an attractive price."
Based in Irving, Texas, FelCor currently owns 84 hotels and resorts in 23 states and Canada. According to the Boston Herald, the company bills itself as the nation's largest owner of "upper-upscale" all-suite hotels.