Texas-based FelCor Lodging Trust Inc. completed the previously announced purchase of the Fairmont Copley Plaza hotel in Boston for $98.5 million. The purchase was funded with cash on hand.

The Fairmont Copley Plaza is a 383-room hotel located in Boston’s Back Bay on Copley Square. The property boasts 23,000 square feet of meeting space and the famed Oak Room.

CBRE Hotels represented an affiliate of Fairmont Hotels & Resorts in the sale. Fairmont will continue to manage the property under a long-term management agreement.

"We are very proud to represent Fairmont in one of the signature hotel dispositions of the year, " said Kevin Mallory, senior managing director of CBRE Hotels, who led the team that assisted Fairmont in negotiating the sale. "FelCor has acquired one of the premier hotel assets in one of the leading business destinations in the country."