RLJ Lodging Trust plans to fully redeem the $524.0 million of outstanding 5.625% senior secured notes due 2023 issued by FelCor Lodging LP.

The total sum payable upon redemption on March 9 will be approximately $539.4 million. This includes the redemption price of 102.813% of the principal amount of the notes being redeemed plus accrued and unpaid interest.

The redemption will be financed with cash on hand and borrowings under the hotel real estate investment trust's previously undrawn $600.0 million revolving credit facility, according to a release.