American Realty REIT spends $1.93B on hotel deal
The Associated Press
Jun. 02, 2014
American Realty Capital Hospitality Trust is spending nearly $2 billion to buy the Equity Inns portfolio of 126 hotels from Whitehall Real Estate Funds.
American Realty Capital Hospitality Trust says the deal gives it a large-scale and geographically diverse lodging portfolio, with locations in 35 states. The portfolio is franchised by hotel brands such as Hilton Hotels & Resorts and Marriott International.
The deal totals $1.93 billion, and the companies expect it to close in the fourth quarter.
American Realty Capital Hospitality Trust is a publicly registered, non-traded real estate investment trust. Whitehall Real Estate Funds is sponsored by The Goldman Sachs Group Inc.