Hospitality Properties Trust has entered into a definitive agreement to acquire a net lease portfolio from Spirit MTA REIT for $2.4 billion in cash, excluding transaction costs.
The portfolio consists of 774 service-oriented retail properties, totaling 12 million rentable square feet, net leased to tenants in 22 different industries. It is 98 percent occupied.
“We believe that the acquisition of this high-quality, net-lease portfolio creates a stronger HPT,” said John Murray, president and CEO of HPT. “The combination of this diversified portfolio with our unique lodging structure and net-lease travel centers, yields a REIT with greater scale, a more secure financial profile, and greater diversity in tenant base, property type and geography.”
