Inland trusts sell and buy assets totaling $1.4b
Two real estate trusts of Inland Real Estate Corp. have announced two separate deals totaling more than $1.4 billion in assets this week.
The first transaction was a portfolio comprising 52 upscale extended stay and select-service hotels with approximately 7,000 rooms. It totals $1.1 billion. The seller was Inland American Real Estate Trust, and the buyer was a joint venture between NorthStar Realty Finance Corp. and Chatham Lodging Trust. NorthStar will have an approximate 90 percent ownership interest in the portfolio and Chatham will own an approximate 10 percent minority interest. The portfolio transactions are expected to close in the fourth quarter of 2014.
NorthStar has been active buyer. In early August the firm agreed to acquire Griffin-American Healthcare REIT II in a cash-and-sto