REITs buy hotels for $773m
In separate deals, several REITs have purchased several U.S. hotel portfolios.
American Realty Capital Hospitality Trust has acquired two hotel portfolios for a combined total of $443.9 million.
ARC Hospitality has bought a 26-hotel portfolio from Summit Hotel Properties for a purchase price of $351.4 million.
The Summit portfolio totals 2,793 rooms in 11 states, and it consists of 25 premium-branded select-service and extended-stay hotels and one full-service hotel. The hotels are franchised by major global brands including Marriott International, Hilton Hotels & Resorts, Hyatt Hotels and InterContinental Hotels Group. Leading flags include Fairfield Inn & Suites, Courtyard by Marriott, Hampton Inn, SpringHill Suites and Residence Inn.
The company also acquired five hotels totaling 565 rooms for a purchase price of $92.5 million from affiliates of Wheelock Real Estate Fund, sponsored by Wheelock Street Capital.