American Realty Capital Acquires Equity Inns Portfolio for $1.9 Billion
Tuesday June 3rd, 2014 - 9:23AM Q
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NEW YORK—In a deal that will help form one of the largest lodging REITS in the U.S., American Realty Capital Hospitality Trust Inc. (ARC Hospitality) has inked a deal to acquire the hotel portfolio of Equity Inns from affiliates of the Whitehall Real Estate Funds, real estate private equity funds sponsored by Goldman Sachs.
The lodging portfolio is expected to net some $1.925 billion. The deal, which is expected to close in the fourth quarter, includes 126 hotels in 35 states and marks ARC Hospitality’s biggest portfolio acquisition to date. The acquisition of Equity Inns will give ARC Hospitality 132 hotels in its portfolio.
"The acquisition of the Equity Inns lodging portfolio is a transformational event for ARC Hospitality. We believe this acquisition catapults ARC Hospitality into a position of leadership within the hospitality industry, becoming a top-tier player in the select-service lodging REIT sector and providing us a strong foundation for further expansion," stated Nicholas S. Schorsch, chairman of the board of directors of ARC Hospitality.
Tags: Equity Inns • ARC Hospitality • Hospitality • Owners/Operators •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.