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ARC Hospitality snaps up Equity Inns portfolio
ARC Hospitality will acquire the Equity Inns portfolio of 126 hotels from Whitehall Real Estate Funds, which will make it one of the largest select-service hotel investment firms in the US.
The deal is worth $1.93 billion and features hotels in 35 states and includes franchises for major hotel brands including Hilton, Marriott International, Hyatt Hotels and InterContinental Hotels Group.
Representing a total of 14,394 rooms, it is ARC Hospitality’s largest acquisition and makes "a strong platform for further expansion," said ARC chairman Nicholas Schorsch.
"We believe the select-service hotel segment offers tremendous value given the economic recovery in the US, higher profit margins and reduced operational risks characteristic of these assets," added Schorsch.
It will grow ARC’s assets from just six hotels to 132 in a single transaction and Schorsch says it will transform the company into a top-tier player in the select-service lodging real estate sector.
Following franchise and lending approvals, the deal is expected to close in the fourth quarter of 2014.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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