Marriott International, Inc. sold a multi-state portfolio of six net-leased hotels to real estate investment trust W.P. Carey, Inc. for $52 million, or about $67,000 per key.
Totaling 771 rooms, the 478,106-square-foot portolio includes hospitality buildings in North Carolina, New Jersy, Texas, Missouri, Iowa and Lousiana. All of the properties are operated by Courtyard by Marriott, a wholly-owned subsidiary of the Marriott brand.
"The acquisition of the Courtyard by Marriott portfolio presented the opportunity to acquire six established operating properties with strong performance at an attractive basis, offering compelling risk-adjusted returns," commented Jason Fox, head of global investments and president of W. P. Carey. "The steady, predictable cash flows and annual rent escalations, coupled with the strength of Marriott International's brand and credit made this an ideal addition to the W. P. Carey Inc. portfolio."
www.omegare.com
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