Inland American Lodging Group Inc., a wholly owned subsidiary of the Oak Brook, Ill.-based Inland American Real Estate Trust Inc., has acquired five hotels for a total purchase price of approximately $393.1 million. The total includes a three-state, three-property portfolio acquired from DiamondRock Hospitality for $262.5 million, as well as two other hotels located in California and Missouri acquired in separate transactions.
‘This is very significant transaction for Inland American,’ says Marcel Verbaas, president and CEO of Inland American Lodging Advisor Inc. ‘Inland American is receiving high-quality assets to enhance our portfolio and continue our expansion into the upper-upscale and luxury segments of the market at attractive pricing. Also, the debt assumed on these properties enhances our equity return, and our future capital expenditures into these properties should further strengthen their market position.’
The DiamondRock portfolio consists of the Renaissance Arboretum in Austin, Texas; the Renaissance Waverly in Atlanta; and the Marriott Griffin Gate Resort & Spa in Lexington, Ky. The hotels will continue to be managed by Marriott.
Additionally, the company recently purchased the Marriott San Francisco Airport Waterfront for $108 million and the Hilton St. Louis Downtown for $22.6 million (pictured left).
(Photo courtesy Hilton St. Louis Downtown)