American Realty Capital Hospitality Trust Inc. is buying 26 hotels from Summit Hotel Properties Inc. for $351 million.
The properties, which have 2,793 rooms in 11 U.S. states, are operated by companies including Marriott International Inc., Hilton Worldwide Holdings Inc. and InterContinental Hotels Group Plc, ARC Hospitality said in a statement on Monday. The deal is expected to close by January 2016.
“We are excited to acquire a portfolio that we believe offers both an attractive yield and price per key, as well as scale, brand power, and consistent and growing cash flows,” Jonathan P. Mehlman, chief executive officer of ARC Hospitality said in the statement.
The New York-based company said last week that it plans to buy five hotels with 565 rooms for $93 million from Wheelock Street Capital LLC.