Inland American Real Estate Trust Purchases a Marriott Hotel Portfolio

. June 10, 2010

Oak Brook, IL - June 9, 2010 - Inland American Lodging Group, Inc. (IALG), a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (Inland American), announced today that it has acquired a portfolio of four Marriott-branded hotels from Moody National Companies for a total purchase price of $80 million. The hotels will continue to be managed by Concord Hospitality Enterprises, which had existing management contracts that were extended to run through 2020. The portfolio contains the following properties:

  • Courtyard Pittsburgh Downtown, Pittsburgh, PA: 182 rooms
  • Courtyard Pittsburgh West Homestead, Pittsburgh, PA: 94 rooms
  • Courtyard West Palm Beach Airport, West Palm, FL: 103 rooms
  • Marriott West Des Moines, Des Moines, IA: 219 rooms

“This is a strong portfolio of Marriott-branded hotels that sustained moderate rate and occupancy declines compared to the national average, throughout the economic downturn,” said Marcel Verbaas, president and CEO, Inland American Lodging Advisors, Inc. “We believe they are well-positioned for growth as the economy recovers and business and leisure travel return to more normalized levels. Targeted capital expenditures will further enhance these hotels during Inland American's first few years of ownership.”

Following this acquisition, Inland American Real Estate Trust has 15,584 hotel rooms, including 54 hotels under the Marriott brand.

“We believe this portfolio will be a strong addition to Inland American's diverse portfolio of real estate assets,” said Lori Foust, chief financial officer, Inland American Business Manager & Advisor, Inc.

About Inland American Lodging Advisor, Inc.
Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and asset managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 107 hotels branded under various Marriott, Hilton, Starwood, Hyatt, IHG and Choice brands that are managed either by the brands managers or independent third-party management companies.

About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate including retail, multi-family, industrial, lodging, office and student housing properties, located in the United States and Canada. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of March 31, 2010 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 975 properties, representing approximately 47.1 million square feet of retail, industrial and office properties, 10,153 multi-family units and 14,856 lodging rooms. Inland American is one of five REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inland-american.com.

Business Contact:

Matt Tramel
T: (630) 586-4896
E: [email protected]

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in March 1970...