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March 28, 2012

Inland American acquires five hotels

Inland American Real Estate Trust’s wholly owned subsidiary Inland American Lodging Group has announced the acquisition of five hotels for $393.1m.

By Srivani Venna

Marriott San Francisco Airport Waterfront, Burlingame, CA

Inland American Real Estate Trust’s wholly owned subsidiary Inland American Lodging Group has announced the acquisition of five hotels for $393.1m.

The acquisition includes a three-state, three-property portfolio acquired from DiamondRock Hospitality, as well as two other hotels in California and Missouri bought in separate transactions.

The purchase price for the DiamondRock portfolio consisting of Renaissance Arboretum, Renaissance Waverly and Marriott Griffin Gate Resort & Spa totalled $262.5m.

All three properties are Marriott-affiliated brands and together offer a total of 1,422 rooms and more than 153,000ft² of meeting and banquet space.

The ten-storey, 492-room Renaissance Arboretum features 65,000ft² of flexible meeting and banquet space; the 14-storey, 521-room Renaissance Waverly offers spa services and amenities and 60,000ft² of meeting and banquet space.

The 409-room Marriott Griffin Gate Resort & Spa provides a 163-acre golf course and 60,000ft² of meeting and banquet space.

Inland American said that Marriott will continue to manage the hotels.

The company has purchased two additional hotels, the 685-room Marriott San Francisco Airport Waterfront and 195-room Hilton St Louis Downtown.

The Marriott San Francisco Airport Waterfront in California, purchased for $108m from Host Hotels and Resorts, offers over 28,000ft² of meeting space and is operated by Marriott under a long-term management agreement.

Purchased for $22.6m from APHM St Louis, the 195-room Hilton St Louis Downtown in Missouri features 4,500ft² of meeting space.

 

Image: The hotels purchased by Inland American include the 685-room Marriott San Francisco Airport Waterfront. Photo: Business Wire

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