Hotel REIT Takes Four for $81M

MCLEAN, VA-In deals totaling $81.3 million, Highland Hospitality Corp. has made room in its portfolio for four more hotel properties. Taking two hotels off the hands of McKibbon Hotel Group, the REIT has already closed on Savannah, GA’s 156-room Courtyard Savannah Historic District and Tampa, FL’s 109-room Residence Inn Tampa Downtown. “Both of these hotels are situated in the heart of their respective cities and will benefit from the high barriers to entry that exist in their downtown locations,” says Highland president and CEO James L. Francis. “The acquisition of these hotels is well-aligned with our strategy to invest in upscale limited- service and extended stay properties located within urban markets.”

The purchase of two more properties–the 299-room Omaha Marriott in Omaha, NE from LaSalle Hotel Properties, and the 283-room Radisson Hotel Mount Laurel in Mount Laurel, NJ from Boykin Lodging Co.–is already in the works, backed by definitive agreements. Altogether, the four acquisitions account for 847 rooms at about $96,000 per-room.