HOUSTON—Moody National REIT Inc.said Thursday it was in contract to buy a portfolio of 149 US hotels for $1.725 billion. The non-traded REIT did not identify the seller; however, Bloomberg Business has reported that the portfolio is being sold by Goldman Sachs' real estate unit, Whitehall Street.
"This is a great concentration of assets in key states which will benefit from several years remaining in the expanding hotel cycle," says Brett Moody, CEO and chairman of the Houston-based REIT. "These are well-branded and well-managed assets."
The portfolio includes 14,000 units spread across 32 states, with a concentration of hotels in California, Arizona, Texas and the Northeast. The majority of the portfolio consists of Marriott and Hilton branded select-service hotels.
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