American Realty Capital Hospitality Trust Inc., a publicly registered non-traded real estate investment trust sponsored by AR Capital, has agreed to acquire a portfolio of 13 hotels from affiliates of Noble Investment Group LLC, a lodging and hospitality real estate private equity firm, for $300 million.
Consisting of 12 premium-branded select-service and extended-stay hotels, plus one full-service hotel, the Nobel Portfolio totals 1,913 rooms across nine states. The hotels are franchised by Hyatt Hotels, Hilton Hotels & Resorts and Marriott International.
“We are delighted to announce our agreement to acquire the Noble Portfolio, which strongly complements our recently announced transactions and further augments our portfolio of high-quality, stabilized lodging properties with premium brand affiliations,” commented Jonathan P. Mehlman, chief executive officer of ARC Hospitality.
Just last week, ARC Hospitality agreed to acquire 26 hotels for $351.4 million from publicly-traded REIT Summit Hotel Properties Inc. At the beginning of June, the company agreed to acquire a portfolio of five hotels from Wheelock Street Capital for $92.5 million.
Once the Noble Portfolio acquisition is complete, it will increase ARC Hospitality’s lodging portfolio to 166 hotels totaling 20,193 rooms across 34 states. The acquisition is expected to close in three separate tranches during the fourth quarter of 2015 and first quarter of 2016.
ARC Hospitality was represented by Hunton & Williams LLP.