ARC Hospitality Closes on East Coast Portfolio

NEW YORK CITY—Confirming last month’s report on GlobeSt.com, American Realty Capital Hospitality Trust on Thursday said it had closed on its acquisition of interests in six East Coast hotels for a total of $106.5 million. GlobeSt.com had reported in February that a regulatory filing showed the seller to be Barcelo Crestline, based in Fairfax, VA, and a spokesman for ARC Hospitality confirmed that the REIT had acquired Crestline Hotels and Resorts from Barcelo as well.

The purchase marks ARC Hospitality’s first acquisition “and is representative of the durable income assets we intend to purchase,” says William Kahane, the company’s CEO and president. “The portfolio includes branded hotels franchised by Hilton Worldwide, Marriott International and Starwood Hotels & Resorts located in strong markets with embedded market demand generators. As the US economy continues to improve, we fully expect the hospitality sector to benefit from GDP growth.”