Chartres Lodging Group principal Bruce Blum tells GlobeSt.comthe portfolio was put under contract in the summer and would haveclosed sooner had it not been for the "capital marketsdislocation," which he says caused numerous transactions to bedelayed or not close at all. The sale price was not disclosed bythe parties involved, but one industry expert tells GlobeSt.com theportfolio likely traded for around $500 million, or $100,000 perkey. The sale closed yesterday.
"We addressed the owners' need to sell all the properties atonce," Blum tells GlobeSt.com. "We're confident we got a discountto market value."
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