SAN FRANCISCO-Inland American Real Estate Trust Inc. has paid $393.1 million for five upscale hotels. The non-traded REIT has bought the properties in three separate deals and it will spend $50 million to renovate the common areas and hotel rooms.
The five hotels are the 685-key Marriott San Francisco hotel; the Marriott Griffin Gate Resort & Spa in Lexington, Kentucky; the 195-room Hilton St. Louis Downtown; the Renaissance Waverly in Atlanta; and the Renaissance Arboretum in Austin, Texas. For the full story, go to Wall Street Journal .
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