NEW YORK CITY—American Realty Capital Hospitality Trust said Monday it had closed on up to $450 million in financing with Deutsche Bank toward its acquisition of three separate hotel portfolios. Originally announced in June, the three deals will add 44 hotels totaling 5,271 keys to the REIT's holdings.

The new loan facility through Deutsche Bank AG New York Branch and Deutsche Bank Securities Inc. has a term of up to five years including extension options. ARC Hospitality may draw on it from time to time to help finance the three portfolio acquisitions from affiliates of Summit Hotel Properties, Noble Investment Group LLC and Wheelock Street Capital LLC and for general working capital purposes. The three deals are expected to come in at a total of $739.8 million in seven separate closings scheduled over the next eight months.

When the acquisitions are completed, ARC Hospitality's portfolio will total 166 hotels, comprising 20,195 rooms in 34 states. Among the major global brands represented are the flags of Marriott International, Hilton Hotels & Resorts, Hyatt Hotels, InterContinental Hotels Group and Starwood Hotels and Resorts.

Largest of the three portfolios is the 26-hotel Summit group, followed by the 13-asset Noble portfolio and five properties from Wheelock Street. When they were first announced, the three portfolios totaled $743.5 million. “These acquisitions are completely consistent with our strategy focused on US select service and full service hotels, and complement our existing hotel portfolio which in the first six months of this year saw RevPAR growth of 7.1%,” says Jonathan Mehlman, ARC Hospitality's president and CEO.