FAIRFAX, VA—American Realty Capital Hospitality Trust has transferred another 13 hotels to Crestline Hotels & Resorts to manage. These hotels include full, select and extended stay properties under the Marriott, Hilton, Hyatt and IHG family of flags. They are located in eight states and add 1,493 guestrooms to Crestline's management portfolio.
Earlier this year, Crestline added 34 properties to its portfolio in conjunction with ARC Hospitality's acquisition of the Equity Inns portfolio from Goldman Sachs.
Crestline has been ARC Hospitality's property manager and sub-property manager since its first acquisition last March. ARC Hospitality entered the market with a splash, acquiring the fee simple interests in the Courtyard Inner Harbor Hotel in Baltimore, the Courtyard Providence Downtown Hotel in Providence and the Homewood Suites in Stratford, CT, as well as a leasehold interest in the Georgia Tech Hotel & Conference Center in midtown Atlanta, for $101.5 million.
It also acquired joint venture interests in The Hilton Garden Inn in Blacksburg, VA, and the Westin Virginia Beach Town Center in Virginia Beach, for another $5 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
