REIT To Spend $230M on Four Hotels

MCLEAN, VA-A big deal has been struck between McLean, VA-based Highland Hospitality Corp. and Wyndham International Inc. A whopping $227 million will change hands between the two companies now that Highland has signed a definitive agreement to take four properties off of Wyndham’s hands. The transaction will allow Highland to add nearly 1,700 hotel rooms to its portfolio. The hotel REIT currently owns eight hotels accounting for approximately 2,200 rooms in five states.

In Parsippany, NJ, Highland will take over the 510-room Hilton as its own. Included in the hotel’s amenities are 25,000 sf of function space, tennis and racquetball courts, two swimming pools, a fitness facility and two restaurants, including a Ruth’s Chris Steak House. Highland will also become the new owner of Atlanta’s 495-room Crowne Plaza Ravinia, which features 12,000 sf of meeting space, a four-star dining facility, as well as a pool, tennis court and fitness center.