HPT, NH Hoteles Strike Multinational Deal

NEWTON, MA-Locally based lodging REIT Hospitality Properties Trust on Wednesday said it announced that it has entered a letter of intent and an exclusive negotiating period for hotel investments with NH Hoteles SA. The $325-million arrangement with Madrid-based NHH focuses on properties in Latin America, Europe and the USA.

Under the agreement, which will take the REIT out of the US and its territories for the first time, HPT will purchase five Latin American hotels totaling 804 keys from NHH for about $70 million. These hotels will be managed by NHH under long-term contracts for 20 years plus renewal options, according to a release.