NEW YORK CITY—American Realty Capital Hospitality Trust's deal to acquire a select-service hotel portfolio from private equity funds sponsored by Goldman Sachs has undergone some changes since it was first announced. The New York City-based REIT said Wednesday afternoon that the amended and restated deal for the Equity Inns portfolio now encompasses 116 properties rather than the original 126, and whittles down the purchase price from the original $1.925 billion to $1.81 billion.

Both buyer and seller have agreed to theremoval of several contingencies that were included in the originalpurchase and sale agreement reached in early June. The revised dealprovides greater certainty of execution, ARC Hospitality saidWednesday, and although the portfolio being acquired from entitiesindirectly owned by Goldman's Whitehall realestate funds is now smaller by 10 properties, it will stillestablish the REIT as one of the largest owners in theselect-service space domestically, with 122 hotels encompassing14,925 keys.

When the acquisition from subsidiaries of W2007 Grace I LLC andWNT Holdings LLC was first announced, board chairmanNicholas Schorsch said it would provide ARCHospitality with “a strong platform for further expansion.” Headded that “the select-service hotel segment offers tremendousvalue given the economic recovery in the US, higher profit marginsand reduced operational risks characteristic of these assets. Wefurther believe that now is an opportune time to acquirewell-located, high-quality hotels in the upscale and upper midscaletiers as the lodging cycle continues its recovery and enters whatwe expect will be an extended upward trajectory.”