Moody Gets $80M for Hotel Portfolio
Houston-based Moody National Cos. has banked $80 million from Inland American Lodging Group Inc., turning over a 598-key, Marriott-branded portfolio in three states.
The hotels will continue to be managed by Concord Hospitality Enterprises Co. of Raleigh, N.C. The buyer extended Concord's management contracts through 2020.
The portfolio consists of the 182-room Courtyard Pittsburgh Downtown and 94-key Courtyard Pittsburgh West Homestead in Pennsylvania; 103-room Courtyard West Palm Beach Airport in Florida; and 219-key Marriott West Des Moines in Iowa.
"This is a strong portfolio of Marriott-branded hotels that sustained moderate rate and occupancy declines compared to the national average, throughout the economic downturn," said Marcel Verbaas, president and CEO of Orlando, Fla.-based Inland American Lodging Advisors Inc. "We believe they are well-positioned for growth as the economy recovers and business and leisure travel return to more normalized levels. Targeted capital expenditures will further enhance these hotels during Inland American's first few years of ownership."
With the acquisition, Inland American Real Estate Trust, headquartered in Oak Brook, Ill., has 54 Marriott-branded hotels with 15,584 rooms in the U.S.
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