{"id":1004104051,"date":"2014-09-19T10:09:32","date_gmt":"2014-09-19T18:09:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004104051"},"modified":"2022-12-07T01:36:35","modified_gmt":"2022-12-07T09:36:35","slug":"northstar-to-buy-7000-room-hotel-portfolio-from-inland-american-for-1-1b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/northstar-to-buy-7000-room-hotel-portfolio-from-inland-american-for-1-1b\/","title":{"rendered":"NorthStar to Buy 7,000-Room Hotel Portfolio from Inland American for $1.1B"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p>With the stroke of a pen\u2014and a whopping $1.1 billion payment\u2014NorthStar Realty Finance Corp. will soon become the owner of a 7,000-room portfolio of upscale extended stay and select service hotels. The REIT has entered into a definitive agreement to buy a collection of 52 lodging properties from Inland American Real Estate Trust.<\/p>\n<p>NorthStar will acquire the assets in a joint venture with Chatham Lodging Trust where NorthStar will have a 90 percent ownership stake, leaving Chatham with a 10 percent minority interest. In terms of financing the acquisition, neither company is sitting on a billion dollars; they expect to secure non-recourse financing for as much as 75 percent of the purchase price. For its part, Inland American anticipates walking away with approximately $480 million of net proceeds, which will be utilized to further the growth of its student housing and retail portfolios.<\/p>\n<p>\u201cThis transaction will accomplish important goals for both parties,\u201d Ben Carlos Thypin, director of market analysis with data and analytics firm Real Capital Analytics, told <em>Commercial Property Executive<\/em>. \u201cNorthstar will continue to gain economies of scale by growing their hospitality portfolio by over 50% while Inland will be able to provide its shareholders with a big win and focus on the spin-off of its remaining hospitality assets.\u201d<\/p>\n<p>The Inland portfolio purchase agreement marks NorthStar\u2019s second major hotel announcement within the last few months. In June, the company acquired a 47-property hotel portfolio from Cerberus Capital Management L.P. in a joint venture with Chatham for $958.5 million. With the completion of the Inland deal, NorthStar will boast a hotel portfolio consisting of 20,000 rooms at 159 hotels valued at $3.2 billion.<\/p>\n<p>The Inland transaction is scheduled to close in the fourth quarter of this year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NorthStar is buying a 7,000-room portfolio of upscale extended stay and select service hotels from Inland American Real Estate Trust.<\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,21742],"tags":[],"class_list":["post-1004104051","post","type-post","status-publish","format-standard","hentry","category-hotel","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NorthStar to Buy 7,000-Room Hotel Portfolio from Inland American for $1.1B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/northstar-to-buy-7000-room-hotel-portfolio-from-inland-american-for-1-1b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NorthStar to Buy 7,000-Room Hotel Portfolio from Inland American for $1.1B\" \/>\n<meta property=\"og:description\" content=\"NorthStar is buying a 7,000-room portfolio of upscale extended stay and select service hotels from Inland American Real Estate Trust.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/northstar-to-buy-7000-room-hotel-portfolio-from-inland-american-for-1-1b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-19T18:09:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T09:36:35+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/northstar-to-buy-7000-room-hotel-portfolio-from-inland-american-for-1-1b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/northstar-to-buy-7000-room-hotel-portfolio-from-inland-american-for-1-1b\/\",\"name\":\"NorthStar to Buy 7,000-Room Hotel Portfolio from Inland American for $1.1B - 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