{"id":1004129920,"date":"2015-10-22T06:31:12","date_gmt":"2015-10-22T14:31:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004129920"},"modified":"2020-04-24T05:53:31","modified_gmt":"2020-04-24T13:53:31","slug":"arc-hospitalitys-binge-buying-continues","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arc-hospitalitys-binge-buying-continues\/","title":{"rendered":"ARC Hospitality Resumes Buying Binge"},"content":{"rendered":"<p><em>\u00a0<\/em><em>By Scott Baltic, Contributing Editor <\/em><\/p>\n<p>It has almost seemed like <a href=\"https:\/\/www.archospitalityreit.com\/\" target=\"_blank\" rel=\"nofollow\">American Realty Capital Hospitality Trust Inc.<\/a> was buying hotels like were those little red plastic jobbies on a Monopoly board, and now it\u2019s really happening. In the first tranche of what will eventually be a hotel acquisition surge worth nearly three-quarters of a billion dollars, the REIT has closed on a $150.1 million purchase of 10 hotels from Summit Hotel Properties, ARC Hospitality announced Tuesday.<\/p>\n<div id=\"attachment_1004129922\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Hampton-Inn.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004129922\" data-attachment-id=\"1004129922\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/arc-hospitalitys-binge-buying-continues\/hampton-inn\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Hampton-Inn.jpg\" data-orig-size=\"1024,683\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS DIGITAL REBEL XTi&quot;,&quot;caption&quot;:&quot;The Hampton Inn Southwest, Fort Wayne&#039;s premiere hotel, is located on I-69 at Exit 102. We are only minutes from Lutheran Hospital, Indiana Wesleyan, Taylor and St. Francis Universities, Fort Wayne Children&#039;s Zoo, Science Central, Museum of Art, Botanical Conservatory, Memorial Stadium and Coliseum, Grand Wayne Convention Center, Fort Wayne&#039;s State of the Art Public Library, and The Dome and Spiece Fieldhouse Sports Centers. We are less than 10 miles from Verizon, Dana Corporation, General Electric, General Motors Corporation, Raytheon, United Technologies, Lockheed Martin-BAE Systems and Johnson Control. Meeting the needs of both business and leisure travelers, we are convenient to many fine shopping centers, movie theaters, golf courses and restaurants. We offer free to our guests: wireless internet access, HBO\\u00ae movies, local calls, our On the House? hot breakfast buffet and On the Go? breakfast bags. Make it Hampton! And we&#039;ll make it right!&quot;,&quot;created_timestamp&quot;:&quot;946684837&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;18&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.004&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Hampton Inn\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Hampton Inn, Fort Wayne, Ind. &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Hampton-Inn.jpg?w=1024\" class=\"size-medium wp-image-1004129922\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Hampton-Inn.jpg\" alt=\"Hampton Inn\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Hampton-Inn.jpg 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Hampton-Inn.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Hampton-Inn.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004129922\" class=\"wp-caption-text\">Hampton Inn, Fort Wayne, Ind.<\/p><\/div>\n<p>The transaction is part of a 26-hotel, off-market deal with Summit, <a href=\"https:\/\/www.commercialsearch.com\/news\/property-types\/hospitality\/arc-hospitality-binge-buying\/1004120857.html\">first reported in early June<\/a>, that\u2019s worth $347.4 million and will be completed, in three phases, by next January.<\/p>\n<p>Separately, ARC Hospitality has a further 18 hotels under contract with unrelated sellers for $392.4 million. Those acquisitions are scheduled to close within the next eight months.<\/p>\n<p>The addition of all 44 hotels will swell ARC Hospitality\u2019s lodging portfolio to 132 hotels totaling 16,014 rooms across 32 states.<\/p>\n<p>These initial 10 hotels are all flagged as Marriott International or Hilton Hotels &amp; Resorts and are in Baton Rouge, La.; Flagstaff, Ariz.; Fort Wayne, Ind.; Medford, Ore.; and El Paso, Texas.<\/p>\n<p>\u201cWe are delighted to acquire these high-quality, stabilized lodging properties with strong brand affiliations from Summit,\u201d Jonathan Mehlman, CEO of ARC Hospitality, said in a prepared statement. \u201cThis transaction shows that we are continuing to execute our focused strategy of acquiring market-leading select service hotels with strong brands and durable cash flows.\u201d<\/p>\n<p>CFO Edward Hoganson added: \u201cThese 10 hotels have all delivered robust year-over-year financial performance and possess strong operating fundamentals that we expect will continue to drive our future growth. Management of these properties will be divided amongst our affiliated hotel operator, Crestline Hotels &amp; Resorts, and Interstate Hotels &amp; Resorts, which currently operates several of the hotels we are acquiring from Summit.\u201d<\/p>\n<p>The REIT is financing the Summit hotels acquisition through its <a href=\"https:\/\/www.commercialsearch.com\/news\/property-types\/hospitality\/arc-hospitality-gets-a-helping-hand-from-deutsche-bank\/1004126116.html\">new $450 million term loan facility<\/a>, co-arranged by Deutsche Bank AG New York Branch, Deutsche Bank Securities Inc. and BMO Capital Markets.<\/p>\n<p>ARC Hospitality\u2019s other two pending acquisitions are of a group of five hotels from affiliates of Wheelock Real Estate Fund L.P., for $92.5 million, and of a 13-property portfolio from affiliates of Noble Investment Group L.L.C., for $300 million.<\/p>\n<p>&nbsp;<\/p>\n<p>2014 was a strong year for select-service hotel portfolio deals, according to a January report from HVS. The report noted that nearly a dozen portfolios of select-service hotels had changed hands last year, with total sales of $6.4 billion and an average per-key price of $140,000. HVS described the rise of portfolio sales as \u201cthe result of extremely strong buyer demand and owners willing to sell to capitalize on rising hotel values.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The non-traded REIT is back in the news, this time with a massive purchase of a 10-hotel portfolio.<\/p>\n","protected":false},"author":882,"featured_media":1004129922,"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-1004129920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ARC Hospitality Resumes Buying Binge - 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\/arc-hospitalitys-binge-buying-continues\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ARC Hospitality Resumes Buying Binge\" \/>\n<meta property=\"og:description\" content=\"The non-traded REIT is back in the news, this time with a massive purchase of a 10-hotel portfolio.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/arc-hospitalitys-binge-buying-continues\/\" \/>\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=\"2015-10-22T14:31:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-24T13:53:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Hampton-Inn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-hospitalitys-binge-buying-continues\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-hospitalitys-binge-buying-continues\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"ARC Hospitality Resumes Buying Binge\",\"datePublished\":\"2015-10-22T14:31:12+00:00\",\"dateModified\":\"2020-04-24T13:53:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-hospitalitys-binge-buying-continues\\\/\"},\"wordCount\":450,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-hospitalitys-binge-buying-continues\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/10\\\/Hampton-Inn.jpg\",\"articleSection\":[\"Hotel\",\"Investment\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-hospitalitys-binge-buying-continues\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-hospitalitys-binge-buying-continues\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arc-hospitalitys-binge-buying-continues\\\/\",\"name\":\"ARC Hospitality Resumes Buying Binge - 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