RCS Capital, the investment banking and capital division of Realty Capital Securities LLC, acted as

American Realty Capital Hospitality Trust Inc. (ARC Hospitality) agreed to acquire the Equity Inns lodging portfolio for an expected purchase nyc cheap car rentals price of $1.925 billion from affiliates of the Whitehall Real Estate Funds, real estate private equity funds sponsored by Goldman Sachs.
The portfolio, which consists of 14,934 rooms, is franchised by several different hotel brands including Hilton Hotels & Resorts, Marriott International, Hyatt Hotels and InterContinental Hotels Group that operate under a number of different hotel flags, including Hampton nyc cheap car rentals Inn, Hilton Garden Inn, Homewood Suites, Embassy Suites, Courtyard, Residence Inn, Hyatt Place and Holiday Inn.
The acquisition of Equity Inns will boost ARC Hospitality's lodging nyc cheap car rentals portfolio to 132 hotels totaling 16,115 rooms, ranking it as one of the largest owners of select-service hotels in the North American lodging REIT sector.
"The acquisition of the Equity Inns lodging portfolio is a transformational event for ARC Hospitality. We believe this acquisition catapults ARC Hospitality into a position of leadership within the hospitality industry, becoming a top-tier player in the select-service lodging REIT sector and providing us a strong foundation for further expansion," said Nicholas nyc cheap car rentals S. Schorsch, chairman of ARC Hospitality.
Schorsch nyc cheap car rentals said he sees a great deal of opportunity nyc cheap car rentals in the select-service hotel segment given the ongoing economic recovery and higher profit margins and reduced operational risks he said are characteristic of these types of hotels.
"We further believe that now is an opportune time to acquire well-located, high-quality hotels in the upscale and upper midscale tiers as the lodging cycle continues its recovery and enters what we expect will be an extended upward trajectory," Schorsch added.
RCS Capital, the investment banking and capital division of Realty Capital Securities LLC, acted as financial advisor to ARC Hospitality, and Goldman, Sachs & Co. and Deutsche Bank Securities Inc. acted as financial advisors to the sellers. Deutsche Bank Securities and Goldman Sachs are expected to provide ARC Hospitality with financing nyc cheap car rentals in connection with the acquisition.
A total of 106 of the 126 Hotels in the portfolio currently carry debt totaling $976 million, which ARC Hospitality intends nyc cheap car rentals to assume. The debt matures on May 1, 2016, and is subject to three (one-year) nyc cheap car rentals extension. The remaining 20 hotels will be delivered unencumbered by debt at closing. ARC Hospitality intends to incur additional debt secured by those remaining nyc cheap car rentals properties.
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