American Realty Capital buys two hotels for $48.6M

American Realty Capital Hospitality Trust acquired two hotels for $48.6 million from affiliates of Noble Investment Group. This transaction represents the first two of 13 hotels that the Company announced it will be acquiring from Noble for a total purchase price of $300 million.

The two hotels are the 127-room Hyatt Place Chicago/Schaumburg, Ill., and the 204-room Hilton Garden Inn Monterey, Calif. These purchases increase ARC Hospitality's current lodging portfolio to 134 hotels totaling 16,345 rooms across 32 states.

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ARC Hospitality currently has an additional 21 hotels under contract with two other unrelated sellers for a total purchase price of $289.8 million. The company intends to complete the acquisition of the remaining 32 hotels during the next seven months, consistent with previous announcements, acquiring a total of 44 hotels from the three sellers.

ARC Hospitality financed the acquisition of these hotels in part by drawing on its $450 million term loan facility, which was co-arranged by Deutsche Bank AG New York Branch, Deutsche Bank Securities and BMO Capital Markets.