ARA US Hospitality Trust entered a conditional purchase and sales agreement to acquire a portfolio of three Marriott-branded upscale hotels for $84.5 million. The properties, its first within Marriott International’s brands, will grow the company’s portfolio to 41 hotels with 5,340 guestrooms.
In North Carolina, ARA US Hospitality Trust will buy the 135-room AC Hotel by Marriott Raleigh North Hills. The property is located within the North Hills mixed-use development, which contains more than 1 million square feet of office space, and within a 20-minute drive of North Carolina State University and downtown Raleigh. The hotel features four meeting rooms, a rooftop lounge and a fitness center.
In Texas, the company will buy the neighboring Courtyard by Marriott San Antonio Six Flags at The Rim and Residence Inn by Marriott San Antonio Six Flags at The Rim. Local demand drivers include The Rim, a 2.8 million-square-foot master development with retail and dining, and Six Flags Fiesta Texas. The Residence Inn features 131 suites, a meeting room, a fitness center and an outdoor pool. The Courtyard includes 124 rooms, two meeting rooms, a restaurant, a fitness center and an outdoor pool.
ARA US Hospitality Trust is listed on the Singapore Exchange. Its portfolio includes 38 upscale, Hyatt-branded, select-service hotels with 4,950 rooms. It values its portfolio at $719.5 million.