ARC Hospitality acquires 7th South Florida hotel in portfolio deal

A company affiliated with New York-based American Realty Capital has bought another South Florida hotel as part of its $1.8-billion acquisition of the Equity Inns lodging portfolio, reports the South Florida Business Journal.

ARC Hospitality Portfolio I Owner LLC purchased the Hampton Inn at 4001 RCA Blvd., in Palm Beach Gardens, for $20.68 million, according to Palm Beach County records. W2007 Equity Inns Realty LLC was the seller.

The 117-room hotel was previously sold for $14.92 million in 2004.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The company acquired other South Florida properties in the deal:

    Holiday Inn Express & Suites at 1520 S.W. 88th St. in Miami sold for $7.5 million.
    Hampton Inn at at 660 W. Hillsboro Blvd. in Deerfield Beach sold for $11.5 million.
    Hampton Inn & Suites at 1475 W. Gateway Blvd. in Boynton Beach sold for $34.9 million. .
    Hampton Inn at 2025 Vista Parkway in West Palm Beach sold for $13.67 million.
    Hampton Inn at 1455 W. Yamato Road sold for $12.89 million.

The hotel is among 116 hotels across 31 states that ARC Hospitality Trust acquired. The company now owns 122 hotels.

Suggested Articles

The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.

The sale is the latest step in Park's asset-light strategy.