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.

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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.

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The investment firm wants both the hotel and the nearby residential land.

The total value of tourism and leisure industry merger and acquisition deals was down from June, but still up nearly 40 percent from July 2018.

Christoph Eichbaum has joined the investment management hospitality team headed by Andreas Löcher.