Gatehouse Financial buys 10 U.S. hotels

Residence Inn Manhattan

Gatehouse Financial Group completed the purchase of 10 U.S. hotels for a combined $137 million.

The hotels are located throughout Wisconsin, Michigan and Minnesota. The group previously purchased a Marriott Residence Inn in New York City in 2014.

Fahad Boodai, Kuwaiti executive chairman of Gatehouse Financial Group, said the decision to purchase hotels in the midwest was due to the region's expected real estate expansion.