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.

FREE DAILY NEWSLETTER

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.

Suggested Articles

The latest report from STR shows negative year-over-year results in the three key performance metrics during the week of July 7-13.

Ritesh Agarwal, the company's 25-year-old founder and CEO, has signed a $2 billion primary and secondary management investment round.

By year's end, the Turkish hotel company will have five properties along the Red Sea and Mediterranean.