NorthStar Realty Finance Corp. has closed its acquisition of a $1.1-billion hotel portfolio from Inland American Real Estate Trust. NorthStar Realty now owns a $3-billion hotel portfolio comprised of 155 upscale extended-stay and select-service hotels with 20,250 rooms.
NorthStar Realty's chairman and CEO, David Hamamoto, commented, "We are extremely pleased to have accumulated one of the largest extended stay and select service portfolios in the public markets. We expect our overall hotel portfolio, 90 percent of which is affiliated with Marriott or Hilton, to generate substantial NOI growth in 2015."
NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc., a global asset management firm.