NorthStar Realty closes on $1.1-billion hotel portfolio

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.

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

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

The revamped property will be developed in partnership with Mohari Hospitality.

Scheduled to open in 2021, the Radisson Blu Hoi An will be on Hà My Beach, eight kilometers from Hoi An, the port town on Vietnam’s central coast.