Service Properties Trust Divests 16 Hotels for $137M
Newton, MA-based Service Properties Trust has sold a 16-property, 2,155-key hotel portfolio located across nine states. A joint venture of Dallas-based NewcrestImage and Phoenix-based Hospitality Capital Partners paid approximately $137.3 million.
Al Calhoun and Mark Fair of CBRE Hotels’ Capital Markets Institutional Group represented the seller. “Closing this transaction was particularly satisfying given the size of the deal and the challenges we’re facing in the debt markets,” said Calhoun, vice chairman with CBRE Hotels in Atlanta. “We were able to complete this transaction by breaking it up into three deals with three different lenders.”
The portfolio includes 13 Courtyard by Marriott hotels and three Residence Inn by Marriott hotels. These properties are located in Georgia, Massachusetts, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Texas and Virginia. Eleven of the properties also underwent major renovations between 2018 and 2019.