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Wednesday, 28 February 2018

Portfolio of Extended Stay America Hotels Sells for $114Mln

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Commercial Real Estate Direct Staff Report

Three Wall Capital has paid $114 million for 25 hotels with about 2,400 rooms in Ohio, Kentucky, Indiana and Texas.

The New York company bought the properties from Extended Stay America Inc., which will continue to manage them. In addition, Three Wall has agreed to develop 15 Extended Stay properties over the next seven years.

The sale is part of an effort by Extended Stay to sell roughly 150 of its properties over the next three years. While it's selling properties that might generate average daily rates that are lower than its portfolio average, the company would buy development sites with the...

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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Hotel & Resort
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $100 million and $150 million
  • Private: Yes
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Dan Moynihan

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