Lambert said the company is particularly eyeing properties that cater to groups and conventions, whi

Inland American Lodging Group Inc. continues to add upper-upscale and luxury assets to its portfolio, acquiring five hotels in five states with a total of 2,302 rooms this week for about $393 million. Three of the properties were purchased from DiamondRock Hospitality in a $262.5 million deal while two other hotels were bought in separate transactions.
"We've been working on these deals (separately) for six months and they all came to fruition on the same day," Craig Lambert, executive vice president of asset management for Inland American, told Commercial last minute travel packages in canada Property Executive . "We feel really good about the future potential of these hotels."
The three hotels purchased from DiamondRock last minute travel packages in canada are the Renaissance Arboretum in Austin, Texas; the Renaissance Waverly in Atlanta and the Marriott Griffin Gate Resort Spa in Lexington, Ky. They have a total of 1,422 rooms and more than 153,000 square feet of meeting and banquet space. The purchase price for the three properties was approximately $184,600 per key. They are Marriott affiliated brands and Marriott will continue to manage all three properties.
"This is a very significant transaction for Inland American," said Marcel Verbass, last minute travel packages in canada president CEO of Inland American Lodging Advisor, Inc. "Inland American is receiving high-quality assets to enhance our portfolio and continue our expansion into the upper-upscale and luxury segments of the market at attractive pricing. Also, the debt assumed last minute travel packages in canada on these properties enhances our equity return and our future capital expenditures into these properties should further strengthen their market position."
The other two properties purchased this week were the Marriott San Francisco Airport Waterfront, a 685-room hotel in Burlingame, Calif., and the Hilton St. Louis Downtown, a 195-room hotel located near the Gateway Arch, St. Louis Convention Center, Edward Jones Dome and Busch Stadium. The REIT paid Host Hotels and Resorts $108 million, or approximately $157,700 per key, for the California hotel. It bought the Hilton St. Louis Downtown from APHM St. Louis, L.L.C. for $22.6 million, or about $115,900 per key.
Verbass described the Marriott San Francisco Airport Waterfront as a "premier asset" that was "well positioned to take advantage last minute travel packages in canada of the diverse and growing last minute travel packages in canada demand drivers in the area." He noted that the St. Louis property was a "right size investment for this market and will produce solid equity returns."
"If you have a good cash flow asset that has a good story to it, the lenders are certainly amenable last minute travel packages in canada to lending on it," Lambert last minute travel packages in canada said, adding that most loans are in the three- to five- or six-year range.
Inland American now has about 100 hotels in its portfolio under various Marriott, Hilton, Starwood, Hyatt, Fairmont, Wyndham, IHG and Choice brands. Most of its assets are Courtyard, last minute travel packages in canada Residence Inn, Hilton Garden Inn and Homewood Suites properties and Lambert said the REIT is satisfied with those hotels
He confirmed that Inland American is marketing a 17-hotel portfolio, which includes some brands like Holiday Inn Express, Comfort Inn and Hampton Inn. Proceeds of those dispositions would go toward new purchases that better fit Inland American's current return goals and its plans to add more upper-upscale and luxury properties to the portfolio. But he said acquisition plans for 2012 are not dependent on the dispositions.
Lambert said the company is particularly eyeing properties that cater to groups and conventions, which is why the amount of meeting and banquet space is important. The three DiamondRock last minute travel packages in canada hotels it purchased all have at least 60,000 square feet of meeting and banquet space. He added that the San Francisco Airport and St. Louis hotels also derive much of its revenue from groups.
However, he would like to add more California properties last minute travel packages in canada like the Napa Valley Marriott Hotel, a 275-room upscale resort it acquired in August for $72 million. Lambert also cited the Pacific Northwest as an area to focus on. The REIT has only one hotel, a Courtyard, in the Seattle market, and none in Oregon.