ARA H-Trust buys three US Marriott hotels for $114m

The hotels are located in North Carolina and Texas.

ARA US Hospitality Trust has acquired three Marriott-branded upscale hotels in the US for $114m (US$84.5m), according to a press release.

The acquisition of the properties in North Carolina and Texas at a net property income yield of 8.0% is seen to increase the REIT’s pro forma distribution income from 9 May to 30 September by $1.9m (US$1.4m) and in distribution per stapled security from 3.13 US cents to 3.38 US cents.

After this purchase, ARA H-Trust’s portfolio will rise to 41 hotels in 22 US states.

DBS Bank was the sole issue manager of the purchase and was one of the financial advisers along with OCBC and UOB. AHA H-Trust CEO Lee Jin Yong said the portfolio has outperformed its competitive set recording revenue per available room (RevPAR) indices between 120% and 146%, and will affiliate the REIT with Marriott and Concord Hospitality.

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