Logo from ARA US Hospitality Trust

ARA US acquires Hilton Colorado Springs South's Home2 Suites for $38.7m

The acquisition reflected the Managers' ongoing portfolio optimisation.

ARA US Hospitality Trust announced the acquisition of Hilton Colorado Springs South's Home2 Suites for US$29m (SG$38.7m).

Branded under Hilton Worldwide, the property, located at 1235 Tenderfoot Hill Road, Colorado Springs, Colorado, is a new-built upscale select-service and extended-stay hotel with 119 rooms.

Lee Jin Young, ARA US Hospitality Trust CEO, said they acquired Home2 Suites at a net property income (NPI) yield of 9.0%, higher than the NPI yield the Managers had derived from five Hyatt Place properties sold in the third quarter of 2022.

READ MORE: Manulife US REIT divests property in Oregon for US$33.5m

Lee added that the acquisition reflected their ongoing portfolio optimisation and rebalancing strategy to re-deploy capital into core assets to increase returns, profits, and distributions for ARA US Hospitality Trust and its Stapled Securityholders.

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