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| Oak Brook, Ill. – October 7, 2010 -
Inland American Lodging Group, Inc.
(“IALG”), a wholly owned subsidiary of Inland American Real Estate
Trust,
Inc. (“Inland American”), announced today that it has acquired the
former Westin City Center in Dallas for $50 million, or approximately
$123,000/key. Upon acquisition, the hotel was immediately
converted into a
full-service Marriott hotel and is now known as the Dallas Marriott
City Center. Marriott is managing the hotel under a new long-term
agreement. “We are excited to add the Dallas Marriott City Center to our growing portfolio of Marriott-branded hotels,” said Marcel Verbaas, president and CEO, Inland American Lodging Advisors, Inc. “Given its strong location in Dallas’ downtown financial and arts districts, the affiliation with Marriott’s flagship brand and our plans to fully improve and renovate the hotel, we believe it is well-positioned for strong future revenue growth. We believe the repositioning and renovation of the hotel will establish the Dallas Marriott City Center as the premier business and mid-size group hotel in the downtown Dallas market.” The new Dallas Marriott City Center hotel contains 407 guestrooms, including 25 suites, and a total of 25,000 square feet of meeting space and an 8,600-square-foot ballroom. The hotel is part of the 1.2-million-square-foot Plaza of the Americas mixed-use complex, which also includes two office towers, upscale retail and fine dining. The hotel will undergo an extensive renovation including a complete remodeling of the guest rooms, the addition of a concierge lounge, creation of a state-of-the-art fitness facility overlooking downtown Dallas and extensive upgrades to the restaurant, lobby and meeting rooms. In early September 2010, Inland American sold the Hilton Garden Inn Chelsea in New York, NY for $68.4 million or approximately $405,000/key, harvesting value from an asset located in a gateway market where pricing is most aggressive in today’s hotel transaction market. The Hilton Garden Inn Chelsea was sold for a gain of approximately $14 million after a hold period of three years. “We remain focused on enhancing the value of our portfolio through active asset management as well as select dispositions and acquisitions,” added Mr. Verbaas. “This acquisition, in addition to our sale of the Hilton Garden Inn Chelsea in New York, exemplifies the continued execution of our strategic plan.” Following the acquisition of the Dallas Marriott City Center, Inland American Real Estate Trust has 15,331 hotel rooms, including 53 hotels under various Marriott brands. About Inland American Lodging Advisor, Inc. Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and asset managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 105 hotels branded under various Marriott, Hilton, Starwood, Hyatt, IHG and Choice brands that are managed either by the brand’s managers or independent third-party management companies. About Inland American Real Estate Trust, Inc. Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate including retail, multi-family, industrial, lodging, office and student housing properties, located in the United States and Canada. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of June 30, 2010 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 980 properties, representing approximately 48 million square feet of retail, industrial and office properties, 10,154 multi-family units and 15,146 lodging rooms. Inland American is one of five REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com. |
| Contact:
Matt Tramel Director, Media Relations 630-586-4896 or [email protected]
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| Also See: | Marriott
Takes Over Management of the Westin City Center in Dallas; Nour Laasri
Named General Manager / September 2010 |