2011-02-28 17:06:29 -
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 Charleston Marriott Town Center located in Charleston, West Virginia for $25.5 million, or approximately $72,000/key, from Forest City Enterprises, Inc. The hotel, adjacent to the 897,000 square foot Charleston Town Center mall, contains 352 rooms and a total of 17,500 square feet of meeting and banquet space.
“Inland American is pleased to add another full service Marriott hotel to our lodging portfolio,” said Marcel Verbaas, president and CEO, Inland American Lodging Advisor, Inc. “The Charleston Marriott Town Center is the premier transient and group meeting hotel in the region and has historically exhibited a very
strong and stable yield performance. With our plans to renovate and upgrade the rooms and lobby over the first few years of our ownership, we believe this hotel will be well-positioned to produce solid cash flow returns for our stockholders.”
The hotel will continue to be managed by Marriott under a long term management agreement. With the addition of the Charleston Marriott, Inland American currently owns 56 hotels affiliated with various Marriott brands, including 6 full service Marriott hotels.
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 104 hotels with 16,251 rooms branded under various Marriott, Hilton, Starwood, Hyatt, IHG and Choice brands that are managed either by the brand managers or independent third-party management companies. For further information regarding the company, please refer to our website at www.inlandamericanlodging.com :
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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 September 30, 2010 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 981 properties, representing more than 48 million square feet of retail, industrial and office properties, 10,547 multi-family units and 15,384 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 :
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Inland American Real Estate Trust, Inc.Joel Cunningham,
630-586-4897
cunninghamj@inlandgroup.com : mailto:cunninghamj@inlandgroup.com
