American Realty Capital Hospitality Trust Amends Agreement to Acquire Equity Inns Portfolio
To Purchase 116 Hotels Totaling 13,744 Rooms in 31 States for $1.808 Billion; To Close in February 2015
NEW YORK - November 14, 2014 - American Realty Capital Hospitality Trust, Inc. ("ARC Hospitality" or the "Company"), announced today that it has entered into a definitive, amended and restated purchase and sale agreement (the "Amended Purchase Agreement") for the acquisition of the Equity Inns Lodging Portfolio that consists of 116 hotel assets (previously 126 hotel assets) ("Equity Inns" or the "Portfolio"). Equity Inns is being acquired from subsidiaries of W2007 Grace I, LLC and WNT Holdings, LLC, each of which are indirectly owned by one or more Whitehall Real Estate Funds ("Whitehall"), real estate private equity funds sponsored by The Goldman Sachs Group, Inc.
The transaction is scheduled to close on February 27, 2015. Both parties have agreed to the removal of several contingencies that were included in the original purchase and sale agreement, which they believe provides greater certainty to the successful execution of the transaction. The acquisition of Equity Inns, when completed, will increase ARC Hospitality's lodging portfolio to 122 hotels totaling 14,925 rooms, establishing ARC Hospitality as one of the largest owners of select-service hotels (by enterprise value) in the North American lodging REIT sector.
Under the terms of the Amended Purchase Agreement, ARC Hospitality, through its subsidiaries, will acquire the Portfolio for a purchase price of $1.808 billion. The Portfolio will consist of 116 hotels totaling 13,744 rooms across 31 U.S. states, franchised by leading global hotel brands including Hilton Hotels & Resorts, Marriott International, Hyatt Hotels and InterContinental Hotels Group. It will encompass a number of well-known hotel flags, including Hampton Inn, Hilton Garden Inn, Homewood Suites, Embassy Suites, Courtyard, Residence Inn, Hyatt Place and Holiday Inn.
Important Notice
The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. In addition, words such as "will," "should," "may," "anticipate," "believe," "expect" and "intend" indicate a forward-looking statement, although not all forward-looking statements include these words.
About ARC Hospitality
ARC Hospitality is a publicly registered, non-traded real estate investment trust ("REIT") that intends to qualify as a REIT for tax purposes with the taxable year ending December 31, 2014. www.archospitalityreit.com/
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
