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Top News In விருந்தோம்பல் முதலீட்டாளர்கள் நம்பிக்கை Today - Breaking & Trending Today

Summit Hotel Properties announces acquisition of two new hotels

• Completion of the previously announced acquisition of the 129-guestroom Homewood Suites by Hilton Aliso Viejo-Laguna Beach;
• Acquisition of the 152-guestroom Hyatt Place Phoenix-Mesa;
• Sale of the 150-guestroom Hyatt Place Atlanta Airport North; and
• Receipt of proceeds from Hospitality Investors Trust, Inc. for the repayment of a $27.5 million loan.
“We are thrilled with our ability to source unique acquisitions and the continued success of our capital recycling program,” said Chairman, President and Chief Executive Officer, Daniel P. Hansen.
“In addition to the increased earnings potential, the latest transactions continue to enhance our diverse portfolio of premium-branded hotels. Together, the two acquisitions represent a RevPAR premium of 33.4 percent over the sold hotel,” commented Mr. Hansen. ....

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Brookfield Supports Loan Rework for Hotel REIT

Brookfield Supports Loan Rework for Hotel REIT
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Hotel REIT Hits Ch. 11 In Del. For $1.3B Debt Rework

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Hotel REIT Hits Ch. 11 In Del. For $1.3B Debt Rework
Law360 (May 19, 2021, 10:27 AM EDT) A hotel industry real estate investment trust hit hard by pandemic-related travel drop-offs sought Chapter 11 protection in Delaware on Wednesday with a prepackaged plan that will restructure the 100-hotel venture s $1.3 billion unsecured debt, largely through a replacement equity issue.
Hotel industry REIT Hospitality Investors Trust filed for Chapter 11 bankruptcy protection in Delaware on Wednesday. (iStock.com/ChrisBoswell)
According to initial court filings, Hospitality Investors Trust Inc. and its affiliated operating partnership intend to seek bankruptcy confirmations for its plan by June 23 and emerge from bankruptcy before June 30. ....

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Private Hotel REIT to Be Turned Over to Brookfield

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Brookfield Asset Management (NYSE: BAM) is nearing a deal with private, non-traded REIT, or real estate investment trust, Hospitality Investors Trust that would give it control of the hotel owner. The prepackaged bankruptcy would see Brookfield inject additional liquidity into the company as part of a deal to convert its preferred equity into a 43% common equity interest in the REIT. It would give Brookfield control over roughly 100 hotels managed by top brands, mainly in markets in the Southeast.
A tough time for hotels
The pandemic hit the hospitality sector hard. Travel restrictions and reduced business travel has weighed on hotel occupancy over the past year. That s caused most hotels to burn through cash. ....

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Hotel REIT Hospitality Investors Trust Inc. preps deal to give Brookfield control in bankruptcy

HIT is the latest U.S. hotel operator to consider bankruptcy after the Covid-19 pandemic spurred a slowdown in global travel. REIT Eagle Hospitality Trust filed for Chapter 11 earlier this year, as have several individual hotels across the country.
The REIT owns older hotels with Marriott International, Hilton Worldwide and Hyatt Hotels branding. According to its website and annual report, its top markets by room are Orlando, Fla.; Atlanta; and West Palm Beach/Boca Raton, Fla.
HIT no longer has sufficient cash to fund its obligations, and Brookfield is the only likely provider of additional liquidity, according to its 2020 annual report. Brookfield holds all its preferred equity, worth about $441 million, and HIT converted the cash payment to payment-in-kind in December to preserve liquidity. ....

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