Northstar in 'advanced' talks to acquire Griffin-American for $4B, Hammond says Ed Hammond, the U.S. deals correspondent for the Financial Times, reported on Twitter that NorthStar is in "advanced talks" to buy Griffin-American for about $4B. Reference Link
News For NRF From The Last 14 Days
Check below for free stories on NRF the last two weeks.
Northstar Realty and Chatham Lodging to acquire $1.1B hotel portfolio NorthStar Realty (NRF) has entered into a definitive agreement to acquire a $1.1B hotel portfolio from Inland American Real Estate Trust. The Portfolio is comprised of 52 upscale extended stay and select service hotels with approximately 7,000 rooms. NorthStar Realty is acquiring the Portfolio in a joint venture with Chatham Lodging (CLDT) where NorthStar Realty will have an approximate 90% ownership interest in the Portfolio and Chatham will own an approximate 10% minority interest. NorthStar Realty expects to obtain non-recourse financing for approximately 70-75% of the purchase price and earn an initial mid-teens cash-on-cash yield, based on estimated year-one NOI. The Portfolio is geographically diverse and located across 21 states.