NEW YORK—W. P. Carey Inc., a real estate investment trust specializing in corporate sale-leaseback and build-to-suit financing, and the acquisition of single-tenant net lease properties, announced that it has acquired a portfolio of six Courtyard by Marriott hotels for approximately $52 million. The portfolio is triple-net leased to a wholly-owned subsidiary of Marriott International, Inc.
Jason Fox, head of global investments and president of W. P. Carey Inc., said, “The acquisition of the Courtyard by Marriott portfolio presented the opportunity to acquire six established operating properties with strong performance at an attractive basis, offering compelling risk-adjusted returns. The steady, predictable cash flows and annual rent escalations, coupled with the strength of Marriott International’s brand and credit made this an ideal addition to the W. P. Carey Inc. portfolio.”
