W.P. Carey Acquires Marriott International Net Lease Portfolio For About $52 Mln

(RTTNews) - W. P. Carey Inc. (WPC) said it has acquired a portfolio of six Courtyard by Marriot hotels for about $52 million. The portfolio is triple-net leased to a wholly-owned subsidiary of Marriott International, Inc. (MAR), with a remaining term of approximately 11 years and includes fixed rent escalations.

W.P. Carey is a real estate investment trust specializing in corporate sale-leaseback and build-to-suit financing, and the acquisition of single-tenant net lease properties.

Jason Fox, Head of Global Investments and President of W. P. Carey, 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."