Vornado Realty Trust has closed on a $300 million refinancing for its Outlets at Bergen Town Center in New Jersey, which it acquired 10 years ago. The REIT secured a 10-year, interest-only loan at 3.56%.
A $300 million acquisition will add 13 more hotels to American Realty Capital Hospitality Trust's current portfolio. The Noble Investment Group properties being purchased include brands such as Hilton, Hyatt and Marriott. "We believe these assets, when acquired, will be in the upper echelon of our portfolio, and we expect these hotels to lead our RevPAR growth across the company," ARC Hospitality CEO Jonathan Mehlman said.
Las Vegas developer Terri Sturm has sold a stake in six shopping centers for close to $300 million. The buyer was Inland Diversified Real Estate Trust, which acquired 1.7 million square feet in the deal.