MCLEAN, VA— Lodging REIT Highland Hospitality Corp. has inked a definitive agreement to acquire four hotels consisting of 1,687 rooms from Wyndham International, Inc. The purchase price for the four-hotel portfolio is $227 million or approximately $134,500 per room and the company expects to close on the hotels within 40-75 days of signing the definitive agreement. The hotels are the 510-room Hilton in Parsippany, NJ, the 495- room Crowne Plaza Ravinia in Atlanta, GA; the 360-room Wyndham Wind Watch Hotel in Hauppauge, NY; and the 322-room Tremont Boston-A Wyndham Historic Hotel in Massachusetts. James Francis, Highlands president/CEO, added the REIT “will further invest additional capital after closing in order to reposition and renovate the portfolio, including the rebranding of two hotels.
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