Inland Trust Inc. purchases Marriott hotel portfolio

Inland American Lodging Group Inc. of Orlando, Fla., a wholly owned subsidiary of Oak Brook-based Inland American Real Estate Trust Inc., said it has acquired a portfolio of four Marriott-branded hotels from Moody National Companies for about $80 million.

The hotels will continue to be managed by Concord Hospitality Enterprises, which had existing management contracts that were extended to run through 2020.

The portfolio includes hotels Courtyard Pittsburgh Downtown and the Pittsburgh West Homestead in Pennsylvania; Courtyard West Palm Beach Airport in Florida; and Marriott West Des Moines in Iowa.

"This is a strong portfolio of Marriott-branded hotels that sustained moderate rate and occupancy declines compared to the national average, throughout the economic downturn," Marcel Verbaas, president and CEO, Inland American Lodging Advisors, said in a statement. "We believe they are well-positioned for growth as the economy recovers and business and leisure travel return to more normalized levels. Targeted capital expenditures will further enhance these hotels during Inland American's first few years of ownership."

Following this acquisition, Inland American Real Estate Trust has 15,584 hotel rooms, including 54 hotels under the Marriott brand.