Five Marriott hotels in the USA have been bought for $114.2m (£57.6m) by Memphis-based Equity Inns the oldest and third largest hotel real estate investment trust (REIT) in the USA.
The properties, which are located in Los Angeles, San Diego and Dallas were bought from partnerships operating under Huntington hotels and included debt of $56.5m (£28.5).
Equity Inns president and chief executive, Howard Silver, said: "Los Angeles and San Diego are places that have substantial barriers to entry and that is where you should buy hotels or any real estate. The demand for hotels and the rates in those cities has increased substantially over the last few years."
Equity Inns REIT has 132 properties in 35 states within the USA.
By Emily Manson
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