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Starwood REIT Advisors affiliate buys hotel portfolio for $229M

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Starwood REIT Advisors affiliate buys hotel portfolio for $229M

An affiliate of Starwood REIT Advisors LLC signed a deal to buy a portfolio of select service hotels totaling 1,057 rooms across eight hotels in a number of off-market transactions for a total of $229 million, excluding closing costs.

The portfolio was sold by affiliates of Noble Investment Group.

Two of the properties are located close to the Tampa Airport in Tampa, Fla., with another two located in Fort Myers, Fla. One hotel is located in Boulder, Colo. The remaining three assets are located in Knoxville, Tenn., Little Rock, Ark., and Cleveland.

The acquisition was funded with a combination of cash on hand and the assumption of existing property-level debt for six of the hotels and new debt provided by Deutsche Bank for the remaining two hotels.

Starwood REIT Advisors is Starwood Real Estate Income Trust Inc.'s adviser.