The sale of five hotel properties, including one in Kansas City near the Country Club Plaza, was finalized Thursday in a group deal for $163 million, or a value of $201,000 per room, according to a news release.
CBRE Hotels said it arranged the sale of an 812-room, five-hotel portfolio that includes the Courtyard Kansas City/Country Club Plaza.
Xenia Hotels & Resorts Inc. sold the properties to Summit Hotel Properties Inc. Both are real estate investment trusts.
In addition to the Kansas City property, the transaction included the Courtyard Fort Worth, Tex., Downtown/Blackstone Hotel; the Courtyard Pittsburgh Downtown; the Residence Inn Baltimore/Inner Harbor; and the Hampton Inn & Suites Baltimore/Inner Harbor.
All five properties are adaptive uses of old buildings. Summit said it intends to invest another $13 million to $16 million in capital improvements in the five properties over the next two years.
The Kansas City hotel, which has 123 rooms, was built in 1925 as the Park Lane Apartments. It was converted to a Courtyard by Marriott in 2006.