Goldman Sachs $1.7B Hotel Deal With Moody National REIT Collapses
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An increase in funding costs has led to the collapse of Goldman Sachs Group’s $1.73B hotel deal with Moody’s National REIT. The deal included 149 US hotels from Goldman’s Whitehall Street real estate unit, which consists mainly of properties purchased in 2006 for $1.2B. Moody’s had disclosed the acquisition without naming the seller in a May regulatory filing, Crain’s reports. The purchase would have represented the largest transaction for Moody’s National since it began acquiring hotels four years ago. "The capital markets pricing changed and made the deal less attractive," said Moody CEO Brett Moody. A spokesperson for Goldman in New York declined comment. [Crain's]