News
Goldman Said To Sell $1.7B Hotel Portfolio
Moody National REIT is reportedly buying 149 hotels from Goldman Sachs for $1.7B. Goldman's Whitehall Street unit acquired most of the properties from Gary Tharaldson for $1.2B in 2006. Moody is a non-traded real estate investment trust based in Houston and this is its biggest deal in the four years since it branched into the hotel sector. Goldman purchased the assets (spread across 32 states) from Theraldson shortly before the financial crisis of 2008. Their subsequent plummet in value prompted the bank to restructure debt on its hotel portfolio. A recent spate of big hotel swaps, including Hilton mulling a purchase of four Blackstone lodgings, is a testament to their surpassing pre-Great Recession values. [Bloomberg]
