Canada-based R&R REIT bought a $35M U.S. portfolio of nine hotel properties from entities managed by Majid Mangalji, president of Westmont Hospitality Group.
The hotels are spread throughout the Midwest and Southeast and comprise 1,020 rooms, a number that drastically boosts the REIT’s property count from its current 132 to 1,152 across all properties, Yahoo Finance reports. Experts said the deal strategically grants R&R exposure to the U.S. dollar while expanding its business into U.S. markets.
The deal must be approved by a majority vote of the REIT’s minority unitholders, and independent trustees unanimously recommended voters support the acquisition.
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