American Realty Capital Hospitality Trust (ARC Hospitality) has agreed to acquire the Equity Inns hotel portfolio for $1.808bn.

The portfolio includes 116 hotels, featuring 13,744 rooms, in 31 states.

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ARC Hospitality is buying the portfolio from subsidiaries of W2007 Grace I, and WNT Holdings, that are indirectly owned by one or more of Goldman Sachs’ Whitehall Real Estate Funds.

"ARC Hospitality is buying the portfolio from subsidiaries of W2007 Grace I, and WNT Holdings, that are indirectly owned by one or more of Goldman Sachs’ Whitehall Real Estate Funds."

They are franchised by several worldwide hotel brands, including Hilton Hotels & Resorts, Marriott International, Hyatt Hotels and InterContinental Hotels Group.

It will feature various hotel flags, including Hampton Inn, Hilton Garden Inn, Homewood Suites, Embassy Suites, Courtyard, Residence Inn, Hyatt Place and Holiday Inn.

The transaction is expected to be complete on 27 February 2015 and will increase ARC Hospitality’s portfolio to 122 hotels, totalling 14,925 rooms.

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Bloomberg reported the value of the transaction compares with an estimated purchase price of $1.93bn for 126 hotels signed in June 2014.

Goldman, Sachs & Co and Deutsche Bank Securities acted as financial advisors to the selling subsidiaries.

RCS Capital, the investment banking and capital markets division of Realty Capital Securities, acted as financial advisor to ARC Hospitality.

ARC Hospitality is a publicly registered, non-traded real estate investment trust (REIT) that aims to qualify as a REIT for tax purposes with the taxable year ending 31 December 2014.