Northstar Finance Corp (NRF)

[MCArmel1]

NorthStar Realty closes on $1.1B hotel portfolio purchase

Nov 18 2014, 08:40 ET | By: Stephen Alpher, SA News Editor

With the acquisition (from Inland American Real Estate Trust), NorthStar (NYSE:NRF) now owns a $3B hotel portfolio comprised of 155 upscale extended stay and select hotels with 20,250 rooms. 90% of the portfolio is affiliated with Marriott or Hilton, and management expects it to generate NOI growth in 2015.
Source: Press Release

http://seekingalpha.com/news/2133765-northstar-realty-closes-on-1_1b-hotel-portfolio-purchase?uprof=45#email_link


NorthStar Realty Finance Announces Closing of $1.1 Billion Hotel Portfolio
Tue November 18, 2014 8:30 AM|PR Newswire | About: NRF

NEW YORK, Nov. 18, 2014 /PRNewswire/ -- NorthStar Realty Finance Corp. (NRF) ("NorthStar Realty") today announced that it has closed its acquisition of a $1.1 billion hotel portfolio from Inland American Real Estate Trust. NorthStar Realty now owns a $3 billion hotel portfolio comprised of 155 premier upscale extended stay and select service hotels with 20,250 rooms.

NorthStar Realty's Chairman and Chief Executive Officer, David Hamamoto, commented, "We are extremely pleased to have accumulated one of the largest extended stay and select service portfolios in the public markets. We expect our overall hotel portfolio, 90% of which is affiliated with Marriott or Hilton, to generate substantial NOI growth in 2015."

About NorthStar Realty Finance Corp.

NorthStar Realty Finance Corp. is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm. For more information about NorthStar Realty Finance Corp., please visit www.nrfc.com.

Forward Looking Statements

This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "will," "expect" or other similar words or expressions. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include, but are not limited to, the performance of the $1.1 billion hotel portfolio and NorthStar Realty's hotel portfolio generally and NorthStar Realty's ability to generate substantial NOI growth on its hotel portfolio. Additional factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NorthStar Realty's Annual Report on Form 10-K for the year ended December 31, 2013 and its other filings with the Securities and Exchange Commission.

Any forward-looking statements contained herein speak only as of the date of this press release. NorthStar Realty expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

SOURCE NorthStar Realty Finance Corp.

http://seekingalpha.com/pr/11733445-northstar-realty-finance-announces-closing-of-1_1-billion-hotel-portfolio