Exclusive: Hospitality Properties nears $2.4 billion acquisition of Spirit MTA assets - sources [Reuters]
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Source: Reuters
Exclusive: Hospitality Properties nears $2.4 billion acquisition of Spirit MTA assets - sources - Reuters 3 Min Read (Reuters) - Hospitality Properties Trust is nearing a $2.4 billion deal to acquire a rental real estate portfolio from Spirit MTA REIT, a major landlord of bankrupt U.S. retailer Shopko Stores Inc, people familiar with the matter said on Sunday. The deal would allow Spirit MTA to cash out on most of its real estate. It would also diversify Hospitality Properties’ portfolio beyond the hotel and travel center sectors and into retail properties such as restaurants, movie theaters and car service stations. More than two dozen U.S. retailers, including Sears Holdings Corp and Toys R US, have filed for bankruptcy in the past two years, succumbing to the onslaught of fierce e-commerce competition from companies like Amazon Inc and putting financial pressure on landlords with limited resources. Hospitality Properties has agreed to acquire 774 retail properties from Spirit MTA l
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