Newton-based Service Properties Trust sold a portfolio of Courtyard by Marriott and Residence Inn by Marriott hotels for $137.3 million to a joint venture.
Located in nine states, the properties include the Courtyard Boston Norwood/Canton at 300 River Ridge Drive in Norwood.
The buyers are Dallas, Texas-based NewcrestImage and Phoenix, Arizona-based Hospitality Capital Partners (HCP). Al Calhoun and Mark Fair of CBRE Hotels’ Capital Markets Institutional Group represented Service Properties Trust in the transaction.
The transaction was completed by breaking up the deal for three separate lenders, reflecting the current challenges facing debt markets, Calhoun said in a statement.
All but two of the properties underwent renovations in 2018 and 2019.
At year’s end, Service Properties Trust owned 238 hotels operated by Sonesta, Hyatt Hotels Corp., Radisson Hospitality, Marriott International and Intercontinental Hotels Group.
Comparable hotel RevPAR increased 21 percent in the fourth quarter, with occupancy rising 3.3 percent, and EBITDA rising 98 percent over the fourth quarter of 2021.