ARA US Hospitality Trust is announcing the acquisition of service residence Home2 Suites by Hilton Colorado Springs South for a total cost of about US$30.0 million:
The Property is a recently-built select-service, extended-stay hotel with 119 rooms located at 1235 Tenderfoot Hill Road, Colorado Springs, Colorado 80906. Colorado Springs is at the center of the Rocky Mountain recreation activities and is a popular tourist attraction. In addition, it is a strong base for prominent U.S. aerospace and military establishments as well as higher education institutions. The growing sports and high-technology industries also offer strong support to the expanding sub-market.
The purchase is expected to be DPU accretive.