Hotel REIT ARC Hospitality to raise up to $400 mln from Brookfield

U.S. real estate investment trust (REIT) American Realty Capital Hospitality Trust (ARC Hospitality) has agreed to an investment of up to US$400 million from a real estate private equity fund managed by Brookfield Asset Management. The investment, to be made in the form of convertible preferred units, is expected to close in March. With the close, ARC Hospitality, which invests in North American hotel properties, will become self-managing and change its name to Hospitality Investors Trust. Brookfield will be afforded governance and approval rights over some of the company's activities.

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