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NEW YORK CITY — W. P. Carey Inc. (NYSE: WPC), a New York-based REIT, has acquired a portfolio of six Courtyard by Marriott hotels for $52 million. The portfolio is net leased to a wholly owned subsidiary of Marriott International Inc. The leases have a remaining term of approximately 11 years and include fixed rent escalations. The deal was announced just days after Marriott agreed to buy Starwood Hotels & Resorts Worldwide for $12.2 billion. The acquisition will create the world’s largest hotel company with 30 brands under its belt. The portfolio has shown growth in average daily rate, occupancy and revenue per available room (RevPAR), and has generated consistent operating margins and rent coverage, according to Marriott. In addition, the company says each hotel within the portfolio has received high guest satisfaction ratings. “The acquisition of the Courtyard by Marriott portfolio presented the opportunity to acquire six established operating properties with strong performance,” says Jason Fox, president of W. P. Carey. “The steady, predictable cash flows and annual rent escalations, coupled with the strength of Marriott International’s brand and credit, made this an ideal addition to the W. P. Carey portfolio.” In business since 1957, Marriott International Inc. is …

CINCINNATI AND MILWAUKEE — The Kroger Co. (NYSE: KR) and Roundy’s Inc. (NYSE: RNDY) have announced a definitive merger agreement under which Kroger will purchase all outstanding shares of Roundy’s for $3.60 per share in cash. The transaction is valued at approximately $800 million, including debt. The transaction price represents a premium of approximately 65 percent to the Roundy’s closing share price on Nov. 10. “We are delighted to welcome Roundy’s to the Kroger family,” says Rodney McMullen, Kroger’s chairman and CEO. “With a team of 22,000 talented associates, outstanding store locations and a shared commitment to putting customers first, we are excited about Roundy’s future growth.” The merger increases Kroger’s presence in the Midwest with 151 stores and 101 pharmacies in new geographies for Kroger, including Milwaukee, Madison and northern Wisconsin, which are served under the Pick ‘n Save, Copps and Metro Market banners. The merger also expands Kroger’s presence in the Chicagoland area, where Roundy’s operates 34 stores under the Mariano’s banner. “We admire what Bob Mariano has done with the Mariano’s banner in Chicago, where he has created an urban format that is resonating with customers and we expect to apply Roundy’s experience to our stores in …

NEW YORK — A subsidiary of Brookfield Property Partners LP (NYSE: BPY) has entered into a joint venture with Qatar Investment Authority (QIA) to develop the mixed-use Manhattan West project in New York City. In the transaction, Brookfield sold a 44 percent interest in the development to QIA. The total value of the development upon completion and stabilization is estimated to be $8.6 billion. “Brookfield has enjoyed a long-standing, successful relationship with QIA and we are thrilled that they share our vision for this transformative project,” says Bruce Flatt, CEO of Brookfield Asset Management, a global alternative asset manager with more than $200 billion of assets under management. New York-based Brookfield Property Partners, the flagship listed real estate company of Brookfield Asset Management, has more than $60 billion in total assets. QIA, a global investor, was founded by the State of Qatar in 2005 as its sovereign wealth fund. “We are pleased to expand our relationship with Brookfield and invest in this world-class project. This joint venture is an example of our strategy to invest in high-quality real estate with strong partners. It is also a further demonstration of QIA’s long-term confidence in the U.S. market,” says His Excellency Sheikh …