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BRENTWOOD, TENN. AND IRVINE, CALIF. — Brookdale Senior Living Inc. (NYSE: BKD) and HCP Inc. (NYSE: HCP) have entered into a definitive agreement to purchase a portfolio of 35 private-pay seniors housing communities from Canadian real estate investment trust Chartwell Retirement Residences for $849 million. Located in eight states including Florida, Texas and Colorado, the portfolio consists of 5,025 units and is comprised of 33 senior housing properties representing 4,792 units, with a mix of 46 percent assisted living, 45 percent independent living, 5 percent memory care and 4 percent skilled nursing. The portfolio also includes leasehold interests in two communities, which are wholly owned by HCP, representing 233 units that include purchase-option rights exercisable in 2017. “This portfolio acquisition provides attractive risk-adjusted returns for our shareholders, and also creates value for our operating partner through a real estate-driven transaction,” says Lauralee Martin, president and CEO of Irvine, Calif.-based HCP. “Brookdale’s familiarity with this portfolio will be a tremendous asset as we avoid any transition issues and immediately implement capital investment plans to generate future growth above traditional triple-net rent escalators,” she adds. The portfolio will be acquired using a RIDEA (REIT Investment Diversification and Empowerment Act) joint-venture structure, with …

LAKE FOREST, CALIF. — Levy Acquisition Corp. (NASDAQ: LEVY) has acquired Del Taco Holdings for about $500 million. Del Taco will now become Levy’s sole direct subsidiary. Del Taco has been a popular choice for Mexican-American fast casual fare in Southern California since 1964. It now operates 547 Mexican-American restaurants in 16 states, making it the second-largest Mexican American quick-service restaurant chain in the U.S. The largest concentration of stores is situated in the Pacific Southwest. Del Taco owns more than 300 of these stores. The remaining stores are owned and operated by franchisees. Levy Acquisition Corp. (LAC) plans to change its name to Del Taco Restaurants Inc. once the merger is complete in June. It will continue to trade on the NASDAQ stock exchange. Del Taco will receive a private equity investment of $120 million from restaurateur Larry Levy’s family and other new investors (operating as LLI) prior to the sale’s closing. Levy will become chairman of the Del Taco board of directors after the equity investment is made, before the merger is complete. He will also partner with management to oversee the company’s growth and brand building. The LLI purchase price is based on a $500 million enterprise …

INDIANAPOLIS — Simon Property Group Inc. (NYSE: SPG), the largest mall owner in the United States, has proposed purchasing Santa Monica, California-based real estate investment trust The Macerich Company (NYSE: MAC) by acquiring all of Macerich’s outstanding stock for $91 per share in cash and Simon shares, in a bid valued at more than $22.4 billion. The proposed transaction includes the assumption of Macerich’s approximately $6.4 billion of debt outstanding. Macerich shareholders would receive consideration in the form of 50 percent cash and 50 percent Simon common stock, utilizing a fixed exchange ratio. Indianapolis-based Simon also has reached an agreement in principle to sell selected Macerich assets to General Growth Properties Inc. in connection with the closing of the acquisition. Neither transaction financing nor the sale of assets to General Growth will be a condition to closing the proposed transaction. “We believe Simon’s cash and stock offer would bring compelling value to shareholders of both companies,” said David Simon, Simon’s chairman and CEO. “Macerich shareholders would receive a significant current cash premium as well as the long-term upside potential of an investment in Simon, which is widely recognized for its high-quality portfolio and industry-leading operating performance. “Simon has consistently delivered …

NEW YORK AND IRVING, TEXAS — American Realty Capital Hospitality Trust Inc. (ARC Hospitality), a non-traded, hotel-focused real estate investment trust (REIT) based in New York, has completed the previously announced acquisition of the Equity Inns Lodging Portfolio. ARC Hospitality purchased the portfolio from subsidiaries of Irving-based W2007 Grace Acquisition I Inc. and WNT Holdings LLC, which are affiliates of the Whitehall Real Estate Funds sponsored by Goldman Sachs. The total purchase price was $1.8 billion, which is the largest purchase by a non-traded REIT, according to Jonathan Mehlman, president and CEO of ARC Hospitality. “The Equity Inns purchase marks the largest acquisition in the history of the non-traded REIT industry, and propels ARC Hospitality into a leadership position among select-service lodging REITs in North America,” says Mehlman. The portfolio consists of 116 hotels totaling 13,744 rooms across 31 states, all franchised by Hilton Hotels & Resorts, Marriott International, Hyatt Hotels or InterContinental Hotels Group. The hotels include brands such as Hampton Inn, Hilton Garden Inn, Homewood Suites, Embassy Suites, Courtyard, Residence Inn, Hyatt Place and Holiday Inn. “In our opinion, Equity Inns offers compelling value among recently marketed and comparable select-service portfolios from the standpoint of both price per …

HOUSTON — The 2.4 million-square-foot Houston Galleria shopping center will undergo a $250 million renovation, according to mall owner Simon Property Group (NYSE: SPG). The Galleria is located at 5085 Westheimer Road. The comprehensive renovation is scheduled to begin this spring, though components of it have already begun. The renovation will include a new 200,000-square-foot flagship store for Saks Fifth Avenue. The new store will be located adjacent to Saks’ former location. The mall opened in 1970. The last time the Houston Galleria underwent a renovation/expansion was in 2006. Simon plans to turn the old space into a new multi-level mall extension that will feature 110,000 square feet of space to house 35 new retailers and restaurants. The extension will be anchored by Saks Fifth Avenue on one end and Neiman Marcus on the other. “This project will provide the unprecedented luxury shopping experience that the Houston market craves, with high-profile brands, unique restaurant choices and premiere amenities,” says David Simon, CEO of Simon Property Group. “The new flagship Saks Fifth Avenue will be the cornerstone of this high-end retail opportunity and will continue to anchor the Galleria in an even more impactful way.” Houston Galleria’s luxury wing will also …

BETHESDA, MD. — RLJ Lodging Trust (NYSE: RLJ) has sold 24 hotels for $240 million. The sale price represents approximately a 7.9 percent capitalization rate on the hotels’ 2014 net operating income, including planned capital expenditures. The hotels, which were sold through a combination of individual and portfolio sales, were selected based on operating performance, market location, and pending capital requirements relative to RLJ’s long-term investment strategy. For the list of the hotels click here. RLJ Lodging Trust estimates that it saved approximately $65 million of pending capital expenditures through the sale of these assets. The 24 hotels were initially acquired as part of a large portfolio transaction in 2006. “We are very pleased with the execution of our capital recycling program. In total, we have now sold 39 hotels for approximately $370 million over the last 16 months and improved our overall portfolio metrics,” says Thomas Baltimore Jr., president and CEO of RLJ Lodging Trust. “We remain committed to creating long-term shareholder value through enhancing our portfolio’s quality and recycling capital into higher-growth markets.” The 2014 revenue per available room (RevPAR) of the 24 hotels sold was approximately $72, which represents more than a 40 percent discount to the …