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AUSTIN, TEXAS — Summit Hotel Properties Inc. (NYSE: INN), a hotel investment REIT based in Austin, has purchased a portfolio of five unencumbered hotels in Louisiana for $135 million. An affiliate of Marriott International Inc. will operate the hotels, which total 823 rooms, under their current franchise flags. “These hotels are very well-positioned throughout the diverse areas of the New Orleans metropolitan market,” says Dan Hansen, president and CEO of Summit Hotel Properties. The five hotels include: the 153-room Courtyard by Marriott in Metairie the 120-room Residence Inn by Marriott in Metairie the 202-room Courtyard by Marriott in New Orleans near the Ernest N. Morial Convention Center the 208 SpringHill Suites by Marriott in New Orleans near the convention center the 140-room Courtyard by Marriott in downtown New Orleans near the French Quarter “From the suburban community of Metairie to the bustling convention center to the heart of the French Quarter, these hotels will allow us to take advantage of the substantial business and leisure demand in this market,” says Hansen. Summit Hotel Properties funded the acquisition with available cash and borrowings from its senior secured revolving credit facility. As of today, Summit’s portfolio includes 91 hotels totaling 10,309 rooms …

LOS ANGELES — An affiliate of Oaktree Capital Management LP (NYSE: OAK), in partnership with National Financial Realty Inc. (NFR), has acquired a portfolio of 40 office buildings for $240 million. The acquisition of the 3.4 million-square-foot office portfolio, which is 90 percent leased to Wells Fargo Bank, establishes NFR as the largest privately held investment firm focused on acquiring and operating properties leased to regulated financial institutions. The seller is First States Investors B LP, an affiliate of Newport Beach, Calif.-based KBS REIT I, a nontraded REIT. KBS said a year ago that it was selling assets to pay down debt and return money to investors, according to Bloomberg. “The acquisition is another example of Oaktree’s commitment to relationship-based transactions with well-positioned strategic operating partners like NFR, in addition to lenders and borrowers in need of capital solutions,” says John Brady, managing director and head of global real estate for Oaktree. Properties in the portfolio are leased on a long-term basis to Wells Fargo and include mission critical operations facilities as well as branch offices in eight Eastern and Southeastern states: North Carolina, South Carolina, Virginia, Florida, New Jersey, Pennsylvania, Maryland and Georgia. North Carolina is home to the …

LOS ANGELES — In a blockbuster deal, Singapore-based Overseas Union Enterprise Ltd. (OUE) has agreed to acquire the U.S. Bank Tower as well as Maguire Gardens and a parking facility in downtown Los Angeles for $367 million. The sale is expected to close June 28. OUE, through its wholly owned U.S. subsidiary Beringia Central LLC, acquired the properties from Library Square Associates LLC, a subsidiary of MPG Office Trust Inc. (NYSE: MPG). OUE has made a non-refundable deposit in the amount of $7.5 million. U.S. Bank Tower is a Class A office property located at the foot of Bunker Hill, a neighborhood that separates downtown Los Angeles from the rest of the city. The 72-story, 1.4 million-square-foot office tower, includes six levels of underground parking, and was 56.3 percent leased at the time of sale. The building was completed in 1989. Net proceeds from the sale are estimated to be $103 million and will be used for general corporate purposes, including potential loan rebalancing for the refinancing of the MPG Office Trust’s upcoming 2013 debt maturities. The purchase is part of OUE’s efforts to strengthen its portfolio of commercial properties and enhance long-term shareholder value, says OUE Executive Chairman Dr. …

PHOENIX — Cole Credit Property Trust III Inc. (CCPT III) has executed a definitive merger agreement to acquire Cole Holdings Corp., a Phoenix-based real estate investment management firm that manages more than $12 billion in assets. CCPT III is a real estate investment trust focused on net-leased properties. The company’s portfolio includes approximately 1,000 retail, office and industrial properties throughout the U.S. CCPT III will change its name to Cole Real Estate Investments Inc. upon completion of the transaction. The company will also seek a listing on the New York Stock Exchange (NYSE). Following a listing, Cole Real Estate Investments will be the second largest publicly traded REIT in the net-lease sector. The transaction is expected to close in the second quarter of 2013. “Through this compelling combination, we have the opportunity to realize the vision of creating a world-class real estate platform and provide investors the benefits of owning high-quality, income-producing real estate leased long term to credit-worthy corporations,” says Christopher Cole, founder and executive chairman of Cole Holdings. The acquisition of Cole Holdings provides CCPT III with more than 350 employees, as well as a real estate investment management platform of more than 2,000 properties with over 76 …

WASHINGTON, D.C. — Hines, an international real estate developer, has increased its ownership of the $700 million, mixed-use CityCenterDC project in Washington, D.C., after buying the ownership interest of its partner Archstone. Hines announced the acquisition a day after apartment owners AvalonBay Communities Inc. (AVB) and Equity Residential (EQR) said they completed their purchase of Archstone in a cash-and-stock deal valued at $16 billion. The total deal included the assumption of approximately $9.5 billion in debt. “We have enjoyed working with Archstone and are proud to complete and manage this momentous development for D.C.,” says Jeff Hines, president of Houston-based Hines. “The project's momentum in office leasing, strong residential condominium sales and widespread interest among retailers and restaurants make CityCenterDC an excellent vehicle for further investment.” The CityCenterDC project includes a mix of condominiums, apartments, offices, public spaces, restaurants, shops and a hotel. Neil Brown, Archstone's chief development officer, adds, “Archstone and Hines have worked together hand-in-glove on this project for the last decade, and there is no better outcome for the project than for Hines to assume full oversight of this massive mixed-use development.” In addition to increasing its ownership in the mixed-use project, Hines will assume development responsibility …

ARLINGTON, VA. — AvalonBay Communities Inc. (NYSE: AVB) and Equity Residential (NYSE: EQR) have completed their $16 billion acquisition of Archstone Enterprise from Lehman Brothers Holdings Inc. The total deal includes cash and stock and the assumption of approximately $9.5 billion in debt. Equity, the largest publicly traded U.S. apartment landlord, which is controlled by real estate billionaire Sam Zell, now owns 60 percent of Archstone, or 78 apartment properties. AvalonBay, the second-biggest, owns the remaining 68 complexes. The companies have stated that the deal will help them grow quickly in coastal cities, such as New York and San Francisco, where expansion is difficult due to the scarcity and high cost of land. The properties are mostly located in Phoenix, Washington, D.C., Orlando, Southern California, Denver and Jacksonville. Equity's cash and equity portion of the transaction, which included approximately $2 billion in cash and the issuance of 34,468,085 shares, was funded by the sale of non-core assets. “By funding a portion of this acquisition with proceeds from the sale of our non-core assets, we have nearly completed the total transformation of our portfolio,” says David Neithercut, CEO and president of Chicago-based Equity Residential. “Going forward, our future earnings and shareholder …