Inland American to buy another hotel REIT

Three weeks after closing on its $850-million acquisition of Winston Hotels Inc., Oak Brook-based Inland American has agreed to buy Apple Hospitality Five Inc., a Richmond, Va.-based owner of 28 hotels with 3,717 rooms. The transaction is valued at $709 million, including the assumption of debt. The fourth real estate investment trust (REIT) in Inland Group Inc.’s far-flung property empire, Inland American has been on an acquisition binge over the past year or so, buying everything from shopping centers to apartment buildings. More recently, the firm has taken an interest in hotels, a hot sector with soaring occupancies, room rates and property values. The acquisition of Winston, a hotel REIT, included 53 hotels in 18 states.