Highland Hospitality Sold!

JET Pays $1.74 for Hotel Chain

Highland is the latest hotel chain to be eaten for dinner by a private equity firm. JER, the real estate investment manager J.E. Roberts, agreed to acquire Highland Hospitality Corp for $1.74 billion. The deal would add 27 properties with 8,379 rooms to JER's current portfolio of some 170 hotels. The deal should close in the third quarter.

For further details read Wall Street Journal ($$) and Globe St