HLT - BitNile Holdings' subsidiary buys a portfolio of Marriott and Hilton hotels for $69 million

Ault Alliance, subsidiary of BitNile Holdings (NYSE:NILE), through its subsidiary Ault Global Real Estate Equities, Inc. ('AGREE'), acquired three hotels located in Middleton, WI, a suburb of Madison, and one hotel in Rockford, IL. The acquisition constitutes AGREE's first commercial real estate investment, consisting of a 136-room Courtyard by Marriott, a 133-room Hilton Garden Inn and a 122-room Residence Inn by Marriott in Middleton, WI, and a 135-room Hilton Garden Inn in Rockford, IL. The Company paid $69 million for the Hotels, with $23.9 million paid by the Company at closing in cash; the balance of the purchase price was financed through construction loan agreements. Over the next 18 months, AGREE plans to renovate the Hotels through a $13.7 million property improvement plan.

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BitNile Holdings' subsidiary buys a portfolio of Marriott and Hilton hotels for $69 million