Sandpiper Lodging Trust completed the acquisition of 5 WoodSpring Suites hotel properties from Sandpiper Hospitality III and Sandpiper Hospitality IV.

Sandpiper Lodging Trust, an investment company, completed the acquisition of 5 WoodSpring Suites hotel properties from Sandpiper Hospitality III and Sandpiper Hospitality IV, a high-performance hotel management firm. Financial terms were not disclosed. "These recent asset acquisitions continue our strategy of expanding our national footprint and building meaningful scale in the extended stay hotel segment. We believe this sector outperforms virtually every other sector in the hospitality space in uncertain economic times and we continue to see tremendous opportunity to build a significant portfolio of extended-stay hotels. Further, I am pleased and humbled by the fact that over 70% of the investors in these two funds elected to reinvest with us by rolling their investment over in SLT," P. Carter Rise, Sandpiper Lodging Trust Chairman, President, and Chief Executive Officer.