American Hotel Income Properties REIT LP (AHIP), a Vancouver-based real estate investment trust, has acquired a portfolio of hotels in the Northeastern U.S., totaling 2,187 units.
The portfolio of 18 premium branded Marriott and Hilton hotels is located in Maryland, New Jersey, New York, Connecticut and Pennsylvania for approximately US$407.4 million or approximately US$186,000 per guestroom.
The acquisition consists of 10 Marriott branded hotels totaling 1,206 guestrooms (five Residence Inns, two SpringHill Suites, one Courtyard, one Fairfield Inn and Suites and one TownePlace Suites) and eight Hilton branded hotels totaling 981 guestrooms (four Homewood Suites, two Hampton Inns and two Hilton Garden Inns
This acquisition follows the purchase of 23 hotels earlier this year, bringing AHIP’s entire portfolio to 113 properties with 11,570 guest rooms.
“We have continued to add value through the ongoing growth of our diversified hotel portfolio, which has delivered reliable and consistent cash flows to our unitholders,” said Ian McAuley, president of AHIP. “Since AHIP’s public listing in 2013, we have delivered consistent yields for investors of approximately 8.0 per cent, while significantly improving the quality of the portfolio.”
The hotel properties comprising the Eastern Seaboard Portfolio will be managed for AHIP by its exclusive hotel manager, ONE Lodging Management Inc., a wholly owned subsidiary of O’Neill Hotels & Resorts Ltd.
