Done Deals highlights: August 2017 issue

August 9, 2017 2:32 pm

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Vancouver-based American Hotel Income Properties REIT LP (AHIP) bought 18 premium hotels across Maryland, New Jersey, New York, Connecticut and Pennsylvania in what is referred to collectively as the Eastern Seaboard Portfolio. The real estate investment trust acquired the portfolio for US$407.4 million, or $612.9 million Canadian. The guestrooms were sold at approximately US$186,000 per room.

Ten of the hotels are Marriott-branded and eight are Hilton-braded.

AHIP has acquired 23 hotels so far this year, bringing its 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,” said Ian McAuley, president of AHIP. “Since AHIP’s public listing in 2013, we have delivered consistent yields for investors of approximately 8 per cent, while significantly improving the quality of the portfolio.”

The Eastern Seaboard Portfolio will be managed by ONE Lodging Management Inc., a subsidiary of Vancouver-based O’Neill Hotels & Resorts Inc.  

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