VANCOUVER — American Hotel Income Properties REIT LP (AHIP) has sold its 77-room Country Inn & Suites by Carlson hotel located in Norman, Okla. for US$4.5 million.
The property was acquired in June 2015 as part of a larger portfolio deal. The weakness in the Oklahoma market, which is expected to continue through 2017, spurred AHIP’s strategic sale of the hotel, allowing the proceeds to be redirected to more productive uses. After repayment of the outstanding mortgage and transaction related costs, AHIP will realize net proceeds of approximately US$2.4 million.
Following the sale, AHIP’s portfolio consists of 95 hotel properties with 9,383 total guestrooms.