VANCOUVER — In a deal worth US$47.0 million , American Hotel Income Properties REIT LP (AHIP) has agreed to acquire, through its subsidiaries,, a portfolio of four Marriott-branded, select-service hotels located in Jacksonville and Lake City, Florida, and Chattanooga, Tennessee.
The portfolio is comprised of a 109-room Residence Inn; two 89-room Fairfield Inn & Suites; and an 87-room TownePlace Suites.
“This acquisition is consistent with AHIP’s strategy of owning high-quality, branded, select-service hotels in strong secondary markets,” says Rob O’Neill, CEO, AHIP. “This portfolio will integrate nicely with our existing portfolio of Florida and Georgia hotels and increases our percentage of Marriott-branded hotel rooms to over 40 per cent of our branded portfolio.”
Upon completion of this acquisition and the previously-announced acquisition of two Embassy Suites by Hilton hotels in Dallas, Texas and Tempe, Arizona, AHIP’s portfolio will consist of 86 hotels totaling 8,022 guest rooms with 41 branded hotels totaling 4,233 guest rooms and 45 rail hotels totalling 3,789 guest rooms.
This transaction is expected to close in late October or early November 2016, subject to customary closing conditions and documentation.