VANCOUVER — American Hotel Income Properties REIT LP (AHIP) is set to acquire, through its subsidiaries, a portfolio of 18 premium-branded Marriott and Hilton hotels in the Northeastern U.S. for approximately US$407.4 million.
The portfolio is comprised of 2,187 guestrooms located in Maryland, New Jersey, New York, Connecticut and Pennsylvania and represents a 23-per-cent increase in AHIP’s total guestroom count. Dubbed The Eastern Seaboard Portfolio, the featured hotels include five Residence Inns, two Springhill Suites, one Courtyard, one Fairfield Inn and Suites and one TownePlace Suites, as well as four Homewood Suites, two Hampton Inns and two Hilton Garden Inns.
“The Eastern Seaboard Portfolio meets our disciplined investment strategy to acquire premium-branded, select-service hotels with stabilized in-place income, which are younger and well-maintained and where acquisition costs are below replacement cost,” says Rob O’Neill, CEO of AHIP.
The acquisition is expected to close by the end of June. After the expected completion of this transaction, AHIP’s portfolio will consist of 113 hotels located in 33 states across the U.S.