VANCOUVER — O’Neill Hotels & Resorts (OHR) is poised to become a major hotel management player as execs recently inked a deal to expand its management business in the U.S.
OHR entered into a long-term agreement with the newly formed American Hotel Income Properties (AHIP) Real Estate Investment Trust LP to acquire 32 Oak Tree Inns through OHR’s subsidiary, Tower Rock Hotels & Resorts Inc.; the deal was worth approximately $138 million. Management of Oak Tree hotels will become part of OHR’s portfolio of seven full-service hotels in Canada and the U.S.
“OHR’s growth in the U.S. is good news for all our partners in OHR-managed properties on both sides of the border,” said John O’Neill, OHR president and CEO, who co-founded AHIP with Robert O’Neill, who serves as CEO. “By allowing us to continue attracting the highest-quality hotel management professionals, our expansion will strengthen our team and deepen our resources.”
The Oak Tree Inn group of hotels is comprised of 2,565 rooms and 935 employees, making the brand the largest chain of crew-lodging facilities serving the freight railroad industry in the U.S.