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American Hotel Income Properties REIT LP announces closing of $37.1 million hotel portfolio acquisition


Wednesday, 12 Mar 2014 05:44pm EDT 

American Hotel Income Properties REIT LP:Says the closing of its previously announced acquisition of a portfolio of four hotel properties located in Virginia for an aggregate purchase price of about $37.1 million, including up to $1.6 million for defeasance of existing debt, and before customary closing and post-acquisition adjustments.The purchase price does not include a $6.0 million restricted cash reserve established by AHIP for brand mandated property improvement plans related to the Acquisition Properties.The Acquisition Properties represent a total of 403 guest rooms in Virginia and consist of three Hampton Inn hotels (a brand controlled by Hilton Worldwide, Inc.) and one Fairfield Inn & Suites hotel (a brand controlled by Marriott International, Inc.).The properties are located in Harrisonburg, Emporia and South Hill, Virginia, near transportation hubs and other major demand generators such as James Madison University, manufacturing facilities, distribution centres and medical centres.The properties cater primarily to corporate travelers seeking select-service lodging.AHIP funded the purchase price for the Acquisition and the financing of the PIPs using a combination of cash from AHIP's bought deal offering of subscription receipts that closed on October 31, 2013 and new CMBS financing. 

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