American Hotel Income Properties, Vancouver, British Columbia, through its subsidiaries bought four hotels located in Virginia for an aggregate purchase price of approximately US$37.1 million, including up to US$1.6 million for defeasance of existing debt, and excluding post-acquisition adjustments and brand mandated property improvement plans.
The hotels include:
- the 85-room Hampton Inn Emporia, which reported 77% occupancy, US$90.79 ADR and US$69.95 RevPAR for 2013
- the 90-room Hampton Inn Harrisonburg – South, which reported 75.2% occupancy, US$90.32 ADR and US$67.94 RevPAR for 2013
- the 160-room Hampton Inn Harrisonburg – University, which reported 67.9% occupancy, US$99.55 ADR and US$67.61 RevPAR for 2013
- the 68-room Fairfield Inn & Suites South Hill I-85, which reported 73.6% occupancy, US$92.21 ADR and US$67.86 RevPAR for 2013
“We are very pleased to announce this acquisition, which is consistent with our stated growth strategy as outlined at the time of AHIP’s initial public offering, targeting acquisitions of transportation-oriented and select and limited-service hotels, located in secondary markets in the United States in close proximity to railroads, airports, highway interchanges, and other transportation hubs and demand generators,” said Rob O’Neill, AHIP’s CEO.
