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12 March 2014

American Hotel Income Properties REIT LP Completes Acquisition

On March 12, 2014, American Hotel Income Properties REIT LP (“AHIP”) completed the indirect acquisition of a portfolio of four hotel properties, comprising a total of 403 guest rooms, located in the state of Virginia. The total purchase price for the four hotel properties was approximately US$37.2 million and was paid with a combination of approximately US$23.9 million in net proceeds from new senior secured financing and approximately US$13.3 million in cash from the proceeds of AHIP’s offering of subscription receipts that closed on October 31, 2013.
AHIP was represented in the acquisition by Farris, Vaughan, Wills & Murphy LLP, with a team comprising Brian Canfield, Duncan Reid and Robert Veitch. AHIP was represented in certain U.S. commercial real estate and senior secured financing matters by Snell & Wilmer LLP, with a team comprising Joyce Wright, Marc Currie and Byron Sarhangian.
The previous owners of the hotel properties were represented in the transaction by Neal J. Robinson and Susan Tarley of Tarley Robinson, P.L.C.

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