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11 July 2014

Farris Represents American Hotel Income Properties Reit LP in Acquisitions

July 3 and July 11, 2014 – A Farris team represented American Hotel Income Properties REIT LP (“AHIP”) in its indirect acquisition of a portfolio of four hotel properties, comprising a total of 387 guest rooms, located in North Carolina and Georgia. The total purchase price for the four hotel properties was approximately US$30.5 million and was satisfied by a combination of cash from AHIP’s CDN$50.7 million bought deal offering of units that closed on June 4, 2014, the assumption of two commercial mortgage-backed securities (CMBS) loans on two of the hotel properties and one new CMBS loan on the other two hotel properties.

The Farris team comprised Partners Brian Canfield and Duncan Reid and Associate Robert Veitch.

A copy of AHIP’s press releases announcing the July 3 and July 11 closings of the Acquisitions can be found here.

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