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Photo credit: Courtesy of AHIP REIT
American Hotel Income Properties REIT has acquired through subsidiaries a portfolio of three Embassy Suites by Hilton branded hotels (782 guest rooms total) near Columbus, Cleveland and Cincinnati, OH. The REIT paid US$124M for the hotels, including the expected cost of capital work on acquisition and brand-mandated property improvement plans. AHIP CEO Rob O’Neill said the hotels are well-located with "great visibility" and perform very well within their respective markets. “When I toured these properties, I was impressed with their overall institutional quality."
