AHIP REIT Acquires Ohio Embassy Suites Portfolio
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."