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AHIP REIT Buys 4 Marriott-Branded Hotels

Toronto Hotel

American Hotel Income Properties REIT, whose North American domination strategy CEO Rob O’Neill unpacked for us earlier this year, keeps buying. It just acquired a portfolio of four Marriott-branded select-service hotels in Jacksonville and Lake City, FL, and Chattanooga, TN. The hotels—a 109-room Residence Inn, two 89-room Fairfield Inn & Suites, and an 87-room TownePlace Suites (above)—were acquired for an aggregate purchase price of US$47M, which AHIP says is below management's estimate of replacement cost. The REIT's portfolio now includes 39 branded hotels and 45 rail hotels.