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AHIP REIT Buys 4 Marriott-Branded Hotels

TownPlace Suites in Chattanooga, TN

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.