American Hotel Income Properties REIT (AHIP) has announced that Aimbridge Hospitality has entered into a binding agreement with ONE Lodging Management to assume the hotel management responsibilities for all of AHIP’s 115 hotels.
Aimbridge’s assumption of management responsibilities is expected to take place by the end of April 2018, and the transaction is subject to customary closing conditions. There will be a transition period with ONE’s leadership team to help ensure a smooth management transfer. The terms of the hotel management agreements will remain the same.
“This is a very positive strategic development for AHIP,” said Ian McAuley, president, AHIP. “As our portfolio has grown, and most recently with our major acquisitions in 2017, our need to partner with a leading external hotel management company that brings first-class experience and deep bench strength across the United States has become increasingly clear.”
Aimbridge provides property management, asset management, development, renovation and consulting services. Based in Dallas and with offices in Chicago and Puerto Rico, it currently owns and/or manages more than 700 upscale, independent and branded hotels with approximately 90,000 rooms under management across the United States and the Caribbean.
In addition to the new partnership with Aimbridge, AHIP has reached an agreement with SunOne Developments, AHIP’s existing development management partner, to terminate its exclusive hotel development agreement with SunOne concurrently with the completion of the transfer of ONE’s responsibilities to Aimbridge.
