Canada-based American Hotel Income Properties REIT has agreed to acquire through its subsidiaries a geographically targeted portfolio of 18 premium branded Marriott and Hilton hotels containing 2,187 guestrooms and located in Maryland, New Jersey, New York, Connecticut and Pennsylvania.
The sales price was $407.4 million.
The Eastern Seaboard Portfolio consists of 10 Marriott branded hotels totaling 1,206 guestrooms (five Residence Inns, two Springhill Suites, one Courtyard, one Fairfield Inn and Suites and one TownePlace Suites) and eight Hilton branded hotels totaling 981 guestrooms (four Homewood Suites, two Hampton Inns and two Hilton Garden Inns).
The average age of the hotels is 10 years and each hotel has been recently built or renovated.
The hotels will be managed by AHIP's exclusive hotel manager, ONE Lodging Management, a wholly- owned subsidiary of O'Neill Hotels and Resorts.
The acquisition is expected to close by the end of June 2017.