On June 18, 2015, American Hotel Income Properties REIT LP (AHIP) completed the indirect acquisition of a portfolio of nine branded, select-service hotel properties, comprising a total of 632 guest rooms, located in Illinois, Iowa, Kansas, Missouri and Oklahoma. The total purchase price for the nine hotel properties was approximately US$53.5 million (or approximately US$90,000 per room) and was satisfied by a combination of cash from AHIP’s C$66.1 million bought deal offering of units that closed on April 28, 2015, and the proceeds of a new commercial mortgage-backed securities loan secured against the hotel properties.
AHIP was represented by Farris, Vaughan, Wills & Murphy LLP, with a team led by Brian Canfield that included Duncan Reid and Robert Veitch. AHIP was represented in certain US commercial real estate and senior secured financing matters by Snell & Wilmer LLP, with a team led by Joyce Wright that included Marc Currie, Byron Sarhangian, Ryan Konsdorf, Nicholas Varela, Angela Perez and Jeff Porter.
The previous owners of the nine hotel properties were represented in the sale by William A. Bowen.