American Hotel Income Properties REIT LP to Acquire Two Embassy Suites by Hilton Hotels for US$57.6 Million

American Hotel Income Properties Reit LP | July 13, 2016

VANCOUVER, BC—(July 13, 2016) - American Hotel Income Properties REIT LP ("AHIP") (TSX: HOT.UN) (OTCQX: AHOTF) announced today that it has agreed to acquire the previously announced two Embassy Suites by Hilton hotels located in Dallas, Texas and Tempe, Arizona for an aggregate purchase price of approximately US$57.6 million, excluding approximately US$5.7 million in brand mandated property improvement plans ("PIPs") and customary and any negotiated closing and post-acquisition adjustments. The Embassy Suites hotels are being purchased at a weighted-average capitalization rate of approximately 8.3% on trailing ...