American Hotel Income Properties REIT (AHIP) has completed the acquisition of four branded hotel properties in Oklahoma, US, for $48m.
The Oklahoma portfolio includes a total of 440 guestrooms. Three properties are situated in Oklahoma City operating under InterContinental Hotels Group brands.
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Three properties include the 147-room Holiday Inn Oklahoma City Airport, the 103-room Staybridge Suites Oklahoma City Airport and the 109-room Holiday Inn Oklahoma City Quail Springs North.
Located in Woodward of Oklahoma, the fourth property is the 81-room Hampton Inn & Suites, a Hilton branded hotel.
AHIP CEO Robert O’Neill said: "This investment is consistent with our stated growth strategy targeting acquisitions of transportation-oriented and select and limited-service hotels, located in secondary markets in the United States in close proximity to railroads, airports, highway interchanges and other transportation hubs and demand generators.
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"The ten-year, 4.20% fixed interest rate CMBS financing also highlights a key aspect of our conservative approach to leverage, aimed at providing highly stable returns to our unitholders. The acquisition is immediately accretive and coupled with the low, interest only, long-term debt provides a double digit return on equity."
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By GlobalDataTower Rock Hotels & Resorts, a wholly owned subsidiary of O’Neill Hotels & Resorts will manage the acquired properties.
