Headquartered in Vancouver, AHIP is a limited partnership formed under the Limited Partnerships Act (Ontario) to invest in hotel real estate properties located largely in the US.
As per the terms of the deal, AHIP will take possession of MCR hotel properties located in Maryland, New Jersey, New York, Connecticut and Pennsylvania, US.
The asset acquisition includes 2,187 rooms, which were recently built or renovated.
The deal also includes brand mandated property improvement plans (PIPs).
MCR Development chief executive officer and managing partner Tyler Morse said: “The sale of this portfolio is a reflection of MCR’s investment thesis: to purchase premium branded select service and extended stay hotels, improve operations, and sell opportunistically.
“The strong returns generated by this disposition are a testament to the performance of our industry-leading brand partners, Marriott and Hilton, and to the strength of MCR’s hotel operations team.”
The acquisition brings the number of hotels in AHIP's portfolio to 113 totalling 11,570 guestrooms, with 67 premium branded, select-service hotels totalling 7,684 guestrooms and 46 rail crew hotels totalling 3,886 guestrooms.
MCR is the seventh largest hotel owner-operators in the country, with its investments spanning across 92 hotel properties with more than 9,800 rooms in 23 states across the US.
The company’s hotels are operated under ten brands, with its offices located in New York City and Dallas.
Image: Courtyard by Marriott Wall at Monmouth Shores Corporate Park, Wall Township, New Jersey, US. Photo: courtesy of AHIP REIT LP.