Vancouver-based American Hotel Income Properties REIT LP (AHIP) bought 18 premium hotels across Maryland, New Jersey, New York, Connecticut and Pennsylvania in what is referred to collectively as the Eastern Seaboard Portfolio. The real estate investment trust acquired the portfolio for US$407.4 million, or $612.9 million Canadian. The guestrooms were sold at approximately US$186,000 per room.
Ten of the hotels are Marriott-branded and eight are Hilton-braded.
AHIP has acquired 23 hotels so far this year, bringing its entire portfolio to 113 properties with 11,570 guest rooms.
"We have continued to add value through the ongoing growth of our diversified hotel portfolio,” said Ian McAuley, president of AHIP. "Since AHIP's public listing in 2013, we have delivered consistent yields for investors of approximately 8 per cent, while significantly improving the quality of the portfolio."
The Eastern Seaboard Portfolio will be managed by ONE Lodging Management Inc., a subsidiary of Vancouver-based O’Neill Hotels & Resorts Inc.
From | Lee & Associates, Vancouver. Lee & Associates agents Arash Rezai and Martin Delafontaine report the following sale:
DEAL | 19-unit West End co-op with immediate redevelopment potential, sold for $947,000 per suite. Barclay Street, Vancouver. Price: $18 million.
From | NAI Commercial, Vancouver. NAI agent Doug O’Neill reports:
DEAL | Freestanding distribution facility on Annacis Island, including 14,480 square feet of warehouse space and 2,800 square feet of office space. Fosters Way, Delta. Price: $6.1 million.
NAI agents Terry Harding, Brandon Harding and Jackson Tang report the following sale:
DEAL | A 10-unit, three-storey apartment complex in Marpole neighbourhood. Selkirk Street, Vancouver. Price: $3.55 million.
NAI agent Philip Hare sold:
DEAL | 46-unit Slumber Lodge motel across from Okanagan Lake on 1.12 acres. Lakeshore Drive, Penticton. Price: $3.55 million.
NAI agent Gary Haukeland and J-D Murray reports the following sale:
DEAL | A 33,100-square-foot EconoLodge hotel and 3,600-square-foot restaurant situated on 1.78 acres. Lougheed Highway, Maple Ridge. Price: $5.01 million.
From | William Wright Commercial, Vancouver. William Wright agent Cory Wright reports:
DEAL | 10,129-square-feet residential development land parcel in the Cambie Corridor phase 2 plan. W 26th Avenue, Vancouver. Price: $10 million.
From | Brandon Shaw Real Estate, Kamloops, reports the following:
DEAL | Former site of downtown Kamloops Value Village, with 24,245 square feet of retail space over eight city lots. Seymour Street, Kamloops. Price: $2.75 million.
From | Form Retail Advisors Inc., Vancouver. Form agent Joe Genest reports:
DEAL | A 2,700-square-foot retail building with drive-thru leased by Tim Hortons. Highway 6, Vernon. Price: $2.77 million.
From | Colliers International, Vancouver. Colliers agents Randy Heed and Sheldon Scott sold the following:
DEAL | 9.8-acre mobile home park, zoned for medium density residential development, in Fleetwood Town Centre, Fraser Highway, Surrey. Price: $18.8 million.
From | Sutton Group West Coast Realty, Harrison Hot Springs. Sutton Group agent Freddy Mark reports:
DEAL | Agriculture Land Reserve (ALR) parcel 30 kilometres south of Nelson, B.C. 8,885 acres of timberland sold to Vaagen Bros. Lumber Inc. in Erie Creek Forest Reserve. Price: $9.6 million.
From | CBRE, Edmonton. CBRE agent Bradley Gingerich sold:
DEAL | 160-unit new rental apartment complex, Chappelle Boulevard, Edmonton. Listed for $30.25 million.. Sale price: $27.35 million.
DEAL | 204-unit low-rise rental complex Parkview Village Apartments situated on 3.75 acres. 146 Avenue SE, Calgary. Price: $35.7 million.