Canadian REIT Buys Embassy Suites for $124M
American Hotel Income Properties REIT LP entered into a contract to acquire three Embassy Suites by Hilton, a portfolio totaling 782 rooms. The Canadian REIT will pay AP/AIM (a joint venture between Apollo Real Estate and Ambridge Hospitality) $124 million for the assets, which are within the Cincinnati, Cleveland and Columbus, OH MSAs. Closing is scheduled for late January.
The portfolio consists of:
- The 227-room Embassy Suites Cincinnati Rivercenter, 10 E. Rivercenter Blvd., Covington, KY. The property is situated on land leased from the city of Covington, where it overlooks downtown Cincinnati from across the Ohio River.
- The 271-room Embassy Suites Cleveland Rockside, 5800 Rockside Woods Blvd. North, Independence, OH. The property is approximately 10 miles south of downtown Cleveland.
- The 284-room Embassy Suites Columbus Dublin, 5100 Upper Metro Place, Dublin, OH, approximately 15 miles north of downtown Columbus.
The hotels will be managed by Tower Rock Hotels & Resorts Inc. The manager is a wholly owned subsidiary of O’Neill Hotels and Resorts Ltd.
For comments, questions or concerns, please contact Amy Sorter