Canadian REIT Snags Embassy Suites for $58M

American Hotel Income Properties REIT LP, based in Vancouver BC in Canada, has entered into an agreement with O’Neill Hotels & Resorts Ltd. to acquire two Embassy Suites by Hilton hotels, located in the Dallas and Phoenix areas.

The aggregate purchase price for both properties is $57.6 million, and the buyer plans close to $6 million in capital upgrades. The two hotels total 529 rooms. O’Neill Hotels, also headquartered in Vancouver, acquired both hotels from FelCor Lodging Trust in 2012.

The 305-key Embassy Suites Dallas-DFW International Airport South is in Irving, TX, at 4650 W. Airport Fwy. Meanwhile, in Arizona, the 224-room Embassy Suites Phoenix-Tempe hotel is at 4400 S Rural Rd. Tempe.