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BRIEF-American Hotel acquires 3 embassy suites by Hilton branded hotels

Published 2016-12-16, 06:21 a/m
© Reuters. BRIEF-American Hotel acquires 3 embassy suites by Hilton branded hotels

Dec 16 (Reuters) - American Hotel Income Properties Reit LP HOT_u.TO -

* Deal for approximately U.S. $124.0 million

* $65 million mortgage loan is expected to have a 10-year term, with interest-only payments for first three years

* Fund purchase, using combination of portion of net proceeds from recently announced offering of units, $65.0 million cmbs loan

* $65 million mortgage loan, after frist three years, to be amortized over a 30-year period for remaining seven years

* $65 million mortgage loan is expected to have a fixed interest rate of about 4.70% for entire 10-year term

* Deal is expected to close in late January 2017

* Transaction is expected to be immediately accretive to adjusted funds from operations per unit

* American Hotel Income Properties Reit LP announces the acquisition of a strategic portfolio of three embassy suites by Hilton branded hotels with a total of 782 guestrooms Source text for Eikon: ID:nMKW87Qx6a Further company coverage: HOT_u.TO

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