{"id":1004163683,"date":"2017-01-10T10:10:48","date_gmt":"2017-01-10T18:10:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004163683"},"modified":"2022-12-08T13:30:47","modified_gmt":"2022-12-08T21:30:47","slug":"ahip-reit-acquires-2-embassy-suites-by-hilton","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ahip-reit-acquires-2-embassy-suites-by-hilton\/","title":{"rendered":"AHIP REIT Acquires 2 Embassy Suites by Hilton"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<p><strong>Dallas &amp; Phoenix<\/strong>\u2014American Hotel Income Properties REIT LP has completed the acquisition of two Embassy Suites by Hilton hotels in Dallas, Texas and Tempe, Ariz. for $57.6 million. The two acquisitions comprise the 305-key Embassy Suites by Hilton Dallas DFW Airport South and the 224-key Embassy Suites by Hilton Phoenix Tempe. The assets, totaling 529 guestrooms, sold for $109,000 per key, excluding the cost of the PIPs.<\/p>\n<div id=\"attachment_1004163694\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Embassy-Suites-by-Hilton-Phoenix-Tempe-hotel.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004163694\" data-attachment-id=\"1004163694\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ahip-reit-acquires-2-embassy-suites-by-hilton\/embassy-suites-by-hilton-phoenix-tempe-hotel\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Embassy-Suites-by-Hilton-Phoenix-Tempe-hotel.jpg\" data-orig-size=\"712,342\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Embassy Suites by Hilton Phoenix Tempe hotel\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Embassy Suites by Hilton Phoenix Tempe hotel&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Embassy-Suites-by-Hilton-Phoenix-Tempe-hotel.jpg?w=712\" class=\"wp-image-1004163694\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Embassy-Suites-by-Hilton-Phoenix-Tempe-hotel.jpg\" alt=\"Embassy Suites by Hilton Phoenix Tempe hotel\" width=\"300\" height=\"144\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Embassy-Suites-by-Hilton-Phoenix-Tempe-hotel.jpg 712w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/Embassy-Suites-by-Hilton-Phoenix-Tempe-hotel.jpg?resize=300,144 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004163694\" class=\"wp-caption-text\">Embassy Suites by Hilton Phoenix Tempe hotel<\/p><\/div>\n<p>&#8220;The acquisition of two larger, upscale select service hotels located within two of the Top 25 U.S. markets further diversifies our expanding branded portfolio,&#8221; said Rob O&#8217;Neill, CEO of AHIP, in prepared remarks. &#8220;With the application of conservative long-term, fixed rate leverage, we continue to focus on providing consistent and stable returns to our unitholders.&#8221;<\/p>\n<p>The company funded the purchase price and the PIPs with cash on hand from its bought deal unit offerings completed in 2016, the issuance to the vendors of $17.4 million in new AHIP units, the assumption of an existing $19 million commercial mortgage backed securities loan on the Dallas property and a new $13.5 million CMBS loan on the Tempe property. The Dallas mortgage is interest-only until November 2019 and\u00a0matures in October 2024. The Tempe bridge loan of $10.2 million was repaid by the Vendors at the closing of the transaction. The mortgage has a 10-year term and matures in January 2027.<\/p>\n<p>With the addition of these two properties, AHIP&#8217;s portfolio now includes 93 hotels totaling 8,685 guestrooms with 47 branded hotels and 46 rail crew hotels. The properties will be managed by AHIP&#8217;s hotel manager, Tower Rock Hotels &amp; Resorts Inc., a wholly-owned subsidiary of O&#8217;Neill Hotels &amp; Resorts Ltd.<\/p>\n<p><em>Image courtesy of Embassy Suites by Hilton Phoenix Tempe<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the addition of these two properties, AHIP&#8217;s portfolio now includes 93 hotels totaling 8,685 guestrooms.<\/p>\n","protected":false},"author":746,"featured_media":1004163694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21743,21751,21742,1601,15],"tags":[33229,33404,33405],"class_list":["post-1004163683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-deals","category-hotel","category-latest","category-phoenix","category-west","tag-american-hotel-income-properties","tag-embassy-suites-by-hilton","tag-rob-oneill"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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