October 3, 2016
American Hotel Income Properties REIT LP picked up a four-property, 374-room select-service hotel portfolio for $47 million. The properties, located in Florida and Tennessee, were sold by the 3H Group Hotels. The purchase price did not include the $2.8 million to complete Marriott’s brand-mandated property improvement plans.
The properties sold were:
- The 89-room Fairfield Inn & Suites, 538 SW Corporate Dr., Lake City, FL
- The 89-Room Fairfield Inn & Suites, 561 Chaffee Point Blvd., Jacksonville, FL
- The 109-Room Residence Inn, 2340 Center St., Chattanooga, TN
- The 87-Room TownePlace Suites, 7010 McCutcheon Rd., Chattanooga, TN
The portfolio has an average age of 6.5 years. AHIP’s Rob O’Neill said he was impressed with the real estate product, the strength of the Florida and Tennessee markets, and limited new supply.
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