Keyword: American Hotel Income Properties
The real estate investment trust expects the transaction to close this month, at which point its portfolio will consist of 79 hotels and 8,887 rooms.
American Hotel Income Properties REIT LP plans to use the proceeds from the $215.5 million sale to build its premium-branded portfolio.
The deal will see 44 existing hotels and two newly acquired properties added to Wyndham's portfolio.
The portfolio was sold for $407.4 million, with hotels located in Maryland, New Jersey, New York, Connecticut and Pennsylvania.
The portfolio is located throughout Maryland, New Jersey, New York, Connecticut and Pennsylvania, and is being purchased for roughly $407.4 million.
The four properties were purchased for a combined $47 million, and the REIT plans on future upgrades.