BRIEF-American Hotel Income Properties to acquire two embassy suites by Hilton Hotels

Wed Jul 13, 2016 6:42am EDT
 
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July 13 (Reuters) - American Hotel Income Properties Reit Lp

* American Hotel Income Properties REIT LP announces agreement to acquire two embassy suites by Hilton Hotels for US$57.6 million

* To acquire previously announced 2 embassy suites by Hilton for aggregate purchase price of about $57.6 million

* Purchase price of about $57.6 million, excluding about $5.7 million in brand mandated property improvement plans

* Will fund purchase price, including pips, using combination of portion of proceeds from bought deal offering

* Acquisition was approved by independent members of board of directors of Ahip's general partner

* Funding includes issuance to vendors of about $17.4 million in new Ahip units

* Funding includes existing $19 million Dallas mortgage, new $13.5 million CMBS loan on Tempe property Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)