BRIEF-American Hotel to acquire 4 branded hotels in Florida and Tennessee for $47 mln

Fri Sep 30, 2016 6:09am EDT
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Sept 30 (Reuters) - American Hotel Income Properties Reit Lp

* Announces acquisition of four branded, select-service hotels in Florida and Tennessee for U.S. $47.0 million

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

* Acquisition properties will be managed for AHIP by its exclusive hotel manager, Tower Rock Hotels & Resorts Inc

* Purchase price does not include U.S. $2.8 million for completion of brand-mandated property improvement plans

* Will fund purchase price, using combination of cash on hand and new commercial mortgage backed securities loan Source text for Eikon: Further company coverage: