A Canada-based real estate investment trust that has hotels in Kansas said it is acquiring a portfolio of hotels that includes one in Emporia.
American Hotel Income Properties REIT said the hotel portfolio that it is acquiring for $53.5 million includes nine hotels – seven Holiday Inn Express hotels in Illinois, Iowa, Oklahoma, Missouri, and a 68-room property in Emporia; a 63-room Hampton Inn in Chickasha, Okla.; and a 77-room Country Inn and Suites in Norman, Okla.
The Vancouver-based company said it also will spend $3.5 million on the acquired hotels for brand-mandated improvements.
The deal is expected to close by the end of June.
“This acquisition diversifies our portfolio into new U.S. markets coupled with the introduction of the Holiday Inn Express brand to the AHIP portfolio,” CEO Rob O’Neill said in a news release. “It is one of the fastest growing brands in the industry, opening an average of two hotels a week.”
In Kansas the company operates five Oak Tree Inn hotels in Kansas City, Marysville, Sharon Springs and Wellington.