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.
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“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.