Close X
Sunday, November 24, 2024
ADVT 
National

American Hotel Adding Lodging Contracts With Major U.S. Railway, Buying 5 Hotels

The Canadian Press, 24 Aug, 2015 10:59 AM
  • American Hotel Adding Lodging Contracts With Major U.S. Railway, Buying 5 Hotels
VANCOUVER — American Hotel Income Properties REIT LP (TSX:HOT.UN) has agreed to pay about US$44.8 million to buy five railway hotels in four states.
 
The portfolio has long-term lodging contracts with an unidentified U.S. railway company that guarantees more than 80 per cent of the available guest rooms.
 
The AHIP real estate trust says it already has three hotels that are contracted with the same railway company.
 
The deal is expected to close within weeks, giving American Hotel a total of 6,798 guest rooms, including 3,467 of them at rail hotels and the remainder at branded hotels.
 
American Hotel REIT will fund the purchase with money raised through a bought deal financing that was completed Aug. 11 and additional debt.
 
The five additional railway hotels are in Belen, N.M; Gillette and Guernsey, Wyo.; Ravenna, Neb.; and Edgemont, S.D.

MORE National ARTICLES

Bon Jovi To Play Vancouver After Original Concert Cancelled At Stanley Park

Bon Jovi To Play Vancouver After Original Concert Cancelled At Stanley Park
 Bon Jovi fans praying to see the band in Vancouver just had to hold on until a cancelled concert was back on again at another venue.

Bon Jovi To Play Vancouver After Original Concert Cancelled At Stanley Park

UBC Faculty Call On Chairman To Resign Over Academic Dispute

UBC Faculty Call On Chairman To Resign Over Academic Dispute
Board of governors chairman John Montalbano came under fire from the faculty association and Prof. Jennifer Berdahl after UBC's president quit in early August.

UBC Faculty Call On Chairman To Resign Over Academic Dispute

BC Hydro Lawyer Says Stop-work Order Would Cause Expensive Delays On Site C Dam

BC Hydro Lawyer Says Stop-work Order Would Cause Expensive Delays On Site C Dam
VANCOUVER — A stop-work order for the Site C dam will cause "extreme prejudice" to BC Hydro at a cost of hundreds of millions of dollars and a one-year delay in the construction schedule, the utility's lawyer says.

BC Hydro Lawyer Says Stop-work Order Would Cause Expensive Delays On Site C Dam

5 More People Sickened In Connection With Raw B.C. Shellfish

5 More People Sickened In Connection With Raw B.C. Shellfish
The Public Health Agency of Canada says 53 people have been sickened in B.C. and another 19 in neighbouring Alberta since June 1.

5 More People Sickened In Connection With Raw B.C. Shellfish

Mayor Lauds Economic Spinoff From New $40-Million Cascades Casino In Kamloops

Mayor Lauds Economic Spinoff From New $40-Million Cascades Casino In Kamloops
Cascades Casino Kamloops opened the doors to its new $40 million, 5,800-square-metre entertainment centre on Wednesday night in the same city that's home to the B.C. Lottery Corporation's head office.

Mayor Lauds Economic Spinoff From New $40-Million Cascades Casino In Kamloops

U.S. Couple Whose Baby Was Locked In Niagara Falls, Ont. Hotel Safe Contacts Police

U.S. Couple Whose Baby Was Locked In Niagara Falls, Ont. Hotel Safe Contacts Police
Police say a baby who found locked inside a Niagara Falls, Ont., hotel safe and freed by a maintenance worker this week have concluded the incident was an accident and there are no concerns for the child’s safety.

U.S. Couple Whose Baby Was Locked In Niagara Falls, Ont. Hotel Safe Contacts Police