A Canadian real estate investment trust has purchased a Bellport hotel as part of a $407.4 million, 18-property portfolio.
American Hotel Income Properties REIT LP of Vancouver, British Columbia, purchased the SpringHill Suites Long Island, a 128-room select-service hotel.
Select-service hotels generally do not offer restaurants, large meeting spaces or room service.
The Bellport hotel, a Marriott brand, was previously owned by MCR Development LLC, one of the largest hotel owners and operators in the United States with corporate offices in New York City and Dallas. MCR completed a renovation of the hotel last year.
“During the first half of 2017, we have been disciplined in our investment strategy to acquire premium branded, select-service hotels with stabilized in-place income, which are younger and well-maintained and where acquisition costs are below replacement cost,” Rob O’Neill, chief executive of AHIP, said in a news release.
In addition to the Bellport property, American Hotel’s acquisition includes nine other Marriott branded hotels and eight Hilton branded hotels. The company now owns 113 hotels totaling 11,570 rooms, according to the release.