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American Hotel Income Properties Reit completes IPO

American Hotel Income Properties Reit has completed its initial public offering of 9,570,000 limited partnership units priced at 10.00 per unit, for total gross proceeds of CAD95.7m.

Included in the closing were 870,000 units (CAD8.7m) from a partial exercise of the over-allotment option described in AHIP's final prospectus dated 12 February, 2013.

The balance of the over-allotment option, being for 435,000 units, remains exercisable for a period of 30 days and, if exercised, would bring the total gross proceeds of the offering to CAD100.1m.

The offering was underwritten by a syndicate of underwriters co-led by Canaccord Genuity and National Bank Financial, and included TD Securities, BMO Nesbitt Burns, CIBC World Markets, Scotia Capital, Dundee Securities, GMP Securities, Macquarie Capital Markets Canada, Burgeonvest Bick Securities and Haywood Securities.

The net proceeds of the offering are being used primarily to indirectly acquire 32 hotel properties located in 19 US states which focus on railroad employee accommodation.  All closing arrangements for the acquisition have been made and the acquisition is to close later today.

Robert O'Neill, chief executive officer of AHIP, says: "We are excited about the initial public offering of American Hotel Income Properties Reit LP. The initial portfolio of hotel properties represents a unique and stable platform upon which we intend to further develop AHIP's considerable potential."

The units have commenced trading on the Toronto Stock Exchange under the symbol HOT.UN.

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