American Hotel Income Properties REIT’s Conversion of Oak Tree Inn Completed
Wednesday February 5th, 2014 - 10:07AM PBG
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
JEFFERSON CITY, MO—American Hotel Income Properties REIT LP (AHIP) today announced the grand opening of the fully renovated Oak Tree Inn hotel located here.
The previously announced 77-room nationally franchised hotel was acquired on September 12, 2013 with cash. A long-term railway contract with a U.S. railroad customer is now in place and new mortgage financing is expected by management to be obtained shortly.
As part of a comprehensive $1-million renovation, AHIP implemented Oak Tree Inn's brand standards at the Jefferson City property including noise, light and temperature control features desired by AHIP's railroad customers.
"The acquisition and renovation of the Jefferson City property illustrates another key step in our strategy to expand the Oak Tree Inn brand," stated Robert O'Neill, CEO of AHIP. "The railway industry is one that we know well and for decades Oak Tree Inn has set the standard for employee comfort and reliability by providing quality crew lodging facilities for its US railroad customers. This investment also met and exceeded all our previously stated investment criteria."
Tags: American Hotel Income Properties REIT • Hospitality • Brands • Construction/Renovation • Openings •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.