Wednesday February 5th, 2014 - 10:07AM
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."