VANCOUVER—Aimbridge Hospitality has entered into a binding agreement with One Lodging Management to assume the hotel management responsibilities for all of American Hotel Income Properties REIT LP’s 115 hotels.
Aimbridge’s assumption of management responsibilities is expected to take place by the end of April, and the transaction is subject to customary closing conditions. There will be a transition period with One Lodging’s leadership team to help ensure a smooth management transfer. The terms of the hotel management agreements will remain the same.
“We expect that Aimbridge’s economies of scale and purchasing power will provide tangible benefits for AHIP,” said Rob O’Neill, CEO of AHIP. “Its reputation as a fast-growing leader in the hotel management sector will also enhance the ability to attract and retain talented employees in our hotels.”
In addition to the new partnership with Aimbridge, AHIP has reached an agreement with SunOne Developments, AHIP’s existing development management partner, to terminate its exclusive hotel development agreement with SunOne concurrently with the completion of the transfer of One Lodging’s responsibilities to Aimbridge. This termination is without cost to AHIP and will provide it with the flexibility to work with the most qualified and appropriate development partners available for new opportunities as they arise, according to the company.