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American Hotel Income raises C$115.1M in bought-deal offering

American Hotel Income Properties REIT LP raised gross proceeds of roughly C$115.1 million in its just-concluded bought-deal limited partnership unit offering.

The offering of 11,281,500 units was priced at C$10.20 apiece. It included the full exercise of the 1,471,500-unit overallotment option, for about C$15.0 million in additional proceeds.

The net proceeds will be used to help fund the planned purchase of three Embassy Suites by Hilton-branded hotels in the U.S. Midwest. The funds will also go toward working capital, future acquisitions and general corporate purposes.

The syndicate of underwriters for the offering was co-led by National Bank Financial Inc. and CIBC Capital Markets, which served as the sole book runner. TD Securities Inc., Canaccord Genuity Corp., BMO Capital Markets, Scotiabank, Haywood Securities Inc., Industrial Alliance Securities Inc. and RBC Capital Markets also participated in the offering.