On June 9, 2017, a Farris team represented American Hotel Income Properties REIT LP (“AHIP”) in its bought deal offering (the “Offering”) of limited partnership units (“Units”) and convertible debentures (“Convertible Debentures”). The Offering raised gross proceeds of approximately: (i) Cdn$200.9 million through the issuance of 19,410,000 Units, which included 1,050,000 Units issued as a result of the underwriters electing to partially exercise the Unit over-allotment option; and (ii) US$48.9 million aggregate principal amount of Convertible Debentures, which included approximately US$6.4 million aggregate principal amount of Convertible Debentures as a result of the underwriters’ election to fully exercise the Convertible Debenture over-allotment option. The Offering was conducted through a syndicate of underwriters co-led by CIBC Capital Markets and National Bank Financial Inc. and included TD Securities Inc., Canaccord Genuity Corp., BMO Capital Markets, Scotiabank, RBC Capital Markets, Haywood Securities Inc. and Industrial Alliance Securities Inc.

On June 22, 2017, a Farris team represented AHIP in its indirect acquisition of a portfolio of 18 premium branded Marriott and Hilton hotels containing 2,187 guestrooms and located in Maryland, New Jersey, New York, Connecticut and Pennsylvania for an aggregate purchase price of approximately US$407.4 million, including brand-mandated property improvement plans. AHIP funded the purchase price for the portfolio using a combination of a portion of the net proceeds from the Offering and the proceeds from four new commercial mortgage backed securities loans in the aggregate amount of US$236.2 million.

The Farris team comprised Partners Brian Canfield and Duncan Reid and Associates Robert Veitch, Matthew Smith and Sean Galloway.