American Financial Closes Hotel Sale

The company gets $166 million.
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Property and casualty insurance company

American Financial Group

(AFG) - Get Report

said Friday its 81%-owned subsidiary, Great American Financial Resources,completed the sale of Chatham Bars Inn for around $166 million.

The Cincinnati-based company expects an after-tax gain of around $23 million to $26 million, or 29 cents a share to 33 cents a share, which will be included in its second quarter results.

Chatham Bars Inn is a resort-hotel property located on Cape Cod, Mass. Great American had owned and operated the hotel since 1993.

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