VANCOUVER, BC, June 1, 2021 /CNW/ - American Hotel Income
Properties REIT LP ("AHIP") (TSX: HOT.UN, HOT.U and
HOT.DB.U) is pleased to announce that Travis Beatty has been appointed as its Chief
Financial Officer effective June 7,
2021. Mr. Beatty is a strong organizational leader with a
proven track record in the public REIT space as well as within the
broader Canadian financial community, making him the ideal
candidate to assume the role of CFO.
Mr. Beatty was previously the Chief Financial Officer of
Northview Apartment REIT ("Northview") from 2016 to 2020.
Northview was a Canadian public REIT focused on owning and managing
multi-family residential units across Canada. During Mr. Beatty's tenure, Northview
grew by $1.5 billion in book value
with a portfolio of 26,500 units prior to being sold to Starlight
Group Property Holdings Inc. and KingSett Capital Inc. for
$4.9 billion in the fourth quarter of
2020 at an all-time high unit price. Prior to Northview, Mr. Beatty
spent a number of years at OPTI Canada Inc. ("OPTI"), an energy
infrastructure company designed to commercialize an upgrading
technology. OPTI underwent a significant growth period followed by
a series of complex financial transactions through the global
financial crisis, ultimately leading to its sale in 2011 for
US$2.1 billion, which Mr. Beatty
oversaw as OPTI's Chief Financial Officer. Mr. Beatty holds a
B.Comm from the University of Calgary,
is a KPMG alumni, and is both a Chartered Accountant (CPA) and
Chartered Financial Analyst (CFA).
"I am pleased to welcome Travis to our leadership team," said
Jonathan Korol, AHIP's Chief
Executive Officer. "His extensive experience in leading the
financial operations of real estate and energy infrastructure
businesses – as well as driving strategic value for stakeholders –
will make an immediate impact as we continue to position AHIP for
the future. Travis is an excellent addition to the AHIP team."
"I look forward to working with AHIP's management team on the
next phase of AHIP's evolution," said Mr. Beatty. He added, "AHIP
is among the best positioned North American hospitality platforms
demonstrated by its ability to withstand and recover from the
COVID-19 pandemic. I am very excited to be a part of AHIP's next
chapter as we seek to grow its footprint of premium branded select
service hotel properties in the United
States."
As CFO, Beatty will lead AHIP's finance and accounting group and
will be responsible for accounting, treasury, financial planning
and analysis, tax, and investor relations.
ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT LP
American Hotel Income Properties REIT LP (TSX: HOT.UN; HOT.U and
HOT.DB.U), or AHIP, is a limited partnership formed to invest in
hotel real estate properties across the
United States. AHIP's 78 premium branded, select-service
hotels are located in secondary metropolitan markets that benefit
from diverse and stable demand. AHIP hotels operate under brands
affiliated with Marriott, Hilton, IHG and Choice Hotels through
license agreements. The company's long-term objectives are to build
on its proven track record of successful investment, deliver U.S.
dollar denominated distributions to unitholders, and generate value
through the continued growth of its diversified hotel portfolio.
More information is available at www.ahipreit.com.
FORWARD-LOOKING INFORMATION
Certain statements in this news release may constitute
"forward-looking information" within the meaning of applicable
securities laws. Forward-looking information involves known and
unknown risks, uncertainties and other factors, and it may cause
actual results, performance or achievements or industry results, to
be materially different from any future results, performance or
achievements or industry results expressed or implied by such
forward-looking information. Forward-looking information generally
can be identified by the use of terms and phrases such as
"anticipate", "believe", "could", "estimate", "expect", "feel",
"intend", "may", "plan", "predict", "project", "subject to",
"will", "would", and similar terms and phrases, including
references to assumptions. Some of the specific forward-looking
information referred to in this news release includes, but is not
limited to, statements with respect to: the effective timing of the
appointment of Mr. Beatty as Chief Financial Officer of AHIP;
AHIP's belief that the appointment of Mr. Beatty will make an
immediate impact to AHIP as AHIP continues to position AHIP for the
future; AHIP seeking to grow its footprint of premium branded
select service hotel properties in the
United States; Mr. Beatty's expected duties as Chief
Financial Officer; and AHIP's long-term objectives.
Forward-looking information is based on a number of key
expectations and assumptions made by AHIP, including, without
limitation: the COVID–19 pandemic will continue to negatively
impact the U.S. economy, U.S. hotel industry and AHIP's business,
and the extent and duration of such impact; recent recovery trends
at AHIP's properties will continue and not deteriorate; the
vaccination programs in the U.S. will be successful and vaccines
effective, and government restrictions related to COVID–19 will
alleviate and the expected positive impacts thereof on the U.S.
economy, U.S. hotel industry, consumer confidence in travel,
consumer behavior and AHIP's business will be consistent with
AHIP's expectations. Although the forward-looking information
contained in this news release is based on what AHIP's management
believes to be reasonable assumptions and on information currently
available, AHIP cannot assure investors that actual results will be
consistent with such information.
Forward-looking information involves significant risks and
uncertainties and should not be read as guarantees of future
performance or results. Those risks and uncertainties include,
among other things, risks related to: the impacts of the COVID–19
pandemic on the U.S. economy, the hotel industry, the willingness
of the general public to travel, demand for travel, transient and
group business, guest traffic and guest reservations, the level of
consumer confidence in the safety of travel, consumer and corporate
behavior with respect to travel and AHIP's business, all of which
have negatively impacted, and are expected to continue to
negatively impact, AHIP; the pace of recovery following the
COVID–19 pandemic cannot be accurately predicated and may be slow;
the speed of vaccinations may decline, the effectiveness,
acceptance and availability of vaccines, the duration of associated
immunity and efficacy of the vaccines against emerging variants of
COVID–19 all may be less than expected, which may prolong the
impacts of COVID–19 on the U.S. economy, lodging industry and AHIP;
recent recovery trends may not continue; and AHIP may not realize
any of its long term objectives contemplated in this news release
or otherwise. Additional information about risks and uncertainties
is contained in AHIP's MD&A dated May
11, 2021 and annual information form for the year ended
December 31, 2020, copies of which
are available on SEDAR at www.sedar.com.
The forward-looking information contained herein is expressly
qualified in its entirety by this cautionary statement.
Forward-looking information reflects management's current beliefs
and is based on information currently available to AHIP. The
forward-looking information is made as of the date of this news
release and AHIP assumes no obligation to update or revise such
information to reflect new events or circumstances, except as may
be required by applicable law.
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SOURCE American Hotel Income Properties REIT LP