VANCOUVER, March 23, 2018 /PRNewswire/ - American Hotel
Income Properties REIT LP ("AHIP") (TSX: HOT.UN, HOT.U, and
HOT.DB.U) is pleased to announce that it has expanded its in-house
Asset Management department, which is responsible for overseeing
and enhancing the performance of its hotel portfolio to drive
stronger returns for AHIP's unitholders.
"Over the past two years, not only has AHIP's Premium Branded
hotel portfolio grown substantially through the strategic
acquisition of 32 high-quality premium branded hotels (a 91 %
increase), we have also upgraded our Economy Lodging portfolio with
the Wyndham branding initiative. While our external hotel
manager continues to work diligently to drive strong performance
across our 115 hotels, we believe our portfolio is at the scale and
complexity to warrant additional oversight and expert support to
deliver peak performance. Our newly expanded Asset Management
team will work alongside senior members of the external hotel
manager to monitor revenue management, review operational
efficiencies, establish cost containment strategies and manage
capital investment programs to drive stronger returns," said
Ian McAuley, President, AHIP.
AHIP's Asset Management department consists of hotel industry
experts dedicated to portfolio management of its 115 hotels, which
involves the development of long-term strategic plans for each
property, including the oversight of the current, pre-funded,
US$20 million capital investment
program for 2018, designed to deliver top revenue performance and
industry best practices. Working closely with the hotel
manager, AHIP's Asset Management team also monitors the supply and
demand dynamics of specific hotel markets to ensure that each of
AHIP's hotels is constantly well positioned to take advantage of
revenue generating opportunities and maximize profitability.
As well, the Asset Management team will be in close contact with
AHIP's leading hotel brand partners, to ensure its hotels are
best-in-class, and up-to-date on all brand standards and guest
programs. Pankaj Maharjan, Managing Director, Asset
Management is overseeing the Asset Management program, with strong
support from Martin Pinsker, Senior
Director, Investments – who has recently redirected his focus from
acquisitions to specifically examine and implement strategies to
drive improved performance from AHIP's Economy Lodging hotel
portfolio. They are joined by two other experienced industry
professionals, and together, have already set performance
benchmarks for each property and are working with AHIP's external
hotel manager to achieve these targets.
U.S. hotel real estate investment trusts ("REITs"), such as
AHIP's wholly-owned subsidiary, American Hotel Income Properties
REIT Inc., are required by U.S. tax laws to have an external hotel
manager to manage hotel operations on behalf of hotel REITs.
AHIP's Asset Management department works with its external hotel
manager to drive hotel operating results and create value for its
unitholders.
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 located substantially in the United States. AHIP currently has 115
hotels, and is actively engaged in growing its portfolio of premium
branded, select-service hotels in larger secondary markets that
have diverse and stable demand. AHIP hotels operate under brands
affiliated with Marriott, Hilton, IHG, Wyndham and Choice Hotels
through license agreements. The company's long-term
objectives are to build on its proven track record of successful
investment, deliver reliable and consistent 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 that 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 statements in this news release include, but are
not limited to, statements with respect to: AHIP's Asset Management
team working closely with the external hotel manager to monitor
revenue management, review operational efficiencies and manage
capital investment programs; 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: a reasonably stable North American economy and stock
market; the continued strength of the U.S. lodging industry;
capital markets providing AHIP with readily available access to
equity and/or debt financing on terms acceptable to AHIP; the
accuracy of third party reports with respect to lodging industry
data; and the value of the U.S. dollar. Although the
forward-looking information contained in this news release is based
on what AHIP's management believes to be reasonable assumptions,
AHIP cannot assure investors that actual results will be consistent
with such information.
Forward-looking statements are provided for the purpose of
presenting information about management's current expectations and
plans relating to the future and readers are cautioned that such
statements may not be appropriate for other purposes.
Forward-looking statements involve 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: general economic conditions;
future growth potential; AHIP's unit prices; liquidity; tax risk;
tax laws currently in effect remaining unchanged; ability to access
capital markets; competition for real property investments;
environmental matters; the value of the U.S. dollar; and changes in
legislation or regulations. Management believes that the
expectations reflected in forward-looking statements are based upon
reasonable assumptions and information currently available;
however, management can give no assurance that actual results will
be consistent with these forward-looking statements. Additional
information about risks and uncertainties is contained in AHIP's
MD&A dated March 6, 2018 and
annual information form for the year ended December 31, 2016, 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.
SOURCE American Hotel Income Properties REIT LP