AHIP announces appointment of Robert Hibberd as Executive Vice President and Azim Lalani as new Chief Financial Officer
VANCOUVER, April 14, 2014 /PRNewswire/ - American Hotel Income Properties REIT LP ("AHIP") (TSX: HOT.UN; OTCQX: AHOTF) announced today that it has appointed Azim Lalani as the new Chief Financial Officer of AHIP, effective April 21, 2014, at which time Robert Hibberd, the current Chief Financial Officer, will assume the newly created position of Executive Vice President.
"Mr. Lalani comes with highly desirable professional credentials and exceptionally relevant work experience. We are pleased to welcome him to AHIP, in addition to extending our gratitude to Mr. Hibberd for his hard work" said Rob O'Neill, Chief Executive Officer. Mr. O'Neill also thanked Mr. Hibberd for his key contribution in establishing AHIP, including its Initial Public Offering in February 2013, and welcomes him to the newly created role, with an emphasis on hotel acquisitions and public markets to continue with the execution of AHIP's growth strategy. In line with ongoing initiatives to reduce transaction costs, this increases AHIP's capacity to bring costs in-house relating to external acquisition and diligence functions.
Mr. Lalani is a Chartered Accountant (British Columbia) and a Chartered Business Valuator. Mr. Lalani was previously with Huntingdon Capital Corp. ("Huntingdon") as Senior Vice President of Operations with responsibility for portfolio management and operations including leasing, property and asset management for both Huntingdon and FAM REIT properties across Canada. He was also a key contributor to Huntingdon's public secured debenture offering in November 2011 and FAM REIT's public equity offerings in December 2012 and August 2013. Prior to working at Huntingdon, Mr. Lalani was Vice President of Real Estate and Risk Management at SilverBirch Hotels & Resorts, where as a member of the strategic leadership team, he was responsible for portfolio performance and investment management including hotel repositioning and re-branding opportunities involving Marriott and Hilton. He was also Director of Finance at Canadian Hotel Income Properties REIT ("CHIP REIT") and Manager at KPMG LLP in Vancouver. Mr. Lalani's work experience with both public and private real estate enterprises has encompassed financial reporting, acquisitions, divestitures, debt management, operations, business valuation, taxation and risk management.
ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT LP
AHIP is a limited partnership formed under the Limited Partnerships Act (Ontario) to invest in hotel real estate properties located substantially in the United States and engaged primarily in the railway employee accommodation, transportation, and contract-focused lodging sectors. AHIP's long-term objectives are to: (i) generate stable and growing cash distributions from hotel properties substantially in the U.S.; (ii) enhance the value of its assets and maximize the long-term value of the hotel properties through active management; and (iii) expand its asset base and increase its AFFO per Unit through an accretive acquisition program, participation in strategic development opportunities and improvements to its properties through targeted value-added capital expenditure programs.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS NEWS RELEASE.
SOURCE American Hotel Income Properties REIT LP