VANCOUVER, Oct. 2, 2018 /PRNewswire/ - American Hotel Income Properties REIT LP ("AHIP", or the "Company") (TSX: HOT.UN, HOT.U, and HOT.DB.U) is pleased to confirm that John O'Neill has joined the Company as CEO effective yesterday, as previously announced on September 12, 2018.
Since the announcement of his appointment as CEO, John has purchased an additional 154,400 units through open market purchases, increasing the number of AHIP units he owns or shares control over to 971,465 units, representing 1.24% of the Company. In addition, John has requested to receive 100% of his compensation in the form of equity, to continue growing his ownership in AHIP and strongly align his interests with other unitholders.
"I see tremendous value in AHIP's units, supported by our strong cash flow and exceptional dividend yield," said John O'Neill, Chief Executive Officer. "I truly believe AHIP will continue to benefit from its diversified portfolio of hotel properties, strong brand partners and the unique opportunity we have to reposition many of our assets as we complete planned hotel renovations over the next year and half."
Mr. O'Neill continued, "As we are in the process of preparing our third quarter results, all insiders are now restricted from trading until we release our results in November. I look forward to continuing my unit purchases once this trading restriction is lifted."
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 113 hotels, and is 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" 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: John O'Neill requesting to receive 100% of his compensation in the form of AHIP equity; AHIP continuing to benefit from its diversified portfolio of hotel properties, strong brand partners and the unique opportunity it has to reposition many of its assets as it completes planned hotel renovations over the next year and half; John O'Neill looking forward to continuing to purchase AHIP units following the expiry of AHIP's customary third quarter blackout period; 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: AHIP will continue to benefit from its diversified portfolio of hotel properties and strong brand partners; AHIP will realize the intended benefits of its planned hotel renovations; John O'Neill will receive 100% of his compensation in AHIP equity; John O'Neill will continue to purchase AHIP units following the expiry of AHIP's customary third quarter blackout period; a reasonably stable North American economy and stock market; the continued strength of the U.S. lodging industry; capital markets will provide AHIP with readily available access to equity and/or debt financing on terms acceptable to AHIP; 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 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 possibility that: AHIP will not realize the intended benefits of its planned hotel renovations; John O'Neill may not continue to purchase AHIP units following the expiry of AHIP's customary third quarter blackout period; and AHIP may not realize any of its long term objectives contemplated in this news release or otherwise. Management believes that the expectations reflected in the forward-looking information contained in this news release are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with the forward-looking information. Additional information about risks and uncertainties is contained in AHIP's MD&A dated August 8, 2018 and annual information form for the year ended December 31, 2017, 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