(All numbers are in U.S. dollars unless otherwise indicated)
VANCOUVER, Dec. 11, 2019 /PRNewswire/ - American Hotel Income Properties REIT LP ("AHIP", the "Company") (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.U) is pleased to announce that it has recently completed approximately $4.5 million of renovations at the Embassy Suites by Hilton Cleveland Rockside (Independence, OH) and $1.1 million of renovations at the TownePlace Suites Chattanooga near Hamilton Place (Chattanooga, TN). Projects at both properties were completed on time and on budget.
"We're very pleased to have these hotel renovations finished – especially at the Embassy Suites Cleveland Rockside property, as it completes the transformation of our five Embassy Suites branded hotels, which are the largest properties in our hotel portfolio," said John O'Neill, CEO. "We anticipate any future hotel renovation activity will be less disruptive to our overall portfolio performance going forward."
Renovations at the 271-guestroom Embassy Suites by Hilton Cleveland Rockside totaled $4.5 million and included a completely rebuilt modern atrium, lobby restaurant and breakfast buffet; upgrades to all guestroom bathrooms; and, enhancements and updates to the hotel's meeting room facilities. All guestrooms at this property were previously renovated in 2017. As a result, the entire hotel has now been completely updated in the past two years.
Renovations at the 87-suite TownePlace Suites Chattanooga near Hamilton Place totaled $1.1 million and included new furniture and décor throughout the lobby, breakfast area, meeting rooms and corridors. All guestrooms were also updated with new bedding, seating areas, window treatments, lighting, wall finishes, and artwork.
Three other hotels in AHIP's portfolio are currently under renovation: the 111-room Holiday Inn Express Fort Myers (Florida), the 101-room Holiday Inn Express Sarasota (Florida), and the 108-room Homewood Suites Dover - Rockaway (New Jersey). Renovations to these properties are scheduled to be completed by the end of 2019.
ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT LP
American Hotel Income Properties REIT LP (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.U), or AHIP, is a limited partnership formed to invest in hotel real estate properties located substantially in the United States. AHIP 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" within the meaning of applicable securities laws. Forward-looking information involves known and unknown risks, uncertainties and other factors, which 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: AHIP's expectation that any future hotel renovation activity will be less disruptive to its overall portfolio performance going forward; the expected timing of completion of renovations at the three hotels currently under renovation; 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 realize the intended benefits of the renovations completed at its hotels; renovations will be completed in accordance with the timing expected and on budget; future renovation activity will be less disruptive to its overall portfolio performance going forward; AHIP will continue to benefit from its diversified portfolio of hotel properties and strong brand partners; 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 recently completed, current and planned hotel renovations; renovations may not be completed in accordance with the timing contemplated, on budget, or at all; future renovation activity may have more guestroom displacement and guest impact than currently anticipated; 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 November 7, 2019 and its annual information form for the year ended December 31, 2018, 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