American Hotel Income Properties REIT LP Announces Completion of $5.3 Million of Renovations at Two Florida Properties

(All numbers are in U.S. dollars unless otherwise indicated)

VANCOUVER, Jan. 8, 2020 /CNW/ - American Hotel Income Properties REIT LP ("AHIP", the "Company") (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.U) is pleased to announce $5.3 million of renovations have recently been completed at two Florida hotels: approximately $2.7 million of renovations at the 111-guestroom Holiday Inn Express & Suites Fort Myers East – The Forum and approximately $2.6 million of renovations at the 101-guestroom Holiday Inn Express & Suites Sarasota I-75. Both properties will celebrate ribbon-cutting celebrations with industry representatives and local officials later this month.

"These two hotel renovations mark the completion of our 2019 property improvement plan, with major upgrades at ten of our hotels accomplished in the past 12 months totaling over $25 million of property investment – significantly improving the guest experience at these hotels, and further enhancing their market position," said John O'Neill, CEO. "The renovations at these two larger Florida hotels were accomplished on time and on budget, with the properties offering the latest guest comforts in time for the busy winter and holiday season."

Both of these hotels were transformed following the Holiday Inn Express 'Formula Blue' design and renovation program and included guestroom updates, with new carpets, wall coverings, window treatments, lighting, artwork, beds and furniture. Guestroom bathrooms were also entirely redesigned with new flooring, tub-surrounds, mirrors, vanities and lighting fixtures. In addition, the lobbies and front desk facilities were completely renovated, the breakfast rooms were updated – complete with new buffet counters, and the fitness centers were modernized – including new fitness equipment. All hotel corridors were also remodeled with new carpets, wall coverings and lighting, and the exterior of both hotels were repainted and updated with new finishings. 

In addition to the improvements at these two hotels, AHIP is pleased to confirm all guestroom renovations at the Homewood Suites by Hilton Dover – Rockaway (New Jersey) have been completed. Additional outdoor enhancements to the property will be completed during the first half of 2020.

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 across the United States. AHIP's portfolio of 79 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, 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.

SOURCE American Hotel Income Properties REIT LP

Jamie Kokoska, Director, Investor Relations, Phone: [phone], Email: [email protected]