VANCOUVER, Aug. 28, 2019 /CNW/ - 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 US$1.5 million of renovations at the Residence Inn by Marriott Chattanooga near Hamilton Place (Tennessee).
"We're very pleased to have another hotel renovation now completed, and to be able to offer our guests the very latest Residence Inn brand comforts at this completely remodeled hotel property. This marks the fifth hotel renovated so far this year and has us on track to complete ten hotel renovations in total during 2019," said John O'Neill, CEO. "Our second hotel in the Chattanooga market, the TownePlace Suites Chattanooga near Hamilton Place, will also undergo renovations, beginning in October."
Renovations at the 109-suite Residence Inn by Marriott Chattanooga near Hamilton Place totaled US$1.5 million and included updates to all guestroom furniture, artwork, window treatments, carpeting and wall finishings. In addition, the lobby, hotel corridors and the five meeting rooms were modernized with new carpet, wall finishings, drapery and lighting. The hotel's fitness center was also expanded and renovated, and modernized with all new exercise equipment.
Four other hotels in AHIP's portfolio are currently under renovation. The 108-room Homewood Suites Dover (New Jersey), the 271-room Embassy Suites Cleveland (Ohio), the 111-room Holiday Inn Express Fort Myers (Florida) and the 101-room Holiday Inn Express Sarasota (Florida) are scheduled to be completed during the fourth quarter 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 being on track to complete ten hotel renovations in total during 2019; the expected timing of completion of renovations at the four hotels currently under renovation; the expected timing of the commencement of renovations at the TownePlace Suites Chattanooga near Hamilton Place; 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; 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; 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 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
For further information: Jamie Kokoska, Director, Investor Relations, Phone: 604-670-6242, Email: [email protected]