American Hotel Income Properties Completes US$3.0 Million of Renovations at The Embassy Suites Columbus
VANCOUVER, Jan. 16, 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 completed approximately US$3.0 million of renovations at the Embassy Suites Columbus (in Dublin, Ohio). The official unveiling of the newly renovated hotel occurred yesterday, with AHIP executives there to welcome loyal guests, local media, event planners, and other travel sector professionals.
"We're very pleased to see this important hotel renovation now complete, on time and on budget. Our Embassy Suites Columbus property is the third Embassy Suites hotel we've updated so far," said John O'Neill, CEO. "The renovations at this property were extensive and have completely modernized the atrium, lobby, restaurant bar, and breakfast buffet."
Mr. O'Neill continued: "Our 2018 hotel renovation program has allowed us to better position six of our larger hotel properties in their respective markets, and we look forward to seeing the benefit of these hotel upgrades in the year ahead. During 2019 we expect to continue with renovations at additional hotels to enhance their market profile, and efficiently deploy and invest the capital we already have in reserve. While more hotels will be renovated in 2019 than in 2018, the type of construction activity and layout of the hotels is expected to result in significantly less disruption for our hotel guests and hotel performance than we saw last year."
Key aspects of the US$3.0 million of renovations at the Embassy Suites Columbus hotel include a completely rebuilt atrium, lobby bar and breakfast buffet; upgrades to guestroom bathrooms; and, enhancements and updates to meeting room facilities. AHIP expects to begin similar renovation work at its Embassy Suites properties in Independence (Cleveland), Ohio, and, Tempe (Phoenix), Arizona, in Q2 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 currently has 112 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, 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 looking forward to seeing the benefits of its 2018 hotel renovation program in the years ahead; AHIP management's expectation that more AHIP hotels will be renovated in 2019 than in 2018, but that the 2019 renovations are expected to result in significantly less disruption for hotel guests and hotel performance than the 2018 renovations; AHIP's expectation that it will begin similar renovation work at its Embassy Suites properties in Independence (Cleveland), Ohio, and Tempe (Phoenix), Arizona, in 2019; 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 the Embassy Suites Columbus (in Dublin, Ohio), the other AHIP Hotels renovated in 2018 and those renovations contemplated for other AHIP Embassy Suites properties and other AHIP hotels in 2019; renovations will be completed in accordance with the timing expected and on budget; the 2019 hotel renovation program will result in less disruption for hotel guests and hotel performance than the 2018 renovations; 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; AHIP's planned renovations may not be completed in accordance with the timing contemplated, on budget, or at all; the 2019 hotel renovation program many not result in less disruption for hotel guests and hotel performance than the 2018 renovations; 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 6, 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
Jamie Kokoska, Director, Investor Relations, Phone: 604-670-6242, Email: [email protected]
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