American Hotel Income Properties completes US$4.2 million of renovations at the Embassy Suites Phoenix Tempe
VANCOUVER, Aug. 1, 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$4.2 million of renovations at the Embassy Suites By Hilton Phoenix Tempe (Phoenix, AZ).
"We are very pleased with this renovation project, as it was accomplished both under budget and significantly ahead of schedule, with the same exceptional design results we expect from our renovation and construction partners," said John O'Neill, CEO. "As one of the largest hotels in our portfolio, we're also pleased with how this property has performed, even during renovations – as the unique campus style layout of this Embassy Suites hotel allowed us to section off areas of the property, leaving other guestrooms and public areas completely unaffected by any renovation disruption."
All 224 guestrooms at the Embassy Suites By Hilton Phoenix Tempe hotel were completely remodeled during the US$4.2 million renovation. This includes all new: beds, sofas, arm chairs, furniture, TVs, carpeting, window treatments and wall finishings. In addition, all guestroom bathrooms were modernized with new mirror and lighting fixtures. Today, the guestrooms at this property are essentially brand new, and offer guests the very latest in contemporary hotel comforts.
Other areas of this hotel were also modernized in the last several years – including the lobby, front desk, fitness areas, breakfast areas, restaurant & bar ("Urban Craft"), meeting spaces and outdoor pool deck. Combined with the completion of the guestroom renovations, all areas of this hotel property have been updated in the past five years.
In total, AHIP will renovate ten hotels during 2019, including the four hotels already completed.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release may constitute forward-looking information within the meaning of applicable securities laws. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking information in this news release includes statements related to: the number of Hotels AHIP will renovate this year. The forward-looking information is based on assumptions that management considered reasonable at the time it was prepared, including the assumption that existing and planned renovations will be completed at the times currently contemplated. The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by the forward-looking information, including the risk that current and planned renovations may not be completed on time, on budget, or at all. The factors which could cause results to differ from current expectations include, without limitation, those risk factors described in AHIP's Management's Discussion and Analysis dated May 7, 2019 and 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.
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 in the United States. AHIP 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.
SOURCE American Hotel Income Properties REIT LP
Jamie Kokoska, Director, Investor Relations, Phone: 604-670-6242, Email: [email protected]
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