VANCOUVER, Sept. 12, 2018 /CNW/ - American Hotel Income Properties REIT LP ("AHIP") (TSX: HOT.UN, HOT.U and HOT.DB.U) is pleased to announce that John O'Neill has been appointed as Chief Executive Officer of AHIP, effective October 1, 2018. Mr. O'Neill is an accomplished hospitality professional with over 30 years of experience in hotel investment, development and management. John oversaw the management of AHIP's hotel operations as the portfolio grew from 32 to 115 hotels over the past six years, while serving as President of ONE Lodging Management Inc. until Aimbridge Hospitality assumed AHIP's hotel management duties in April 2018. John has a deep understanding of the U.S. hotel industry and thorough knowledge of AHIP's hotel portfolio, making him the best candidate to assume the role of CEO and to lead AHIP into its next growth phase.
This appointment follows an extensive executive search conducted by AHIP's Board of Directors (the "Board") over the past four months, which was led by a well-recognized executive recruitment firm. After interviewing and evaluating numerous highly-qualified and impressive candidates, the Board was unanimous and confident in selecting John as AHIP's new CEO.
"We are pleased that our international search and selection process has concluded with the appointment of John as Chief Executive Officer. He is an impressive hospitality professional with significant experience in the United States and possesses deep institutional knowledge of AHIP's portfolio," noted Michael Murphy, Chair of AHIP's Board of Directors. Mr. Murphy continued, "We believe that John's appointment will mark the beginning of an exciting new chapter for AHIP."
As CEO, Mr. O'Neill will provide effective leadership to AHIP and will work with the Board to set and fulfill AHIP's strategic objectives. Mr. O'Neill will also oversee and work with AHIP's internal asset management team to maximize the performance of AHIP's existing portfolio and identify suitable M&A and capital recycling strategies to ensure the optimal mix of properties to drive strong long-term results for AHIP's unitholders.
"I am excited and grateful to have been selected by the Board to take on this unique leadership opportunity with AHIP, and look forward to working with our team and Aimbridge in delivering sustainable, long-term growth, to drive cash flow and enhance the value of our company for our investors," said Mr. O'Neill.
John O'Neill will succeed Rob O'Neill, AHIP's co-founder, who has been Chief Executive Officer and a valued Board member since AHIP's inception in 2012. Rob O'Neill will remain on AHIP's Board following his retirement as CEO in October.
"We thank Rob for his strong leadership and vision over the last six years, and we are grateful for the significant contributions he has made towards AHIP's success, including diversifying the hotel portfolio with the addition of 67 premium branded hotels over the past five years. We look forward to Rob's continuing contributions as an esteemed member of our Board and his continued support as one of AHIP's largest shareholders," said Mr. Murphy.
"After 46 years in the hotel and hospitality business, I would like to thank the thousands of associates, executives and business partners who have made my career possible and look forward to spending more time with my family in active retirement," said Rob O'Neill.
ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT LP
American Hotel Income Properties REIT LP (TSX: HOT.UN; HOT.U and 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 113 hotels, and is actively engaged in growing its portfolio of premium branded, select-service hotels in larger secondary U.S. markets that have diverse and stable demand. AHIP hotels operate under brands affiliated with Marriott, Hilton, IHG, Wyndham and Choice Hotels through license agreements. AHIP'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.
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, and it 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: the effective timing of the appointment of Mr. John O'Neill as CEO of AHIP; Mr. John O'Neill's expected duties as CEO, including providing effective leadership to AHIP, setting and fulfilling AHIP's strategic objectives, maximizing the performance of AHIP's existing assets and identifying suitable M&A and capital recycling strategies; the future growth of AHIP; Mr. Rob O'Neill remaining on the Board following his retirement as CEO, and the expected timing of such retirement; 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: 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 the performance of AHIP's assets may not be maximized and long-term growth and value enhancement may not be achieved at anticipated levels, or at all; and AHIP man 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 8, 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
For further information: Jamie Kokoska, Director, Investor Relations, Phone: (604) 670-6242, Email: [email protected]