(numbers are in U.S. dollars unless otherwise
indicated)
VANCOUVER, BC, Feb. 15,
2022 /PRNewswire/ - American Hotel Income
Properties REIT LP ("AHIP") (TSX: HOT.UN, HOT.U, and HOT.DB.V)
announced today a U.S. dollar cash distribution of $0.015 per limited partnership unit ("Unit") for
February 2022; equivalent to U.S.
dollar $0.18 per Unit on an
annualized basis. The distribution will be paid March 15, 2022 to unitholders of record at the
close of business on February 28,
2022.
"We are pleased to implement the return of our monthly
distribution. As one of the first North American hospitality REITs
to reinstate its distribution following the global pandemic, AHIP
and its portfolio have demonstrated the resilience of the
premium-branded select service hotel operating model during this
period of unpredictable demand levels." said Jonathan Korol, CEO. Mr. Korol continued,
"Today's announcement is a signal to the marketplace of the
confidence that management and our Board of Directors has in the
recovery, sustainability and growth of our business."
The reinstatement of AHIP's distribution policy was approved by
AHIP's Board of Directors in November
2021, as previously announced by AHIP on November 9, 2021. Subject to ongoing approvals by
the Board of Directors, AHIP intends to pay cash distributions on
or about the 15th day of each month to the
unitholders of record on the last trading day of the immediately
preceding month.
ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT LP
American Hotel Income Properties REIT LP (TSX: HOT.UN, TSX:
HOT.U, TSX: HOT.DB.V), or AHIP, is a limited partnership formed to
invest in hotel real estate properties across the United States. AHIP's premium branded,
select-service hotels are located in secondary metropolitan markets
that benefit from diverse and typically stable demand. AHIP's
hotels operate under brands affiliated with Marriott, Hilton, IHG
and Choice Hotels through license agreements. The Company's
long-term objectives are to build on its proven track record of
successful investment, deliver monthly 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 (also known as forward-looking statements). 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 statements in this news release include, but are
not limited to, statements with respect to: the confidence of AHIP
management and the Board of Directors in the recovery,
sustainability and growth of AHIP's business; AHIP's intention to
pay cash distributions on or about the 15th day of
each month to the unitholders of record on the last trading day of
the preceding month; and AHIP's stated long-term objectives.
Forward-looking information is based on a number of key
expectations and assumptions made by AHIP, including, without
limitation: AHIP's new distribution policy will be sustainable;
AHIP will not be prevented from paying distributions under the
terms of its senior credit facility or investor rights agreement or
any other agreement; AHIP's business will perform consistent with
AHIP's expectations; and AHIP will achieve its long term
objectives. 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 statements are provided for the purpose of
presenting information about management's current expectations and
plans relating to the future and readers are cautioned that such
statements may not be appropriate for other purposes.
Forward-looking statements involve significant risks and
uncertainties and should not be read as guarantees of future
performance or results as actual results may differ materially from
those expressed or implied in such forward-looking statements.
Those risks and uncertainties include, among other things, risks
related to: the impacts of the COVID-19 pandemic may continue to
negatively impact the U.S. economy, the hotel industry, the
willingness of the general public to travel, demand for travel,
transient and group business, guest traffic and guest reservations,
the level of consumer confidence in the safety of travel, consumer
and corporate behavior with respect to travel and AHIP's business;
recent recovery trends may not continue and may regress; monthly
cash distributions are not guaranteed and remain subject to the
approval of Board of Directors and may be reduced or suspended at
any time at the discretion of the Board; the payment of
distributions by AHIP to its unitholders is subject to the
satisfaction of certain financial covenants under AHIP's senior
credit facility; and AHIP's investor rights agreement prohibits the
payment of distributions by AHIP in certain circumstances.
Management believes that the expectations reflected in
forward-looking statements are based upon reasonable assumptions
and information currently available; however, management can give
no assurance that actual results will be consistent with these
forward-looking statements. Additional information about risks and
uncertainties is contained in AHIP's MD&A dated November 9, 2021 and annual information form for
the year ended December 31, 2020,
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.
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SOURCE American Hotel Income Properties REIT LP