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American Hotel Income Properties REIT 6 00 Convertible Unsecured Subordinated Debentures T.HOT.DB.V

Alternate Symbol(s):  T.HOT.UN | AHOTF

American Hotel Income Properties REIT LP is a trust that invests in hotel real estate properties. The company's primary business is owning Premium Branded hotels, which have franchise agreements with international hotel brands including Marriott, Hilton, and IHG. It generates revenue from the room, food, beverage, and other revenue. The other revenue is comprised of conference room rentals, parking revenues, and other incidental income.


TSX:HOT.DB.V - Post by User

American Hotel Income Properties REIT 6 00 Convertible Unsecured Subordinated Debentures > Taking a flyer
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Comment by borne2runon Dec 14, 2023 9:41am
230 Views
Post# 35784172

RE:RE:RE:Taking a flyer

RE:RE:RE:Taking a flyer

great hotel assets

In a word, NO.  Read the recent press release.  Portfolio of 20 properties was appraised at $138k per key.  At usd 50 cents, the stock was trading at an implied enterprise value of $98k per key.  What's the value of the hotels not in the credit facility?  Management doesn't say. Let's assume that the key value for those rooms also averages $138k. Accounting for debt, this translates into a unit price of approx usd $1.

Decent upside possibility, but stock should trade at a discount due to poor management.  AHP went public at cad $10 per unit in 2013. Okay performance for 4 years, then a complete disaster for the past 6 years.  For income investors, there are several well managed Canadian REITs that offered fantastic entry levels the past few months.  Names such as Allied Properties and H&R.


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