CIBC has USD$6 target (CDN$7.80)Our Conclusion The outlook for AHIP shares is perhaps best described as increasingly dichotomous. At current prices, AHIP offers investors the potential for outsized return compared to the broader REIT universe, reflecting significant valuation optionality, a double-digit yield, and the prospect of robust growth (to which end we would note that the seasonally stronger Q2/Q3 period could see momentum build on this quarter's solid operational results). On the other hand, the REIT's current strategy, which contemplates a sizable renovation program and potential capital recycling activity, adds variability to a cash flow profile at a time when the sustainability of the distribution may come into question; indeed, we do not see the elevated payout ratio (i.e., >100%) coming down before 2020. Ultimately, we believe that the risk/reward profile does remain favourable for investors with a higher overall risk tolerance, and maintain our Outperformer rating. Reflecting Q1 results, our NAV decreases to $6.00 (from $6.75), which equates to a CAD NAV equivalent of ~C$8.00 (from ~C$9.00). Our US$ price target decreases to $6.00 from $6.50, while our CAD price target decreases to ~C$8.00, in line with our NAV estimate. What's The Event? HOT reported FD FFO of $0.15/unit vs. our estimate of $0.17/unit and consensus at $0.14. We note, however, that the negative impact of group booking cancelations relating to the U.S. Government shutdown, and one-time expenses related to management changes had a 1.5 cent negative impact on FFO. Excluding these non-recurring costs, FFO was right in line with our expectations. Total RevPAR increased by 0.3% Y/Y, as higher ADR of 1.9% (with growth led by the six hotels that had been renovated by the end of January) was partially offset by softness in occupancy levels (i.e., renovation displacement and the government shutdown). Valuation: AHIP trades at ~6.7x 2019E FFO and yields 12.8%. Our 12-to 18-month price target of US$6.00 (in line with NAV) implies 8.0x 2019E FFO.