VANCOUVER, July 15, 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 recently completed approximately US$5.0 million of renovations at three hotels: the Fairfield Inn & Suites by Marriott Jacksonville (Florida), the Homewood Suites by Hilton Allentown (Pennsylvania), and the Homewood Suites by Hilton Bethlehem (Pennsylvania).
"We are very pleased to have these renovations completed on time and on budget, with no further disruption to our guests or business levels at these properties," said John O'Neill, CEO. "These hotels now offer the latest designs and guest comforts, enhancing our guest experience and best positioning these properties in their respective markets."
Renovations at the 89-room Fairfield Inn & Suites by Marriott Jacksonville totaled US$0.9 million and included updates to the lobby, all guestrooms, corridors and public areas – with new carpet, wall finishes, window treatments and lighting.
Renovations totaling US$4.1 million were completed at the 108-room Homewood Suites by Hilton Allentown and the 113-room Homewood Suites by Hilton Bethlehem as both hotels were modernized to the latest design scheme. This included a complete transformation of the lobbies, with new flooring, wall finishings, front desks and the launch of new Suite Shop lobby stores. Adjacent to the lobbies, 'The Lodge' at each property was also expanded and modernized, where Homewood's signature wing communal table was added. In addition, both outdoor lounge areas were expanded, with a new outdoor kitchen, fire pit, seating area and pergola. Guest suites at these hotels were also completely renovated to reflect Homewood's new "residential" aesthetic, with new lighter wall coverings, new beds and upholstered headboards, new bedding packages, larger entertainment centers, new TVs, and updated kitchens and bathrooms.
In total, ten hotels will be renovated during 2019, including the three hotels already completed.
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 currently has 112 hotels, and 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.
Forward Looking Information
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, which 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: AHIP Management's expectation that ten AHIP hotels will be renovated in 2019; 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: AHIP will realize the intended benefits of the renovations completed at its hotels, the other AHIP Hotels currently under renovation or planned for renovation in 2019 will be completed in accordance with the timing expected and on budget; AHIP will continue to benefit from its diversified portfolio of hotel properties and strong brand partners; 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: AHIP will not realize the intended benefits of its recently completed, current and planned hotel renovations; AHIP's current and planned renovations may not be completed in accordance with the timing contemplated, on budget, or at all; the 2019 hotel renovation program may result in more disruption for hotel guests than anticipated; and AHIP may 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 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.
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SOURCE American Hotel Income Properties REIT LP
View original content: http://www.newswire.ca/en/releases/archive/July2019/15/c4161.html
Jamie Kokoska, Director, Investor Relations, Phone: 604-670-6242, Email: jkokoska@ahipreit.comCopyright CNW Group 2019