VANCOUVER,
June 26, 2015 /PRNewswire/ - American
Hotel Income Properties REIT LP ("AHIP") (TSX: HOT.UN;
OTCQX: AHOTF) announced today the grand re-opening of the 96-room
Residence Inn Pittsburgh Cranberry
Township, Pennsylvania (the "Property") after
successfully completing a US$3.3
million brand mandated property improvement plan
("PIP").
The hotel remained open and operational during
the entire renovation, and an open house and client appreciation
reception was held yesterday. Residence Inn is an industry leading
extended-stay brand controlled by Marriott International Inc.
Mr. Rob O'Neill,
Chief Executive Officer of AHIP commented, "We have invested over
$34,000 per room in this
comprehensive, high-impact renovation. The Property has a fresh,
contemporary look and is positioned to be one of the most
competitive hotels within the Pittsburgh/Cranberry
Township lodging market." This renovation is the first major
renovation AHIP has completed in a line of property improvements
currently underway to improve the investment performance of our
branded hotels."
The renovation was administered by AHIP's
exclusive hotel manager, Tower Rock Hotels & Resorts Inc., a
wholly owned subsidiary of O'Neill Hotels & Resorts Ltd.
Forward-Looking Information
Certain statements contained in this news
release may constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "anticipate", "plan", "expect", "may", "will",
"intend", "should", and similar expressions. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements.
Forward-looking statements in this news release include, without
limitation, the future performance of the Property, the continued
strength of the U.S. lodging market, and the value of the U.S.
Dollar.
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 and the continued strength of the U.S. lodging
industry. 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 reflects current
expectations of AHIP's management regarding future events and
operating performance as of the date of this news release. Such
information involves significant risks and uncertainties, should
not be read as guarantees of future performance or results, and
will not necessarily be accurate indications of whether or not such
results will be achieved. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks. These include, without limitation, those factors that can be
found under "Risk Factors" in AHIP's Annual Information Form dated
March 27, 2015 and under "Risks and
Uncertainties" in AHIP's Management's Discussion and Analysis dated
May 13, 2015, both of which are
available on SEDAR at www.sedar.com.
The forward-looking statements contained herein
represent AHIP's expectations as of the date of this news release,
and are subject to change after this date. AHIP assumes no
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise,
except as required by applicable law.
ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT
LP
AHIP is a limited partnership formed under the
Limited Partnerships Act (Ontario) to invest in hotel real estate
properties located substantially in the
United States and is engaged primarily in the railroad
employee accommodation, transportation-oriented, and select-service
lodging sectors. AHIP's properties are mostly located in secondary
and tertiary markets in the United
States in close proximity to railroads, airports, highway
interchanges, and other demand generators. AHIP owns hotels serving
the U.S. rail industry pursuant to long-term railway contracts and
hotels affiliated with leading national and international hotel
brands. AHIP's long-term objectives are to: (i) generate stable and
growing cash distributions from hotel properties substantially in
the U.S.; (ii) enhance the value of its assets and maximize the
long-term value of the hotel properties through active management;
and (iii) expand its asset base and increase its AFFO per unit
through an accretive acquisition program, participation in
strategic development opportunities and improvements to its
properties through targeted value-added capital expenditure
programs.
ADDITIONAL INFORMATION
Additional information relating to AHIP,
including its other public filings, is available on SEDAR at
www.sedar.com and on AHIP's website at www.ahipreit.com.
THE TORONTO
STOCK EXCHANGE HAS NOT REVIEWED
AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY
OF THIS NEWS RELEASE.
SOURCE American Hotel Income Properties REIT LP
Image with caption: "Gatehouse Reception at the Residence Inn
Pittsburgh Cranberry Township,
Pennsylvania (CNW Group/American Hotel Income Properties
REIT LP)". Image available at:
http://photos.newswire.ca/images/download/20150626_C9994_PHOTO_EN_43909.jpg
