Company also provides update on the closing timeline for the previously announced
sale of its Economy Lodging portfolio
VANCOUVER, Oct. 28, 2019 /CNW/ – American Hotel Income Properties REIT LP (“AHIP”, “the Company”) (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.U) announces today that it intends to release its financial results for the quarter ended September 30, 2019 after market close on Thursday, November 7, 2019. Interested parties are invited to participate in the Company’s third quarter 2019 results conference call, occurring later that same day at 5:30 p.m. Eastern time / 2:30 p.m. Pacific time. During the call, management will discuss AHIP’s financial results and answer questions from analysts.
To participate in the conference call, please use the following dial-in information:
- 1-877-291-4570 (Toll-free North America)
- 1-647-788-4919 (International or local Toronto)
Please ask to participate in American Hotel Income Properties’ Q3 2019 Analyst Call. To avoid any delays in joining the call, please dial in at least five minutes prior to the call start time. If prompted, please provide conference passcode 2495663.
An audio webcast of the conference call is also available, both live and archived, on the Events & Presentations page of AHIP’s website: www.ahipreit.com. Alternatively, you may register for the webcast directly at the following link:
A replay of the conference call can be accessed after 8:30 p.m. Eastern time/ 5:30 p.m. Pacific time on Thursday, November 7, 2019 at 1-800-585-8367 or 1-416-621-4642 (using passcode 2495663). The replay will be available until December 5, 2019.
Update on the Closing Timeline for the Previously Announced Sale of the Economy Lodging Portfolio
AHIP also wishes to update its investors on the expected completion of the previously announced sale of its Economy Lodging portfolio of 45 hotels to an affiliate of VCM. The closing process is still underway and remains subject to the satisfaction of various customary conditions, including third party consents. Both AHIP and the buyer are actively working to finalize this process. The Company now expects the transaction will complete in November. AHIP will provide an update when the transaction closes.
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, 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 statements in this news release include, but are not limited to, statements with respect to: AHIP’s intention to release its financial results for the quarter ended September 30, 2019 after market close on November 7, 2019; the sale of the Economy Lodging portfolio, and the expected timing thereof; and AHIP’s intention to provide an update once this transaction closes.
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; 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; the accuracy of third party reports with respect to lodging industry data; the value of the U.S. dollar; AHIP will complete the sale of the Economy Lodging portfolio on the terms and in accordance with the timing currently contemplated and will be successful in redeploying the net proceeds therefrom on an accretive basis; and AHIP will realize the intended benefits and strategic outcomes of the sale of the Economy Lodging portfolio. 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 sale of the Economy Lodging portfolio may not be completed in accordance with the terms or timing currently contemplated, or at all; AHIP may not be successful in redeploying the net proceeds from the sale of the Economy Lodging portfolio in a manner that is accretive to its securityholders; AHIP may not realize the intended benefits and strategic outcomes of the sale of the Economy Lodging portfolio; AHIP’s capital recycling strategy may not be successful and AHIP may not be able to accretively redeploy any proceeds generated therefrom; general economic conditions; future growth potential; Unit prices; liquidity; tax risk; tax laws currently in effect remaining unchanged; ability to access capital markets; competition for real property investments; environmental matters; the value of the U.S. dollar; and changes in legislation or regulations. 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 August 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.
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 is actively 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.
SOURCE American Hotel Income Properties REIT LP
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