VANCOUVER, BC--(Marketwired - August 31, 2016) - American Hotel Income Properties REIT LP ("AHIP") (TSX: HOT.UN) (OTCQX: AHOTF) announced today the promotion of Mr. Ian McAuley to the newly created position of President, effective September 1, 2016. He will report to Rob O'Neill, AHIP's CEO.
Under the guidance of the CEO and the Board of Directors, Mr. McAuley will be focussed on executing AHIP's strategic plan and ensuring the organizational readiness to fulfill the company's long-term objectives. He will continue to oversee and interface with AHIP's hotel manager, Tower Rock Hotels & Resorts Inc., and will also provide leadership and direction to AHIP's acquisition team in continuing to grow the portfolio of Rail and Branded Hotels.
Mr. O'Neill stated: "Ian is a proven leader who has the experience and track record of delivering results. Since joining the AHIP team last year, he has demonstrated a deep understanding of AHIP's business and is well respected within the organization, the capital markets, and the hotel real estate industry. He personifies the values and culture that have made AHIP successful and understands what it takes to create an environment where our business can grow and prosper."
Prior to joining AHIP as Executive Vice President - Asset Management, and for five years until its sale, Mr. McAuley was President and CEO of Continuum Health Care Holdings Ltd., a senior housing developer, owner, and operator. For 15 years prior, he was President and COO of Superior Lodging Corp., one of Canada's leading hotel investment and development companies.
Mr. McAuley is a member of the Institute of Corporate Directors, and holds MBA and BA degrees, and a specialized diploma in Hospitality Administration.
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. Some of the specific forward-looking statements in this news release include, but are not limited to, statements with respect to: the effective date of Mr. McAuley's appointment as President, and Mr. McAuley's additional expected duties as President.
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, 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 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 17, 2016 and under "Risks and Uncertainties" in AHIP's Management's Discussion and Analysis dated August 9, 2016, 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's current property portfolio is comprised of 80 hotels located in 27 U.S. states, representing 7,095 available guestrooms. The Rail Hotel segment, serving the U.S. freight railway industry, consists of 45 hotels comprising 3,765 guestrooms and 27 Penny's Diner restaurants. The Branded Hotel segment consists of 35 hotels comprising 3,330 guestrooms and is affiliated with leading hotel brands including Marriott, Hilton and IHG.
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 engaged primarily in the rail crew accommodation, transportation, and branded, select service lodging sectors.
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 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.
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