VANCOUVER, B.C. (September 12, 2017) – American Hotel Income Properties REIT LP (“AHIP”) (TSX: HOT.UN; TSX: HOT.DB.U; OTCQX: AHOTF) and hotel manager, ONE Lodging Management, Inc. (“ONE Lodging Management”) have completed a preliminary review of AHIP’s properties in Florida and Southern Georgia following the onset of Hurricane Irma and found the damage to be minimal. Of the 14 AHIP owned hotels in the region, 13 hotels are operating at capacity, while the Kingsland, Georgia hotel remains under an evacuation order.
In advance of the storm, all hotel teams completed their emergency preparedness checklists and have since reported minimal water damage, though several have experienced intermittent loss of power. All hotels are continuing to follow the instructions of local authorities as directed by the Governors of both Florida and Georgia.
“The safety and security of our guests and staff is a top priority for AHIP and ONE Lodging Management,” commented Ian McAuley, President of AHIP and Robert Pratt, President of ONE Lodging Management. “So being able to report that all 3,900 guests and staff are safe is a huge relief to both organizations.” Conditions in the impacted area remain fluid, so while the hotels are operating at capacity right now, bookings for the next few days may fluctuate depending on the needs of first responders, utility crews, local communities and travelers. Room cancellation fees are being waived and pets are being accepted at no additional charge at all AHIP owned hotels in the area.
Mr. McAuley and Mr. Pratt noted “We will continue to assess the damage in the days and weeks ahead and address the needed repairs while we continue to provide support and assistance to our guests and staff in the area.” As a prudent hotel owner and operator, AHIP properties and operations are fully insured and will be addressed with our insurance companies in due course.
Certain statements in this news release may constitute “forward-looking” information that involves known and unknown risks, uncertainties and other factors, and it 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: the expectation that bookings at AHIP’s hotel properties in Florida and Georgia may fluctuate in next week depending on needs of first responders, utility crews, local community and travelers; AHIP’s intention to continue to assess the damage from Hurricane Irma and address repairs going forward; and AHIP’s intention to continue to provide assistance as requested by guests and employees in the area.
Forward-looking information is based on a number of key expectations and assumptions made by AHIP, including, without limitation: all damage to its properties in Florida and Georgia can be repaired; any damage to AHIP’s properties which has not yet been identified will not be significant; AHIP’s insurance will cover the majority of the damage caused to its properties by Hurricane Irma and customers will continue to book rooms at AHIP’s hotels in Florida and Georgia. 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. Those risks and uncertainties include, among other things, risks related to: costs of repairs for detected problems at AHIP’s properties may be greater than currently expected; there may be damage to AHIP’s properties which has not yet been detected and that is significant; AHIP’s insurance policies may not provide coverage some or all of the damage caused to its properties by Hurricane Irma and future bookings at AHIP’s properties in regions impacted by Hurricane Irma may be reduced. 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 and annual information form for the year ended December 31, 2016, 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
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 growing a portfolio of premium branded, select-service hotels in larger secondary markets with diverse and stable demand generators as well as long standing contractual railway customers.
AHIP’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 add value through ongoing growth of its diversified hotel portfolio.
For further information, please contact:
Andrew Greig, Investor Relations
American Hotel Income Properties REIT LP
800 - 925 West Georgia Street
Vancouver BC V6C 3L2 Canada
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS NEWS RELEASE.