During 2019, AHIP expects to invest approximately $25 million in property improvement renovations which are designed to enhance the overall guest experience at many of our hotels. These improvements may include updates to lobbies, guestrooms, meeting rooms, and food & beverage facilities (such as breakfast rooms and lobby bars).
In some cases, the renovations may impact hotel operations including some guest displacement which may affect our quarterly results. We are working closely with our Hotel Manager to minimize the disruptions, and forecast less than $2 million of impact to EBITDA in 2019 from direct renovation displacement.
The following hotel properties are scheduled to undergo PIP projects estimated to be more than US$500,000 in 2019:
Scheduled Renovation Dates
Hotel Name and Guestrooms |
Q1 2019 |
Q2 2019 |
Q3 2019 |
Q4 2019 |
Fairfield Inn & Suites Jacksonville (89 guestrooms) |
✓ |
Completed |
|
|
Residence Inn Chattanooga (87 guestrooms) |
✓ |
✓ |
Completed |
|
Homewood Suites Allentown (108 guestrooms) |
|
✓ |
Completed |
|
Homewood Suites Bethlehem (108 guestrooms) |
|
✓ |
Completed |
|
Homewood Suites Dover (108 guestrooms) |
|
✓ |
✓ |
|
Holiday Inn Express Fort Myers (111 guestrooms) |
|
|
Completed
|
|
Holiday Inn Express Sarasota (101 guestrooms) |
|
|
Completed
|
|
Embassy Suites Tempe (224 guestrooms) |
|
✓ |
Completed |
|
Embassy Suites Cleveland (271 guestrooms) |
|
✓ |
✓ |
Completed |
Towneplace Suites Chattanooga (87 guestrooms) |
|
|
|
Completed
|