(numbers are in U.S. dollars unless otherwise indicated)

VANCOUVER, British Columbia, March 15, 2023 (GLOBE NEWSWIRE) -- American Hotel Income Properties REIT LP (“AHIP”) (TSX: HOT.UN, HOT.U, and HOT.DB.V) announces a U.S. dollar cash distribution of $0.015 per limited partnership unit (“Unit”) for March 2023, which is equivalent to U.S. dollar $0.18 per Unit on an annualized basis. The distribution will be paid on April 14, 2023 to unitholders of record at the close of business on March 31, 2023.

AHIP intends to pay cash distributions on or about the 15th day of each month to the unitholders of record on the last business day of the preceding month.

Additional information on AHIP’s distributions can be found on our website at www.ahipreit.com.

ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT LP

American Hotel Income Properties REIT LP (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.V), or AHIP, is a limited partnership formed to invest in hotel real estate properties across the United States. AHIP’s premium branded, select-service hotels are located in secondary metropolitan markets that benefit from diverse and typically stable demand. AHIP’s hotels operate under brands affiliated with Marriott, Hilton, IHG and Choice Hotels through license agreements. The Company’s long-term objectives are to build on its proven track record of successful investment, deliver monthly 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.

FORWARD-LOOKING INFORMATION

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, 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 payment of the current distribution; AHIP’s intention to pay future cash distributions on or about the 15^th day of each month to the unitholders of record on the last trading day of the preceding month; and AHIP’s stated long-term objectives.

Forward-looking information is based on a number of key expectations and assumptions made by AHIP, which management believe to be reasonable, including, without limitation: AHIP’s distribution policy will be sustainable; AHIP will not be prevented from paying distributions under the terms of its senior credit facility or investor rights agreement or any other agreement; AHIP’s business will perform consistent with AHIP’s expectations; and AHIP will achieve its long term objectives.

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, monthly cash distributions are not guaranteed and remain subject to the approval of Board of Directors and may be reduced, deferred or suspended at any time at the discretion of the Board; the payment of distributions by AHIP to its unitholders is subject to the satisfaction of certain financial covenants under AHIP’s senior credit facility and AHIP’s investor rights agreement limits the payment of distributions by AHIP in certain circumstances. Additional information about risks and uncertainties is contained in AHIP’s MD&A dated February 28, 2023 and annual information form for the year ended December 31, 2022, 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. Management believes that the expectations reflected in the forward-looking information are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with the forward-looking information contained herein. 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.

For further information, please contact:

Travis Beatty
Chief Financial Officer
[email protected]