(All numbers are in U.S. dollars except in any other case indicated)
VANCOUVER , Dec. 11, 2019 /CNW/ – American Resort Revenue Properties REIT LP (“AHIP“, the “Firm“) (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.U) is happy to announce that it has lately accomplished roughly $four.5 million of renovations on the Embassy Suites by Hilton Cleveland Rockside ( Independence, OH ) and $1.1 million of renovations on the TownePlace Suites Chattanooga close to Hamilton Place ( Chattanooga, TN ). Initiatives at each properties have been accomplished on time and on funds.
“We’re very happy to have these lodge renovations completed – particularly on the Embassy Suites Cleveland Rockside property, because it completes the transformation of our 5 Embassy Suites branded resorts, that are the most important properties in our lodge portfolio,” mentioned John O’Neill , CEO. “We anticipate any future lodge renovation exercise might be much less disruptive to our total portfolio efficiency going ahead.”
Renovations on the 271-guestroom Embassy Suites by Hilton Cleveland Rockside totaled $four.5 million and included a totally rebuilt fashionable atrium, foyer restaurant and breakfast buffet; upgrades to all guestroom loos; and, enhancements and updates to the lodge’s assembly room services. All guestrooms at this property have been beforehand renovated in 2017. Consequently, your complete lodge has now been utterly up to date previously two years.
Renovations on the 87-suite TownePlace Suites Chattanooga close to Hamilton Place totaled $1.1 million and included new furnishings and décor all through the foyer, breakfast space, assembly rooms and corridors. All guestrooms have been additionally up to date with new bedding, seating areas, window remedies, lighting, wall finishes, and art work.
Three different resorts in AHIP’s portfolio are presently beneath renovation: the 111-room Vacation Inn Specific Fort Myers ( Florida ), the 101-room Vacation Inn Specific Sarasota ( Florida ), and the 108-room Homewood Suites Dover – Rockaway ( New Jersey ). Renovations to those properties are scheduled to be accomplished by the top of 2019.
ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT LP
American Resort Revenue Properties REIT LP (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.U), or AHIP, is a restricted partnership fashioned to put money into lodge actual property properties situated considerably in america . AHIP is actively engaged in rising its portfolio of premium branded, select-service resorts in bigger secondary markets which have various and secure demand. AHIP resorts function beneath manufacturers affiliated with Marriott, Hilton, IHG, Wyndham and Alternative Accommodations by means of license agreements. The corporate’s long-term goals are to construct on its confirmed monitor report of profitable funding, ship dependable and constant U.S. greenback denominated distributions to unitholders, and generate worth by means of the continued progress of its diversified lodge portfolio. Extra info is obtainable at www.ahipreit.com.
Ahead Trying Info
Sure statements on this information launch might represent “forward-looking info” throughout the which means of relevant securities legal guidelines. Ahead-looking info includes recognized and unknown dangers, uncertainties and different components, which can trigger precise outcomes, efficiency or achievements or business outcomes, to be materially totally different from any future outcomes, efficiency or achievements or business outcomes expressed or implied by such forward-looking info. Ahead-looking info typically could be recognized by means of phrases and phrases comparable to “anticipate”, “imagine”, “may”, “estimate”, “count on”, “really feel”, “intend”, “might”, “plan”, “predict”, “challenge”, “topic to”, “will”, “would”, and comparable phrases and phrases, together with references to assumptions. A number of the particular forward-looking info referred to on this information launch contains, however just isn’t restricted to, statements with respect to: AHIP’s expectation that any future lodge renovation exercise might be much less disruptive to its total portfolio efficiency going ahead; the anticipated timing of completion of renovations on the three resorts presently beneath renovation; and AHIP’s long-term goals.
Ahead-looking info relies on plenty of key expectations and assumptions made by AHIP, together with, with out limitation: AHIP will notice the supposed advantages of the renovations accomplished at its resorts; renovations might be accomplished in accordance with the timing anticipated and on funds; future renovation exercise might be much less disruptive to its total portfolio efficiency going ahead; AHIP will proceed to profit from its diversified portfolio of lodge properties and powerful model companions; a fairly secure North American financial system and inventory market; the continued energy of the U.S. lodging business; capital markets will present AHIP with available entry to fairness and/or debt financing on phrases acceptable to AHIP; and the worth of the U.S. greenback. Though the forward-looking info contained on this information launch relies on what AHIP’s administration believes to be cheap assumptions, AHIP can not guarantee buyers that precise outcomes might be in keeping with such info.
Ahead-looking info includes important dangers and uncertainties and shouldn’t be learn as ensures of future efficiency or outcomes. These dangers and uncertainties embrace, amongst different issues, dangers associated to the chance that: AHIP is not going to notice the supposed advantages of its lately accomplished, present and deliberate lodge renovations; renovations will not be accomplished in accordance with the timing contemplated, on funds, or in any respect; future renovation exercise might have extra guestroom displacement and visitor impression than presently anticipated; and AHIP might not notice any of its long run goals contemplated on this information launch or in any other case. Administration believes that the expectations mirrored within the forward-looking info contained on this information launch are based mostly upon cheap assumptions and data presently out there; nonetheless, administration may give no assurance that precise outcomes might be in keeping with the forward-looking info. Further details about dangers and uncertainties is contained in AHIP’s MD&A dated November 7, 2019 and its annual info type for the 12 months ended December 31, 2018 , copies of which can be found on SEDAR at www.sedar.com.
The forward-looking info contained herein is expressly certified in its entirety by this cautionary assertion. Ahead-looking info displays administration’s present beliefs and relies on info presently out there to AHIP. The forward-looking info is made as of the date of this information launch and AHIP assumes no obligation to replace or revise such info to replicate new occasions or circumstances, besides as could also be required by relevant regulation.
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SOURCE American Resort Revenue Properties REIT LP
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