Business
American Hotel Income Properties REIT LP Provides Business Update and Announces All Hotels are Now Open and Generating Revenues
American Hotel Income Properties REIT LP Provides Business Update and Announces All Hotels...
About this update from American Hotel Income Properties Reit Lp
[{"type":"text","content":"\n\n\n\nAmerican Hotel Income Properties REIT LP Provides Business Update and Announces All Hotels are Now Open and Generating Revenues\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, June 15, 2020\n\n\n\nOccupancy rates continue to improve, with nine consecutive weeks of growth and total portfolio occupancy of approximately 48% in the past week Given the current pace of occupancy growth, AHIP is approaching breakeven cashflow and currently anticipates generating positive cashflow by the end of Q3 2020 Successfully restructured payments on approximately 70% of its CMBS loans Achieved waiver of financial covenants through Q1 2021 on its credit facilityAll financial figures are presented in US dollars, unless otherwise noted.\n VANCOUVER, BC, June 15, 2020 /CNW/ - American Hotel Income Properties REIT LP (\"AHIP\" or \"the Company\") (TSX: HOT.UN, HOT.U, and HOT.DB.U) is pleased to provide the following update regarding hotel operations and liquidity. \n\"We're pleased to confirm that all of our hotels are now open and generating revenues as we are seeing continued steady occupancy growth – particularly from leisure-travel guests.  Our best-performing segment continues to be our 24 extended stay hotel properties, which have outperformed our other hotels throughout the downturn, and have averaged occupancy of 65% over the past two weeks.  We are seeing strong performance across our diversified portfolio as state 'stay at home orders' are relaxed, with certain properties in New Jersey, Texas, Tennessee and Virginia generating occupancies of between 70% and 100% on a regular basis.  Our portfolio of road-trip and drive-to friendly hotels has recently seen a resurgence of demand from leisure travelers and we continue to see strong demand from government, logistics, healthcare/first responders and environmental care businesses.\"\nMr. O'Neill continued, \"Our ongoing discussions with our credit facility syndicate have resulted in an $11 million increase in the current available capacity under our credit facility and c...