Business
American Hotel Income Properties REIT LP Provides Business Update Regarding Impact of COVID-19
American Hotel Income Properties REIT LP Provides Business Update Regarding Impact of COVI...
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 Regarding Impact of COVID-19\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, April 8, 2020\n\n\n\nAHIP announces that it has undertaken significant steps to mitigate the operational and financial impacts of the COVID-19 pandemic60 of AHIP's 79 hotels are currently open for business, generating revenue and serving guests in compliance with government health guidelinesOccupancy rates stabilizing at reduced levels, with extended stay properties remaining the best performingHotel staffing levels reduced by 65%; will save more than $40 million in annualized operating cost savingsSenior management compensation reduced alongside corporate office staff reductionsPreviously announced March 2020 distribution payment will be deferred All financial figures are presented in US dollars, unless otherwise noted.\n VANCOUVER, April 8, 2020 /CNW/ - American Hotel Income Properties REIT LP (\"AHIP\" or \"the Company\") (TSX: HOT.UN, HOT.U, and HOT.DB.U) today provided the following business update regarding the continually evolving COVID-19 situation and government initiated measures.\n\"These continue to be unprecedented circumstances, and like all businesses, we are actively navigating the resulting challenges,\" said John O'Neill, CEO.  \"After evaluating the market viability of certain properties during this pandemic, we have made the decision to temporarily suspend guest operations at four hotels, and consolidate operations at 15 properties with other adjacent AHIP hotels.  In conjunction with our hotel manager, we have also significantly reduced staffing levels to preserve cash flow.  To date, more than 1,600 hotel staff have been laid off or furloughed, which represents 65% of our total hotel workforce.  These decisions are always difficult, but we have ensured key roles remain in order to maintain the properties and be well positioned for a rapid recovery when regular travel patterns resume.\"\n\"We continue working to ensure we have sufficient liquidity to me...