Business
American Hotel Income Properties REIT LP Provides Update Regarding Hotel Operations and Distribution Policy
American Hotel Income Properties REIT LP Provides Update Regarding Hotel Operations and Di...
About this update from American Hotel Income Properties Reit Lp
[{"type":"text","content":"\n\n\n\nAmerican Hotel Income Properties REIT LP Provides Update Regarding Hotel Operations and Distribution Policy\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, March 20, 2020\n\n\n\nAll 79 hotels are currently open for business and are serving guests in compliance with government health guidelines Decline in occupancy rates in the past week as a result of social distancing mandates, travel restrictions and overall heightened awareness of COVID-19 Aggressive cost saving and cash management strategies have been implemented to preserve cash and liquidity March 2020 distribution of US$0.038 will be paid on April 15, 2020 Temporary suspension of monthly distributions starting April 2020 VANCOUVER, March 20, 2020 /CNW/ - American Hotel Income Properties REIT LP (\"AHIP\" or \"the Company\") (TSX: HOT.UN, HOT.U, and HOT.DB.U) is providing an update on its hotel operations with the impacts of COVID-19 and related government initiated measures.  All 79 of AHIP's hotels are currently open and accommodating guests; however, based on reduced business levels the Company has implemented a comprehensive expense reduction program and cash management strategy to help preserve capital during this period of uncertainty.  As previously announced, a March 2020 distribution of US$0.038 per unit will be paid on April, 15, 2020.  However, AHIP will subsequently suspend monthly distributions until economic conditions improve and COVID-19 issues abate.\n\"We continue to focus on actively managing our assets during these unprecedented and unique circumstances,\" said John O'Neill, CEO. \"Our current liquidity and the brand-supported deferral of all capital expenditures to 2021 is providing us with a strong foundation to manage through this period of economic uncertainty.  In addition, even though our select-service hotels in secondary markets have continued to perform at higher occupancy and rate levels than many of our peers, we have worked closely with our hotel manager to proactively respond to changing business levels by aggressively r...