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American Hotel Income Properties REIT LP - Q3-2018 & Price Forecast Update

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American Hotel Income Properties operates in two segments for making Premium Branded Hotels, which are select-service hotel properties that have franchise agreements with international hotel brands, and Economy Lodging Hotels, which are select-service hotel properties that have rail crew lodging agreements with large U.S. freight railway companies and, effective Nov-1-2017, have long term franchise agreements with various Wyndham brands.

The Premium Branded Hotels and Economy Hotels comprising 113 hotels have a total of 11,549 guestrooms located in 33 states. The total value of hotels as of Sept-30-2018 is $1.2B. The 67 Premium Branded Hotels (comprised of 7,684 guestrooms) are located in secondary markets under the management of Marriott International Inc., Hilton Worldwide, InterContinental Hotels Group, Choice Hotels International Inc. and Wyndham Hotel Group. The Economy Lodging Hotel portfolio consists of 46 hotels (comprised of 3,865 guest rooms) which have been purpose-built for mobile work force employees primarily in the transportation, construction, and resource sectors. In Nov-2017, the Economy Lodging Hotels were rebranded under various Wyndham brands including Baymont Inn and Suites, Travelodge, Super 8 and Days Inn under 5-year franchise agreements. The Wyndham licensing agreements do not apply any royalty fees to the contractually guaranteed room revenues under the various rail crew lodging agreements currently in place at the Economy Lodging hotels. Approximately 74% of the current room revenues within the Economy Lodging Hotel portfolio were covered under rail crew lodging agreements containing contractual revenue guarantees.

Several of AHIP's larger Embassy Suites hotels have completed renovations during 2018. As a result of the size and scale of these renovations, there was some significant guest displacement. AHIP continues its strategy to complete targeted renovations during 2019, which may cause some disruption at certain hotels.

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