VANCOUVER, BC, June 1, 2021 – American Hotel Income Properties REIT LP (“AHIP”) (TSX: HOT.UN, HOT.U and HOT.DB.U) is pleased to announce that Travis Beatty has been appointed as its Chief Financial Officer effective June 7, 2021. Mr. Beatty is a strong organizational leader with a proven track record in the public REIT space as well as within the broader Canadian financial community, making him the ideal candidate to assume the role of CFO.
Mr. Beatty was previously the Chief Financial Officer of Northview Apartment REIT (“Northview”) from 2016 to 2020. Northview was a Canadian public REIT focused on owning and managing multi-family residential units across Canada. During Mr. Beatty’s tenure, Northview grew by $1.5 billion in book value with a portfolio of 26,500 units prior to being sold to Starlight Group Property Holdings Inc. and KingSett Capital Inc. for $4.9 billion in the fourth quarter of 2020 at an all-time high unit price. Prior to Northview, Mr. Beatty spent a number of years at OPTI Canada Inc. (“OPTI”), an energy infrastructure company designed to commercialize an upgrading technology. OPTI underwent a significant growth period followed by a series of complex financial transactions through the global financial crisis, ultimately leading to its sale in 2011 for US$2.1 billion, which Mr. Beatty oversaw as OPTI’s Chief Financial Officer. Mr. Beatty holds a B.Comm from the University of Calgary, is a KPMG alumni, and is both a Chartered Accountant (CPA) and Chartered Financial Analyst (CFA).
“I am pleased to welcome Travis to our leadership team,” said Jonathan Korol, AHIP’s Chief Executive Officer. “His extensive experience in leading the financial operations of real estate and energy infrastructure businesses – as well as driving strategic value for stakeholders – will make an immediate impact as we continue to position AHIP for the future. Travis is an excellent addition to the AHIP team.”
“I look forward to working with AHIP’s management team on the next phase of AHIP’s evolution,” said Mr. Beatty. He added, “AHIP is among the best positioned North American hospitality platforms demonstrated by its ability to withstand and recover from the COVID-19 pandemic. I am very excited to be a part of AHIP’s next chapter as we seek to grow its footprint of premium branded select service hotel properties in the United States.”
As CFO, Beatty will lead AHIP’s finance and accounting group and will be responsible for accounting, treasury, financial planning and analysis, tax, and investor relations.
FORWARD-LOOKING INFORMATION
Certain statements in this news release may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “feel”, “intend”, “may”, “plan”, “predict”, “project”, “subject to”, “will”, “would”, and similar terms and phrases, including references to assumptions. Some of the specific forward-looking information referred to in this news release includes, but is not limited to, statements with respect to: the effective timing of the appointment of Mr. Beatty as Chief Financial Officer of AHIP; AHIP’s belief that the appointment of Mr. Beatty will make an immediate impact to AHIP as AHIP continues to position AHIP for the future; AHIP seeking to grow its footprint of premium branded select service hotel properties in the United States; Mr. Beatty’s expected duties as Chief Financial Officer; and AHIP’s long-term objectives.
Forward-looking information is based on a number of key expectations and assumptions made by AHIP, including, without limitation: the COVID–19 pandemic will continue to negatively impact the U.S. economy, U.S. hotel industry and AHIP’s business, and the extent and duration of such impact; recent recovery trends at AHIP’s properties will continue and not deteriorate; the vaccination programs in the U.S. will be successful and vaccines effective, and government restrictions related to COVID–19 will alleviate and the expected positive impacts thereof on the U.S. economy, U.S. hotel industry, consumer confidence in travel, consumer behavior and AHIP’s business will be consistent with AHIP’s expectations. Although the forward-looking information contained in this news release is based on what AHIP’s management believes to be reasonable assumptions and on information currently available, AHIP cannot assure investors that actual results will be consistent with such information.
Forward-looking information involves significant risks and uncertainties and should not be read as guarantees of future performance or results. Those risks and uncertainties include, among other things, risks related to: the impacts of the COVID–19 pandemic on the U.S. economy, the hotel industry, the willingness of the general public to travel, demand for travel, transient and group business, guest traffic and guest reservations, the level of consumer confidence in the safety of travel, consumer and corporate behavior with respect to travel and AHIP’s business, all of which have negatively impacted, and are expected to continue to negatively impact, AHIP; the pace of recovery following the COVID–19 pandemic cannot be accurately predicated and may be slow; the speed of vaccinations may decline, the effectiveness, acceptance and availability of vaccines, the duration of associated immunity and efficacy of the vaccines against emerging variants of COVID–19 all may be less than expected, which may prolong the impacts of COVID–19 on the U.S. economy, lodging industry and AHIP; recent recovery trends may not continue; and AHIP may not realize any of its long term objectives contemplated in this news release or otherwise. Additional information about risks and uncertainties is contained in AHIP’s MD&A dated May 11, 2021 and annual information form for the year ended December 31, 2020, copies of which are available on SEDAR at www.sedar.com.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to AHIP. The forward-looking information is made as of the date of this news release and AHIP assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
