All amounts presented in this news release are in
“We continued to achieve strong revenue performance from our select service hotel portfolio in Q4." commented
2022 HIGHLIGHTS
- Normalized diluted FFO per unit (1) was
$0.38 for the year endedDecember 31, 2022 , compared to$0.32 for the year endedDecember 31, 2021 . - Revenue increased 16.6% to
$281.4 million for the year endedDecember 31, 2022 , compared to$241.3 million for the year endedDecember 31, 2021 . - RevPAR (1) increased 18.1% to
$85 for the year endedDecember 31, 2022 , compared to$72 for the year endedDecember 31, 2021 . - ADR increased 12.7% to
$124 for the year endedDecember 31, 2022 , compared to$110 for the year endedDecember 31, 2021 . - Occupancy (1) was 68.9% for year ended
December 31, 2022 , an increase of 290 basis points (“bps”) compared to 66.0% for the year endedDecember 31, 2021 . - Debt to gross book value (1) decreased to 52.6% as at
December 31, 2022 , compared to 54.0% as atDecember 31, 2021 . - Successfully completed the strategic dispositions of seven non-core hotel properties, recycling proceeds into higher return assets in more attractive markets and reducing debt.
- 2022 capital plan included approximately
$18.0 million in property improvement plans (“PIPs”) and$10.6 million in furniture, fixtures and equipment (“FF&E”) improvements. - Weighted average interest rate for all term loans and credit facility, was 4.46% as at
December 31, 2022 , a decrease of 6 bps compared to 4.52% as atDecember 31, 2021 . - Paid monthly distributions of
$0.015 U.S. dollar per unit in each month sinceMarch 2022 . - Loss and comprehensive loss was
$35.6 million for the year endedDecember 31, 2022 , compared to a loss of$11.9 million for the year endedDecember 31, 2021 , primarily due to an increase in impairment of$31.7 million in 2022.
“Continuing the trend of improving RevPAR, we reached 100% of our 2019 level in the fourth quarter.”
"The last three quarters of 2022 were negatively impacted by inflation, labor shortages and supply chain disruptions. To address these issues, we are continuing to focus on hiring more in-house labor, reducing turnover and improving housekeeping productivity. Top line results for
2022 REVIEW
16.6% GROWTH IN REVENUE
Improving demand levels resulted in enhanced pricing power and greater opportunity to manage revenue for various hotel segments. As a result, AHIP’s revenue continued to improve in 2022. Revenue increased by 16.6% to
AHIP’s five
During the final week of
NOI MARGIN AND FFO
Same property Net Operating Income (“NOI”) margin (1) decreased by 550 bps to 32.5% for the year ended
Normalized diluted FFO per unit was
LEVERAGE AND LIQUIDITY
Debt to gross book value as at
On November 3, 2022, AHIP entered into an amendment to the revolving credit facility and certain term loans (the “Fifth Amendment”) to, among other things, modify the calculation of the borrowing base availability amount and certain financial covenants. The modifications significantly improve the expected borrowing base availability and reduce the required fixed charge covenant ratio. The revolving credit facility will mature on
As at
NON-CASH IMPAIRMENT CHARGES
During the fourth quarter of 2022, the Company recognized non-cash impairment charges of approximately
GROWTH AND STRATEGIC CAPITAL DEPLOYMENT
AHIP is evaluating growth opportunities that would expand the hotel portfolio and geographic footprint. As a result of the investment by BentallGreenOak and
In January and
In the fourth quarter of 2022, AHIP completed the disposition of five non-core hotel properties; one located in
CAPITAL IMPROVEMENTS
AHIP’s capital projects include hotel brand mandated PIPs and FF&E improvements. The 2022 capital plan included approximately
Three of the seven hotel renovations were completed or substantially completed, and the remaining four hotel renovations were in progress as at
Assuming stable or improving financial results, the 2023 capital plan is expected to include approximately
AHIP has adopted a distribution policy providing for the payment of regular monthly
2022 RESULTS
The following table summarizes key performance indicators (“KPIs”) for the portfolio for the five most recent quarters with a comparison represented as a multiple of the same period in 2019 and 2021. January to
SAME PROPERTI KPIs (71 hotels) | |||||||||||||||||||||
KPIs | 2022 | 2021 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | ||||||||||||||
Occupancy | 70.3% | 67.9% | 67.2% | 73.8% | 74.5% | 65.6% | 66.7% | ||||||||||||||
Recovery (vs. 2019) | 0.91x | 0.88x | 0.91x | 0.92x | 0.91x | 0.88x | 0.91x | ||||||||||||||
Recovery (vs. 2021) | 1.04x | n/a | 1.01x | 1.04x | 1.03x | 1.06x | n/a | ||||||||||||||
ADR | $125 | ||||||||||||||||||||
Recovery (vs. 2019) | 1.05x | 0.93x | 1.09x | 1.06x | 1.05x | 1.00x | 1.00x | ||||||||||||||
Recovery (vs. 2021) | 1.13x | n/a | 1.10x | 1.07x | 1.14x | 1.23x | n/a | ||||||||||||||
RevPAR | $88 | ||||||||||||||||||||
Recovery (vs. 2019) | 0.95x | 0.82x | 1.00x | 0.98x | 0.95x | 0.88x | 0.90x | ||||||||||||||
Recovery (vs. 2021) | 1.17x | n/a | 1.10x | 1.12x | 1.18x | 1.31x | n/a | ||||||||||||||
NOI Margin | 32.5% | 38.0% | 30.8% | 33.3% | 35.5% | 29.6% | 34.9% | ||||||||||||||
Recovery (vs. 2019) | 0.91x | 1.06x | 0.93x | 0.91x | 0.94x | 0.84x | 1.05x | ||||||||||||||
Recovery (vs. 2021) | 0.86x | n/a | 0.88x | 0.84x | 0.84x | 0.89x | n/a |
SELECTED ANNUAL INFORMATION
(thousands of dollars, except per Unit amounts) | 2022 | 2021 | 2020 | ||||||||||||
Revenue | 281,367 | 241,307 | 174,855 | ||||||||||||
NOI (1) | 89,154 | 88,917 | 46,586 | ||||||||||||
NOI Margin (1) | 31.7% | 36.8% | 26.6% | ||||||||||||
79,941 | 81,635 | 41,299 | |||||||||||||
28.4% | 33.8% | 23.6% | |||||||||||||
EBITDA (1) | 71,293 | 70,803 | 31,857 | ||||||||||||
EBITDA Margin (1) | 25.3% | 29.3% | 18.2% | ||||||||||||
Cashflow from operating activities | 44,910 | 17,954 | 3,553 | ||||||||||||
Distributions declared per unit - basic and diluted | 0.165 | - | 0.15 | ||||||||||||
Distributions declared to unitholders - basic | 12,996 | - | 11,405 | ||||||||||||
Distributions declared to unitholders - diluted | 14,453 | - | 11,495 | ||||||||||||
Dividends declared to Series C holders | 4,055 | 3,744 | - | ||||||||||||
Loss and comprehensive loss | (35,582 | ) | (11,866 | ) | (66,428 | ) | |||||||||
Loss and comprehensive loss per unit - basic | (0.46 | ) | (0.15 | ) | (0.85 | ) | |||||||||
Loss and comprehensive loss per unit - diluted | (0.46 | ) | (0.15 | ) | (0.85 | ) | |||||||||
FFO diluted (1) | 42,020 | 42,313 | (9,507 | ) | |||||||||||
FFO per unit - diluted (1) | 0.47 | 0.48 | (0.12 | ) | |||||||||||
FFO payout ratio - diluted, trailing twelve months (1) | 35.2% | - | -199.9% | ||||||||||||
AFFO diluted (1) | 31,471 | 37,064 | (8,951 | ) | |||||||||||
AFFO per unit - diluted (1) | 0.35 | 0.42 | (0.11 | ) | |||||||||||
AFFO payout ratio - diluted, trailing twelve months (1) | 47.4% | - | -127.3% | ||||||||||||
SELECTED ANNUAL INFORMATION
(thousands of dollars) | December 31, 2022 | December 31, 2021 | December 31, 2020 | ||||||||||
Total assets | 1,052,795 | 1,152,388 | 1,193,906 | ||||||||||
Total liabilities | 730,689 | 777,784 | 852,192 | ||||||||||
Total non-current liabilities | 667,807 | 674,339 | 772,300 | ||||||||||
Term loans and revolving credit facility | 643,929 | 695,796 | 724,271 | ||||||||||
Debt to gross book value (1) | 52.6 | % | 54.0 | % | 58.3 | % | |||||||
Debt to EBITDA (times) (1) | 9.8 | 10.7 | 25.4 | ||||||||||
Interest coverage ratio (times) (1) | 2.1 | 1.9 | 0.8 | ||||||||||
Term loans and revolving credit facility: | |||||||||||||
Weighted average interest rate | 4.46 | % | 4.52 | % | 4.55 | % | |||||||
Weighted average term to maturity (years) | 3.0 | 3.9 | 4.5 | ||||||||||
Number of rooms | 8,024 | 8,801 | 8,801 | ||||||||||
Number of properties | 71 | 78 | 78 | ||||||||||
Number of restaurants | 14 | 16 | 16 | ||||||||||
FINANCIAL INFORMATION
This news release should be read in conjunction with AHIP’s audited consolidated financial statements, and management’s discussion and analysis for the years ended
Q4 2022 CONFERENCE CALL
Management will host a webcast and conference call at
To participate in the conference call, participants should register online with the link below:
https://register.vevent.com/register/BIb9fcd73bb6f74a17b0f21994c31d9758. A dial-in and unique PIN will be provided after registering online to join the call. Participants are requested to register a minimum of 15 minutes before the start of the call. An audio webcast of the conference call is also available, both live and archived, on the Events & Presentations page of AHIP’s website: www.ahipreit.com.
ABOUT
NON-IFRS AND OTHER FINANCIAL MEASURES
Management believes the following non-IFRS financial measures, non-IFRS ratios, capital management measures and supplementary financial measures are relevant measures to monitor and evaluate AHIP’s financial and operating performance. These measures and ratios do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures and ratios are included to provide investors and management additional information and alternative methods for assessing AHIP’s financial and operating results and should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS.
NON-IFRS FINANCIAL MEASURES:
FFO: FFO measures operating performance and is calculated in accordance with
AFFO: AFFO is defined as a recurring economic earnings measure and calculated in accordance with REALPAC’s definition. AFFO – basic is calculated as FFO – basic less maintenance capital expenditures. AFFO – diluted is calculated as FFO – diluted less maintenance capital expenditures. The most comparable IFRS measure to AFFO is net and comprehensive income (loss).
Normalized FFO: calculated as FFO excluding a non-recurring gain of
NOI: calculated by adjusting income from operating activities for depreciation and amortization, and IFRIC 21 property taxes. The most comparable IFRS measure to NOI is income from operating activities.
EBITDA: calculated by adjusting income from operating activities for depreciation and amortization, IFRIC 21 property taxes, management fees for hotel and general administrative expenses. The sum of management fees for hotel and general administrative expenses is equal to corporate and administrative expenses in the Financial Statements. The most comparable IFRS measure to EBITDA is income from operating activities.
Debt: calculated as the sum of term loans and revolving credit facility, the face value of convertible debentures, unamortized portion of debt financing costs, government guaranteed loan, lease liabilities and unamortized portion of mark-to-market adjustments. The most comparable IFRS measure to debt is total liabilities.
Gross book value: calculated as the sum of total assets, accumulated depreciation and impairment on property, buildings and equipment, and accumulated amortization on intangible assets. The most comparable IFRS measure to gross book value is total assets.
Interest expense: calculated by adjusting finance costs for gain/loss on debt settlement, amortization of debt financing costs, accretion of debenture liability, amortization of debenture costs, dividends on series B preferred shares and amortization of mark-to-market adjustments because interest expense excludes certain non-cash accounting items and dividends on preferred shares. The most comparable IFRS measure to interest expense is finance costs.
NON-IFRS RATIOS:
FFO per unit – basic/diluted: calculated as FFO – basic/diluted divided by weighted average number of units outstanding - basic/diluted respectively for the reporting periods.
Normalized FFO per unit – basic/diluted: calculated as normalized FFO – basic/diluted divided by weighted average number of units outstanding - basic/diluted respectively for the reporting periods.
AFFO per unit – basic/diluted: calculated as AFFO – basic/diluted divided by weighted average number of units outstanding - basic/diluted respectively for the reporting periods.
FFO payout ratio – basic, trailing twelve months: calculated as total distributions declared to unitholders – basic, divided by total basic FFO, for the twelve months ended
FFO payout ratio – diluted, trailing twelve months: calculated as total distributions declared to unitholders – diluted, divided by total diluted FFO, for the twelve months ended
AFFO payout ratio – basic, trailing twelve months: calculated as total distributions declared to unitholders – basic, divided by total basic AFFO, for the twelve months ended
AFFO payout ratio – diluted, trailing twelve months: calculated as total distributions declared to unitholders – diluted, divided by total diluted AFFO, for the twelve months ended
NOI margin: calculated as NOI divided by total revenue.
EBITDA margin: calculated as EBITDA divided by total revenue.
Distribution payout ratio: calculated as distributions declared to unitholders – basis divided by cashflow from operating activities.
CAPITAL MANAGEMENT MEASURES:
Debt to gross book value: calculated as debt divided by gross book value. Debt to gross book value is a primary measure of capital management and leverage.
Debt to EBITDA: calculated as debt divided by the trailing twelve months of EBITDA. Debt to EBITDA measures the amount of income generated and available to pay down debt before covering interest, taxes, depreciation, and amortization expenses.
Interest coverage ratio: calculated as EBITDA for the trailing twelve months divided by interest expense for the trailing twelve months period. The interest coverage ratio measures AHIP’s ability to meet required interest payments related to its outstanding debt.
SUPPLEMENTARY FINANCIAL MEASURES:
Occupancy is a major driver of room revenue as well as food and beverage revenues. Fluctuations in occupancy are accompanied by fluctuations in most categories of variable hotel operating expenses, including housekeeping and other labor costs. ADR also helps to drive room revenue with limited impact on other revenues. Fluctuations in ADR are accompanied by fluctuations in limited categories of hotel operating expenses, such as franchise fees and credit card commissions, since variable hotel operating expenses, such as labor costs, generally do not increase or decrease correspondingly. Thus, increases in RevPAR attributable to increases in occupancy typically reduce EBITDA and EBITDA Margins, while increases in RevPAR attributable to increases in ADR typically result in increases in EBITDA and EBITDA Margins.
Occupancy: calculated as total number of hotel rooms sold divided by total number of rooms available for the reporting periods. Occupancy is a metric commonly used in the hotel industry to measure the utilization of hotels’ available capacity.
Average daily rate (“ADR”): calculated as total room revenue divided by total number of rooms sold for the reporting periods. ADR is a metric commonly used in the hotel industry to indicate the average revenue earned per occupied room in a given time period.
Revenue per available room (“RevPAR”): calculated as occupancy multiplied by ADR for the reporting periods.
Same property occupancy, ADR, RevPAR, revenue, expense, NOI and NOI margin: measured for properties owned by AHIP for both the current reporting periods and the same periods in 2021 and pre-COVID in 2019. For the year ended
NON-IFRS RECONCILIATION
The following table reconciles FFO and AFFO from income (loss) and comprehensive income (loss), the most comparable IFRS measure as presented in the financial statements:
Three months ended | Twelve months ended | |||||||
(thousands of dollars, except per Unit amounts) | 2022 | 2021 | 2022 | 2021 | ||||
Loss and comprehensive loss | (45,707 | ) | (14,107 | ) | (35,582 | ) | (11,866 | ) |
Adjustments: | ||||||||
Loss attributable to non-controlling interest | (1,022 | ) | (1,022 | ) | (4,055 | ) | (3,744 | ) |
Depreciation and amortization | 8,722 | 10,660 | 37,952 | 43,087 | ||||
Loss (gain) on sale of property | 4,922 | (1,468 | ) | 3,864 | (181 | ) | ||
IFRIC 21 property taxes | 937 | 1,122 | - | - | ||||
Change in fair value of interest rate swaps contracts | 148 | (1,467 | ) | (5,730 | ) | (3,271 | ) | |
Change in fair value of warrants | 1,897 | (101 | ) | (2,580 | ) | 3,905 | ||
Impairment of cash-generating units | 39,407 | 12,403 | 44,081 | 12,403 | ||||
Warrant issuance costs | - | - | - | 325 | ||||
Deferred income tax (recovery) expense | (1,192 | ) | (50 | ) | (577 | ) | 1,193 | |
Loss on disposal of discontinued operations | 469 | 6 | 469 | 18 | ||||
FFO basic (1) | 8,581 | 5,976 | 37,842 | 41,869 | ||||
Interest, accretion and amortization on convertible debentures | 1,075 | 444 | 4,178 | 444 | ||||
FFO diluted (1) | 9,656 | 6,420 | 42,020 | 42,313 | ||||
FFO per unit – basic (1) | 0.11 | 0.08 | 0.48 | 0.53 | ||||
FFO per unit – diluted (1) | 0.11 | 0.07 | 0.47 | 0.48 | ||||
FFO payout ratio – basic – trailing twelve months (1) | 34.3 | % | - | 34.3 | % | - | ||
FFO payout ratio – diluted – trailing twelve months (1) | 35.2 | % | - | 35.2 | % | - | ||
Non-recurring items: | ||||||||
Gain on debt settlement | (3,281 | ) | - | (5,625 | ) | - | ||
Other income | - | - | (2,192 | ) | (13,658 | ) | ||
Measurements excluding non-recurring items: | ||||||||
FFO diluted | 6,375 | 6,420 | 34,203 | 28,655 | ||||
FFO per unit – diluted | 0.07 | 0.07 | 0.38 | 0.32 | ||||
Weighted average number of units outstanding: | ||||||||
Basic (000’s) | 78,779 | 78,651 | 78,755 | 78,590 | ||||
Diluted (000’s) (2) | 89,487 | 89,266 | 89,299 | 89,020 |
(2) The calculation of weighted average number of units outstanding for FFO per unit - diluted and AFFO per unit diluted included the convertible debentures for the three and twelve months ended
RECONCILIATION OF FFO TO AFFO | |||||||||
Three months ended | Twelve months ended | ||||||||
(thousands of dollars, except per Unit amounts) | 2022 | 2021 | 2022 | 2021 | |||||
FFO basic (1) | 8,581 | 5,976 | 37,842 | 41,869 | |||||
FFO diluted (1) | 9,656 | 6,420 | 42,020 | 42,313 | |||||
Maintenance capital expenditures | (2,720 | ) | (1,819 | ) | (10,549 | ) | (5,249 | ) | |
AFFO basic (1) | 5,861 | 4,157 | 27,293 | 36,620 | |||||
AFFO diluted (1) | 6,936 | 4,601 | 31,471 | 37,064 | |||||
AFFO per unit – basic (1) | 0.07 | 0.05 | 0.35 | 0.47 | |||||
AFFO per unit – diluted (1) | 0.08 | 0.05 | 0.35 | 0.42 | |||||
AFFO payout ratio – basic – trailing twelve months (1) | 47.6 | % | - | 47.6 | % | - | |||
AFFO payout ratio – diluted – trailing twelve months (1) | 47.4 | % | - | 47.4 | % | - |
(thousands of dollars) | |||||
Term loans and revolving credit facility | 643,929 | 695,796 | |||
2026 Debentures (at face value) | 50,000 | 50,000 | |||
Unamortized portion of debt financing costs | 4,437 | 6,402 | |||
Government guaranteed loans | - | 345 | |||
Lease liabilities | 1,591 | 1,986 | |||
Unamortized portion of mark-to-market adjustments | (76 | ) | (131 | ) | |
Debt | 699,881 | 754,398 | |||
(thousands of dollars) | |||||
Total assets | 1,052,795 | 1,152,388 | |||
Accumulated depreciation and impairment on property, buildings and equipment | 272,540 | 241,338 | |||
Accumulated amortization on intangible assets | 4,530 | 3,675 | |||
Gross book value | 1,329,865 | 1,397,401 |
The reconciliation of income from operating activities to NOI, hotel EBITDA and EBITDA is shown below:
Three months ended | Twelve months ended | |||||||
(thousands of dollars) | 2022 | 2021 | 2022 | 2021 | ||||
Income from operating activities | 10,665 | 9,353 | 51,202 | 45,830 | ||||
Depreciation and amortization | 8,722 | 10,660 | 37,952 | 43,087 | ||||
IFRIC 21 property taxes | 937 | 1,122 | - | - | ||||
NOI | 20,324 | 21,135 | 89,154 | 88,917 | ||||
Management fees | (2,124 | ) | (2,160 | ) | (9,213 | ) | (7,282 | ) |
18,200 | 18,975 | 79,941 | 81,635 | |||||
General administrative expenses | (2,496 | ) | (2,480 | ) | (8,648 | ) | (10,832 | ) |
EBITDA | 15,704 | 16,495 | 71,293 | 70,803 |
The reconciliation of finance costs to interest expense is shown below:
Three months ended | Twelve months ended | |||||||
(thousands of dollars) | 2022 | 2021 | 2022 | 2021 | ||||
Finance costs | 6,187 | 10,084 | 31,615 | 40,452 | ||||
Gain on debt settlement | 3,281 | - | 5,625 | - | ||||
Amortization of debt financing costs | (783 | ) | (507 | ) | (2,382 | ) | (1,950 | ) |
Accretion of Debenture liability | (232 | ) | (194 | ) | (828 | ) | (533 | ) |
Amortization of Debenture costs | (94 | ) | (135 | ) | (335 | ) | (437 | ) |
Interest expense | 8,359 | 9,248 | 33,695 | 37,532 |
For information on the most directly comparable IFRS measures, composition of the measures, a description of how AHIP uses these measures, and an explanation of how these measures provide useful information to investors, please refer to AHIP’s management discussion and analysis for the years ended
FORWARD-LOOKING INFORMATION
Certain statements in this news release may constitute “forward-looking information” or “financial outlook” within the meaning of applicable securities laws. Forward-looking information and financial outlook generally can be identified by words such as “anticipate”, “believe”, “continue”, “expect”, “estimates”, “intend”, “may”, “outlook”, “objective”, “plans”, “should”, “will” and similar expressions suggesting future outcomes or events. Forward-looking information and financial outlook includes, but is not limited to, statements made or implied relating to the objectives of AHIP, AHIP’s strategies to achieve those objectives and AHIP’s beliefs, plans, estimates, projections and intentions and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking information and financial outlook in this news release includes, but is not limited to, statements with respect to: AHIP’s expectations with respect to its future performance, including specific expectations in respect to certain categories of its properties, including the
Although the forward-looking information and financial outlook contained in this news release is based on what AHIP’s management believes to be reasonable assumptions, AHIP cannot assure investors that actual results will be consistent with such information. Forward-looking information and financial outlook is based on a number of key expectations and assumptions made by AHIP, including, without limitation: inflation, labor shortages, and supply chain disruptions will negatively impact the
Forward-looking information and financial outlook involve significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information and financial outlook, accordingly undue reliance should not be placed on such forward-looking information and financial outlook. Those risks and uncertainties include, among other things, risks related to: inflation, labor shortages, wage increases, short and long-term interest rate increase; supply chain disruptions, the COVID-19 pandemic and related government measures and their impact on the
To the extent any forward‐looking information in this news release constitutes a “financial outlook” within the meaning of applicable securities laws, such information is being provided to investors to assist in their understanding of AHIP’s 2023 capital plan.
The forward-looking information and financial outlook contained herein are expressly qualified in their entirety by this cautionary statement. Forward-looking information and financial outlook reflect management's current beliefs and is based on information currently available to AHIP. The forward-looking information and financial outlook are 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.
THIRD PARTY INFORMATION
This news release includes market information and industry data from independent industry publications, market research and analyst reports, surveys and other publicly available sources. Although AHIP management believes these sources to be generally reliable, market and industry data is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Accordingly, the accuracy and completeness of this data are not guaranteed. AHIP has not independently verified any of the data from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.
For additional information, please contact:
Investor Relations
ir@ahipreit.com
Source: American Hotel Income Properties
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