Mr. Jonathan Korol reports

AMERICAN HOTEL INCOME PROPERTIES REIT LP ANNOUNCES INCREASED LIQUIDITY UNDER ITS REVOLVING CREDIT FACILITY

American Hotel Income Properties REIT LP today increased liquidity under its revolving credit facility (the RCF) following the completion of new hotel appraisals obtained in accordance with the terms of AHIP's previously announced amendment to its RCF completed on Nov. 7, 2023 (the sixth amendment). All amounts presented in this news release are in United States dollars unless otherwise indicated.

AHIP has now satisfied the conditions to extend the maturity of the RCF to Dec. 3, 2024, with no paydown being required as a result of the property values set forth in the appraisals.

"We are pleased with the outcome of the independent appraisals. These appraisals recognize the significant value of our portfolio with per key values for the subject properties being significantly higher than the implied value per key based on the recent trading price of our units. Further, the incremental liquidity under the RCF allows us to patiently pursue the disposition of non-core assets, using proceeds to pay down debt and recycle capital into new acquisitions," said Jonathan Korol, chief executive officer.

The total appraised value of the 20 hotel properties (the borrowing base properties) is $286.2-million. This results in maximum borrowing availability under the RCF of $193.2-million, which is 67.5 per cent of the total appraised value of the borrowing base properties. Based on the current balance owing of $183.2-million, the available liquidity under the RCF (which had previously been reduced to zero pending the outcome of the appraisals) is currently $10.0-million.

The appraised value of $286.2-million for the 20 borrowing base properties (2,070 keys) is equivalent to $138,000 per key, which is significantly higher than AHIP's enterprise value per key of $96,000, based on the United States-dollar closing price of 49 U.S. cents per unit on the Toronto Stock Exchange on Nov. 30, 2023.

For further details, see a copy of the sixth amendment, which has been filed under AHIP's profile on SEDAR+.

About American Hotel Income Properties REIT LP

American Hotel Income Properties is a limited partnership formed to invest in hotel real estate properties across the United States. American Hotel's premium-branded, select-service hotels are located in secondary metropolitan markets that benefit from diverse and typically stable demand. American Hotel's hotels operate under brands affiliated with Marriott, Hilton, IHG and Choice Hotels through licence agreements. The company's long-term objectives are to build on its proven record of successful investment, deliver monthly U.S.-dollar-denominated distributions to unitholders and generate value through the continued growth of its diversified hotel portfolio.

We seek Safe Harbor.