NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

All amounts in U.S. dollars unless otherwise noted

VANCOUVER, British Columbia, Nov. 10, 2021 (GLOBE NEWSWIRE) -- American Hotel Income Properties REIT LP (“AHIP” or the “Company”) (TSX: HOT.UN, TSX: HOT.U, TSX: HOT.DB.U) announced today that it has entered into an agreement with a syndicate of underwriters (the “Underwriters”) led by CIBC Capital Markets and BMO Capital Markets to issue to the public on a bought deal basis, subject to regulatory approval, US$50,000,000 aggregate principal amount of convertible unsecured subordinated debentures at a price of US$1,000 per debenture with a coupon of 6.00% per annum (the “Debentures”). The Debentures will mature on December 31, 2026 and are convertible at the option of the holder into limited partnership units of AHIP (each, a “Unit” or collectively “Units”) at US$4.95 per Unit (the “Conversion Price” and collectively with all other terms, the “Offering”).