Financial Wire

American Hotel Income Properties Announces Settlement With Management Company One Lodging

-- American Hotel Income Properties REIT (HOT-UN.TO) Monday announced a settlement agreement resolving the disputes with its master hotel manager, One Lodging, a subsidiary of Aimbridge Hospitality.

The agreement reduces the currently deferred termination fees and future termination fees, and also waives all deferred management fees. AHIP will make a one-time payment of $2.3 million to One Lodging, to settle a current liability of $6.2 million for currently deferred termination fees.

The master hotel management agreement between AHIP and One, along with all individual hotel management agreements with subsidiaries, will terminate on Jan. 31, 2027, subject to a three-month extension right which may be exercised by AHIP in advance. One Lodging will manage AHIP's properties till then.

American Hotel units closed up $0.005, to $0.475 on Friday on the TSX Venture Exchange.

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