American Hotel Income Properties REIT (HOT-UN) Investor presentation summary

Investment highlights and value proposition

• Portfolio trades at a significant discount to appraised value, with recent asset sales improving RevPAR, margins, and leverage metrics.

• Premium-branded, select-service hotels offer operational resilience and a lean cost structure, with broad demand drivers.

• Asset sales have increased liquidity, enabling debt reduction and addressing future maturities.

• Strategic initiatives have improved the financial position, with refinancing and dispositions reducing leverage.

• Favorable macro trends include stabilized labor costs and limited new hotel supply due to high development costs.

Portfolio overview and brand strength

• Portfolio consists of 37 hotels with 4,440 keys across 14 states and 28 cities, averaging 7 years since last renovation.

• Strong affiliations with Marriott, Hilton, and IHG, with 12 brand flags and over $160 million in capex since IPO.

• Focus on secondary, drive-to markets with a shift toward extended stay and Embassy Suites segments.

• Core portfolio maintains long-term brand relationships, enhancing guest loyalty and repeat business.

Financial performance and operating trends

• Revenue for 2024 was $256.9 million, with EBITDA of $59.5 million and an EBITDA margin of 23.1%.

• Debt-to-gross book value improved to 45.9% in 2024, down from 52.6% in 2022.

• Q3-2025 RevPAR rebounded after a soft Q2, but margins remain under pressure due to a challenging environment.

• AHIP outperformed peers in top-line growth, though margins are below 2024 levels.

• Occupancy trends have outpaced ADR growth in recent quarters.