|By PR Newswire||
|April 10, 2014 07:00 AM EDT||
VANCOUVER, April 10, 2014 /PRNewswire/ - American Hotel Income Properties REIT LP ("AHIP") (TSX: HOT.UN; OTCQX: AHOTF) announced today a corporate update on its railway lodging portfolio.
OPENING OF SANTA TERESA PROPERTY TO BE ON-SCHEDULE
The previously announced 56-room Oak Tree Inn hotel and Penny's Diner located in Santa Teresa, New Mexico (the "Property") is expected to open according to schedule. A ribbon cutting ceremony is due to take place at 10:00am local time on May 6, 2014, less than one month before the expected completion of the Santa Teresa Intermodal Ramp.
The Property is being constructed by SunOne Developments Inc. ("SunOne") on a 2.28 acre site in the Santa Teresa Business Centre, adjacent to the Doña Ana County Airport and approximately three miles from the railway crew change office. The Property will be managed by TR Lodging Enterprises Inc., a subsidiary of Tower Rock Hotels & Resorts Inc. Following the opening of the Property, AHIP's portfolio of dedicated railway lodging facilities will be comprised of 34 hotels with a total count of 2,655 guestrooms, and twenty-four 24-hour Penny's Diners.
"The Santa Teresa location marks the first Oak Tree Inn hotel and Penny's Diner conveyed to AHIP by SunOne" said Mr. Rob O'Neill, Chief Executive Officer. "I am extremely pleased to report that the facility is being delivered on schedule. AHIP looks forward to many more successful projects with SunOne in the future."
THREE PREVIOUSLY ANNOUNCED SUNONE DEVELOPMENT PROJECTS
The three previously announced SunOne development projects are progressing as expected: after a delay related to severe weather, construction is underway on the 25-room hotel and Penny's Diner in Brunswick, Maryland; the Wellington, Kansas site has been cleared and construction on the 110-room hotel is scheduled to commence this month; and drawings have been submitted for approval for the construction of the 50-room hotel and Penny's Diner in Glendive, Montana.
OAK TREE INN HOTEL RENEWALS, GROWTH AND BRAND UNIFORMITY
AHIP recently renewed two railway lodging contracts, at locations in New York and Kansas. Both contract renewals featured improved cost escalators.
AHIP continues to work to expand its portfolio of Oak Tree Inn hotels, the largest and highest quality chain of crew lodging facilities presently serving the U.S. freight railway industry, through new construction and the purchase and renovation of hotel properties. Negotiations are underway for both new-build and conversion opportunities, where noise, light and temperature control features required by AHIP's railway customers are installed at existing hotels. AHIP is also in various stages of negotiations with several railway clients for new lodging contracts to provide accommodations for both locomotive crew and management trainees.
AHIP's Best Western Kansas City, Kansas property was recently converted to the Oak Tree Inn brand. All of AHIP's dedicated railway facilities now operate under AHIP's proprietary Oak Tree Inn brand.
U.S. FREIGHT RAIL
The monthly Rail Time Indicators released on April 4, 2014 highlighted several positive trends in U.S. freight railway traffic. From March 2013 to March 2014, non-seasonally adjusted total carloads increased by 3.5%, carloads excluding coal increased by 4.3%, carloads excluding coal and grain increased by 2.4%, and intermodal volume increased by 9.9%. Manufacturing sales and orders, industrial output, capacity utilization, and railway employment all increased last month, while the number of railcars in storage decreased. Traffic of petroleum and petroleum products continues to increase annually in the high double-digits.
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects AHIP's current expectations regarding future events. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "budget", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would" and similar terms and phrases, and includes, but is not limited to, the opening date of the Santa Teresa property and its delivery on schedule, the expected completion of the Santa Teresa railway terminal and Intermodal Ramp, the construction schedule of previously announced SunOne development projects, the potential for future SunOne development projects, the new construction and the purchase and renovation of hotel properties, negotiations for new builds and conversion opportunities and negotiations for new lodging contracts to provide accommodation.
Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond AHIP's control, that could cause actual results and events to differ materially from those that are disclosed in, or implied by, such forward-looking information. Such assumptions include, but are not limited to, adherence to construction schedules by SunOne, availability of future SunOne development projects, continuing demand for new lodging facilities by AHIP's railway customers, AHIP's ability to finance the acquisition of hotel properties, and a reasonably stable North American economy and stock market. Such risks and uncertainties include, but are not limited to, risks related to a dependence on lodging contracts with railway customers, access to capital, as well as the factors discussed under "Risk Factors" in AHIP's Annual Information Form dated March 26, 2014, which is available on SEDAR at www.sedar.com and on AHIP's website at www.ahipreit.com. The forward-looking information contained herein is made as of the date of this news release and, except as expressly required by applicable law, AHIP assumes no obligation to publicly update or revise such information.
ABOUT AMERICAN HOTEL INCOME PROPERTIES REIT LP
AHIP is a limited partnership formed under the Limited Partnerships Act (Ontario) to invest in hotel real estate properties located substantially in the United States and engaged primarily in the railway employee accommodation, transportation, and contract-focused lodging sectors. AHIP's long-term objectives are to: (i) generate stable and growing cash distributions from hotel properties substantially in the U.S.; (ii) enhance the value of its assets and maximize the long-term value of the hotel properties through active management; and (iii) expand its asset base and increase its AFFO per Unit through an accretive acquisition program, participation in strategic development opportunities and improvements to its properties through targeted value-added capital expenditure programs.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
SOURCE American Hotel Income Properties REIT LP
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Oct. 23, 2016 04:45 PM EDT Reads: 2,389
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
Oct. 23, 2016 04:30 PM EDT Reads: 1,302
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
Oct. 23, 2016 04:30 PM EDT Reads: 793
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Oct. 23, 2016 04:15 PM EDT Reads: 1,471
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Oct. 23, 2016 03:30 PM EDT Reads: 1,470
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
Oct. 23, 2016 03:30 PM EDT Reads: 1,516
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
Oct. 23, 2016 03:15 PM EDT Reads: 1,534
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, you'll learn about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how Docke...
Oct. 23, 2016 03:15 PM EDT Reads: 1,574
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Oct. 23, 2016 03:00 PM EDT Reads: 34,025
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Oct. 23, 2016 02:30 PM EDT Reads: 1,362
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
Oct. 23, 2016 02:15 PM EDT Reads: 1,318
SYS-CON Events announced today that Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
Oct. 23, 2016 02:15 PM EDT Reads: 768
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Oct. 23, 2016 02:00 PM EDT Reads: 4,446
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Oct. 23, 2016 01:00 PM EDT Reads: 1,781
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
Oct. 23, 2016 12:45 PM EDT Reads: 1,427