United states Resort Income Qualities REIT LP Announces Appointment of Jonathan Korol as New CEO

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United states Resort Income Qualities REIT LP Announces Appointment of Jonathan Korol as New CEO

United states Resort Income Qualities REIT LP Announces Appointment of Jonathan Korol as New CEO

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VANCOUVER, BC /PRNewswire/ - United states Hotel Income Properties REIT LP ("AHIP") (TSX: HOT.UN, HOT.U and HOT.DB.U) is very happy to announce that Jonathan Korol happens to be appointed its ceo October that is effective 7 2020. Mr. Korol is really a leader that is proven brings a deep comprehension of the united states hotel industry gathered over decades as an owner, operator and asset manager, making him the perfect prospect to assume the part of CEO.

Mr. Korol involves their role that is new from Hotels & Resorts ("SilverBirch"), where he has got been President since February 2017

At SilverBirch, Jonathan oversaw one of Canada's hotel owner/operators that are largest having a profile of near 5,000 visitor spaces operated under internationally recognized brands. Before becoming President, he led SilverBirch's Investment & Portfolio Management team as Senior Vice President, where he handled most of the firm's purchase, disposition, development and asset administration activities. Before joining SilverBirch, Mr. Korol co-founded Amadeus Property Partners, a personal owning a home fund focused on investing in select-service resorts and retail and multi-family properties in gateway areas throughout the united states . He invested the formative section of their job at Apollo Real Estate Advisors (now Ares Management), where he had been a Vice President concentrating on equity and financial obligation investing in every home types. Jonathan started his career that is professional as Investment Banker with Merrill Lynch. A B.Comm is held by him through the University of British Columbia plus an MBA through the University of Pennsylvania's Wharton class.

"we have been excited to announce the visit of Jonathan as ceo. He's an experienced estate that is real with significant experience across the united states in every respect of hospitality properties and contains an impressive history of success on both edges of this edge," noted Michael Murphy , seat of AHIP's Board of Directors (the "Board"). Mr. Murphy proceeded, "Jonathan's visit ended up being unanimously sustained by our Board. We genuinely believe that their visit will speed up the execution for the chapter that is next of's strategic plan."

As CEO, Mr. Korol will lead the professional team at AHIP and can use the Board to refine and satisfy AHIP's strategic plan. Mr. Korol may also oversee and assist AHIP's interior asset administration and finance that is corporate to optimize the performance of AHIP's current profile and recognize suitable M&A and capital recycling techniques to make certain AHIP maintains an optimal mixture of properties and capital to push strong long-lasting value for AHIP's unitholders. While Jonathan is supposed to be situated in Vancouver , he can be travelling usually to examine AHIP's portfolio and also to talk with key lovers along with investors.

"I would personally prefer to thank the Board for providing me personally with this particular unique possibility. We look ahead to dealing with the Board and administration group in the next exciting phase of AHIP's development," stated Mr. Korol. He included, "I think that AHIP's hotel profile, featuring its give attention to premium branded select-service hotels in additional "drive to" areas, is one of the best positioned North American hospitality platforms to withstand and quickly get over the ongoing effects associated with the COVID-19 pandemic."

Mr. Korol will be successful John O'Neill , certainly one of AHIP's co-founders, that has been leader Officer since October 2018 and that has advised the Board of their your retirement.

"We thank John for their titlemax strong leadership within the last couple of years, especially as AHIP navigated the unprecedented challenges faced because of the U.S. resort industry in light associated with COVID-19 pandemic over the last 6 months. He additionally effectively led the purchase of AHIP's Economy Lodging profile for $215.5 million additionally the redeployment that is concurrent of profits in to a profile of 12 premium branded resorts during latter 2019 to re-shape and enhance the quality of y our resort profile.

We're going to miss John's leadership and integrity but look ahead to their continued help as you of AHIP's biggest unitholders," stated Mr. Murphy.

"It ended up being an honour to lead AHIP within the last couple of years," stated Mr. O'Neill. "we look ahead to spending additional time with my children in my own your your retirement and pursuing some brand new endeavors. I am going to miss out the AHIP that is amazing and Board, but continues to highly help AHIP and Mr. Korol, that is an excellent frontrunner, as he takes the business ahead." Mr. O'Neill included, "AHIP has certainly fared much better than numerous hospitality businesses in light associated with the effects of COVID-19 and is well placed to succeed and develop as time goes on. Since March, AHIP has restructured different of the financial obligation facilities and received waivers that are covenant nearly all of its loans. In the last 2 months, AHIP in addition has came back to aggregate occupancy amounts above 50% and it is yet again generating cash that is positive."

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