Investor PresentationTSX: HOT.UN (CAD$) TSX: HOT.U (US$) TSX: HOT.DB.U (Debentures)

November 28, 2019

Forward looking statementsThis corporate update is a summary and should be read together with the more detailed information, financial data and statements made available by American Hotel Income Properties REIT LP (the “REIT”). This corporate update contains forward-looking statements which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities of the REIT. The words “plans”, “expects”, “scheduled”, “estimates”, “intends”, “anticipates”, “projects”, “believes” or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved” or “continue” and similar expressions identify forward-looking statements. Some of the specific forward- looking statements in this corporate update include, but are not limited to, statements with respect to the ability of the REIT to execute its growth strategies; the expected tax treatment of the REIT and of the REIT’s distribution to Unitholders; the expected growth in the U.S. lodging industry and trends; and other considerations which are outlined in the REIT’s Annual Information Form dated March 22, 2019. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this corporate update, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT’s estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to the REIT’s future growth potential, results of operations, future prospects and opportunities, industry trends remaining unchanged, no change in legislative or regulatory matters, future levels of indebtedness, the tax laws as currently in effect remaining unchanged, the continual availability of capital and the current economic conditions remaining unchanged. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the “Risk Factors” in the REIT’s latest Management’s Discussion and Analysis. The forward-looking information contained herein is made as of November 28, 2019 and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise such information.

All figures presented are in U.S. dollars, unless otherwise stated.

Courtyard Wall Township, New Jersey 2

Cover image: Embassy Suites DFW South (Irving, TX)

3

Company overview

67 Hotels; 7,684Guestrooms

19States; 45 Cities

14 hotel brands operated through 5brand families

American Hotel Income Properties REIT LP (“AHIP”)

▪ Invests in high-quality premium branded hotel properties, primarily in the Upper-midscale to Upper-Upscale chain scale segments, including such brands as Embassy Suites, Residence Inn, Hampton Inn and Holiday Inn Express

▪ Hotels are located across the U.S., primarily in larger secondary markets (such as Cincinnati or Baltimore) that benefit from multiple demand generators (i.e. business parks, sports arenas, medical centres)

Properties were purchased below replacement cost, with an average trailing 8% cap rate using long-term fixed-rate debt that averages 4.64%.

CURRENT PORTFOLIO*:

*AHIP HAS ALSO ANNOUNCED AN AGREEMENT TO ACQUIRE AN ADDITIONAL 12 HOTELS, REPRESENTING 1,203 ADDITIONAL GUESTROOMS

Summary of key information (as at Q3 2019)

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Canadian dollar TSX ticker HOT.UN (trades in CAD$, monthly distributions paid in USD)

US dollar TSX ticker HOT.U (trades in USD$, monthly distributions paid in USD)

Units outstanding 78,122,528 (unit outstanding)

Convertible Debentures HOT.DB.U (5.0% interest paid semi-annually in USD)

Market Cap C$505 million (As at November 27, 2019)

Debt to Gross Book Value 54.1%

Monthly USD cash distribution USD$0.054

FFO Payout Ratio (Rolling 4-quarters, as at Q3 2019)

92.0%

Target FFO Run-rate Payout Ratio Approximately 72% (at the completion of AHIP’s hotel renovation program)

All information as of September 30, 2019 unless otherwise noted.

A strategy focused on sustainable returns

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How our business and strategy has evolved

Courtyard Wall Township, New Jersey

Strategy focused on long-term returns

Shift to higher-quality, premium branded hotels

• Focused specifically on growing our portfolio of premium branded, select-service hotels in secondary markets (U.S. cities outside of the top 25 markets)

• Hotels in these regions often benefit from multiple demand generators

• Diverse, recognized hotel brands

Capital Recycling

• In the past year AHIP has sold 48 hotels that no longer met our long-term strategy, such as the Economy Lodging portfolio.

• On November 28, 2019, AHIP announced an agreement to acquire 12 additional Premium Branded hotels, which are on average only four years in age.

• Actively reviewing other opportunities to enhance our hotel portfolio through other capital recycling or growth opportunities

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Focused Asset Management

• Expanded asset management team continuously evaluates hotel performance and market positioning, to ensure our third-party hotel manager delivers the best possible performance

AHIP’s strategy is focused on generating sustainable, growing cash flows from proven hotel properties, to deliver long-term value to our unitholders through monthly distributions and unit price appreciation.

Key to achieving this are three core activities:

Recent sale of Economy Lodging portfolio

On November 28, 2019, AHIP sold its 45 Economy Lodging hotels to Vukota Capital Management (“VCM”) for US$215.5 million, excluding adjustments

• All rail crew lodging contracts associated with these hotels will also be transferred to the new owners

• All hotels being sold are classified as Economy hotels and are licensed under the Baymont Inn & Suites, Days Inn, Super 8 or Travelodge brands (Wyndham brands)

• The sale has simplified AHIP’s business structure and allows management to focus exclusively on growing and driving performance of its growing Premium Branded hotel portfolio

• Proceeds from the sale are being redeployed towards the acquisition of additional higher-quality Premium Branded hotels

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Announced acquisition of 12 hotels for US$191 million

On November 28, 2019, AHIP announced it has entered into an agreement to purchase 12 Premium Branded hotels for $191 million excluding closing and post-closing adjustments

• Purchasing cap rate of approximately 8%, based on trailing 12 months of net operating income and AHIP’s cost structure

• The hotels, all built in the last five years, are being acquired below replacement cost at $158,800/key

• 12 hotel properties represent 1,203 guestrooms

• Properties are in midscale to upscale chain scale segments and franchised under Marriott, Hilton or IHG flags

• Portfolio adds greater geographic diversification to AHIP’s portfolio, growing our exposure in the U.S. Midwest and Texas (10 of the 12 hotels are located in new markets for AHIP)

• All hotels are located in secondary metropolitan markets with multiple demand generators

• AHIP intends to use net proceeds from the sale of its Economy Lodging portfolio, alongside an approximately $105 million new fixed rate term loan to finance the acquisition

• Transaction is expected to close during December 2019

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Why grow in Pittsburgh?

CBRE now lists Pittsburgh as having the second highest long-term RevPAR growth expectations (until 2024) of all U.S. markets, following only San Francisco.

Why expand in Texas?

The markets the six Texas hotels arelocated in all benefit from multipledemand generators, or are strategically located:

Corpus Christi – near the expanding port

Houston – large economic center

Midland – located across the street from anewly established 10,000 sq. ft. corporatehead office

San Angelo – Near military base, medical centers, agricultural auctions, in additional to government agencies, oil and gas firms, and agricultural research centers.

Announced acquisition of 12 Premium Branded hotels

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Courtyard Bismark North (ND)

Courtyard St. Paul Woodbury (MN) Fairfield Inn & Suites Pittsburgh Airport Robinson Township (PA)

Growing our presence in the U.S. Midwest, with these six properties:

Towneplace Suites Pittsburgh Airport Robinson Township (PA)

Residence Inn St. Paul Woodbury (MN)

Homewood Suites Kalamazoo Portage (MI)

1.7 years old | 120 guestrooms 3.9 years old | 97 guestrooms 4.0 years old | 103 guestrooms

3.0 years old | 116 guestrooms 5.0 years old | 89 guestrooms 3.3 years old | 93 guestrooms

Announced acquisition of 12 Premium Branded hotels

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Hampton Inn & Suites Corpus Christi (TX) Residence Inn San Angelo (TX)

Home2 Suites San Angelo (TX) Home2 Suites Midland (TX)

Staybridge Suites Midland (TX)

Home2 Suites Houston Willowbrook (TX)

Growing our presence in Texas, with these six properties:

4.0 years old | 101 guestrooms 4.0 years old | 92 guestrooms 4.0 years old | 98 guestrooms

3.1 years old | 108 guestrooms 4.2 years old | 93 guestrooms 4.7 years old | 93 guestrooms

Focused on U.S. secondary markets

Hotels located in secondary metropolitan markets across the U.S. (such as Cincinnati or Columbus)

• Recently announced acquisition of 12 additional hotels further diversifies AHIP’s geographic exposure in the Midwest and Texas

AHIP’S CURRENT PREMIUM BRANDED HOTELS

12 NEW HOTELS BEING ACQUIRED BY AHIP

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Consistent with AHIP’s investment strategy, all properties are strategically located within or near:

▪ Larger population centers▪ Transportation corridors▪ Demand generators

Quality branded hotel portfolio

AHIP has strategically grown its Premium Branded portfolio since its IPO with a focus on: • Increasing the size of its properties and improving the quality of earnings,

• Purchasing hotels in larger markets, and,

• Geographically diversifying its asset base

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HOTEL PORTFOLIO EVOLUTION

Portfolio composition (by NOI)

RevPAR $46.15¹ $73.29 $76.80 $97.00

ADR $56.52¹ $96.43 $114.58 $128.00

Portfolio size 32 hotels / 2,565 rooms 112 hotels / 11,523 rooms 67 hotels / 7,684 rooms 12 hotels / 1,203

Average # of rooms per hotels

80 103 115 100

For period: IPO to Dec. 31, 2013 Year ended Dec. 31, 2018

Premium Branded Economy Lodging (i.e. “Rail hotels”)

100% Economy Lodging

79.9%

20.1%

AHIP’s 67 hotels - Excluding Economy Lodging (TTM Sept. 30, 2019)

100% Premium Branded

12 hotels being acquired(TTM Sept. 30, 2019)

100% Premium Branded

Upper midscale to Upper upscale select-service hotels

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Select-service hotels generally benefit from higher margins than luxury hotels, by operating newer, more efficient hotels than many full-service properties.

AHIP focuses its portfolio on hotels that are franchised under some of the world’s leading hotel brands –through Marriott, Hilton and Intercontinental Hotel Group (IHG).

AHIP’S PREMIUM BRANDED HOTELS OPERATE UNDER THE FOLLOWING BRANDS:

Dedicated Asset Management team

Continuous review and oversight of each hotel property ensures our properties are best positioned as possible

• Asset management team members monitor, forecast and continuously review

• We are in contact with our hotel manager to determine what is working well or not working

• Ensures that we pinpoint activities that drive performance and benchmark them for other properties, while also ensuring immediate issues are quickly addressed

Modeling and forecasting returns from hotel renovations (PIPs) help us best allocate capital

• Asset Management team routinely review the condition of our hotels, their market position, and forecasted PIP requirements to ensure we allocate our capital in a way that generates the highest returns, while meeting our brand standards.

AHIP’s asset management team is responsible for overseeing our third-party hotel manager – Aimbridge Hospitality

• Participate in weekly property update calls

• Review revenue management strategies to ensure they are driving optimal results for our properties

• Continuously advocate for expense reduction wherever possible, through shared resources, group buying, productivity

• Oversight of capital investment program

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Aimbridge Hospitality: Benefits of a large hotel manager

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In April 2018, Aimbridge Hospitality assumed all hotel management responsibilities

On October 25, 2019, Aimbridge merged with Interstate Hotels and Resorts, positioning them as the largest independent hotel management company in the U.S., managing more than 1,400 hotels

Benefits of working with a large hotel manager:

• Stronger purchasing power

• Deeper talent pools

• More powerful technology and reporting systems

• Aimbridge has long-standing and deep-seeded relationships with many of the brands AHIP’s hotels are licensed with

On November 7, 2019, AHIP announced that it had negotiated new contract terms with Aimbridge that are expected to strengthen AHIP’s margins, cash flow and growth potential over the next several years• Reduced management fees (of 2.5% of revenue) for existing hotels until December 31, 2021

• Reduced management fees (of 2.0% – 2.5% of revenue) for newly acquired hotels for 5 years (from date of acquisition)

• Capped property accounting and revenue management costs

Financial PerformanceTTM as at Q3 2019

16Embassy Suites Cincinnati – Lobby Renovation

$0.7

6

$0.7

1

Q3 2018 Q3 2019

TTM FFO PER UNIT

12-month trailing figures (as at quarter end)

17* Trailing 12 month metrics are based on performance as reported at each quarter end

(USD$)

Hotels REITs are more seasonal than other real estate sectors with Q2 and Q3 seasonally stronger

AHIP is best reviewed and evaluated on a TTM or annual basis to account for seasonal changes• AHIP’s revenue and NOI/EBITDA margins are typically much higher in Q2 and Q3 than in Q1 and Q4

$154

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$164

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$168

.9

$173

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$195

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$220

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$265

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$30

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$323

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$343

.5

$341

.2

$338

.6

$338

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$338

.2

$338

.7

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

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Q12018

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Q32018

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Q22019

Q32019

TTM Revenue (USD$ millions)

$45.

0

$49.

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$50

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$52.

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$58.

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$65.

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$81.

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$89.

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$93.

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$10

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$96.

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$93.

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$94.

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$93.

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Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

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Q12018

Q22018

Q32018

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Q12019

Q22019

Q32019

TTM EBITDA (USD$ millions)

$30

.9

$33.

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$34.

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$36.

6

$41.

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$54.

3

$58.

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$55.

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Q32019

TTM FFO (USD$ millions)

Fiscal year performance (USD$)

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ANNUAL RESULTS 201712 months

ended December 31,

2017

201812 months

ended December 31,

2018

TTM Q3 201912 months

ended Sept. 30, 2019

Number of Guestrooms

11,708 11,523 11,524

Revenue (‘000) $303,710 $338,561 $338,652

EBITDA (‘000) $89,761 $93,839 $93,452

EBITDA Margin 29.6% 27.7% 27.6%

FFO per diluted unit $0.82 $0.70 $0.71

Debt/Gross Book Value

53.9% 53.6% 54.1%

WA Loan Interest Rate

4.61% 4.65% 4.64%

WA Loan Term 7.6 years 6.4 years 5.7 years

Wingate Tampa, Florida

Residence Inn Mount Laurel, NJ

AHIP’s performance is best reviewed on an annual or trailing 12-month basis, to account for seasonal differences that materially affect quarter results

Well positioned for today’s economic environment

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Evaluating our external environment

Springhill Suites Arundel Mills (Baltimore)

U.S. hotel sector growth forecast

STR1 forecasts for 2019 and 2020:

20¹ STR Forecasts provided November 19, 2019 for total United States hotel sector

STR Forecasts for U.S. hotel sector1

Metric 2019 Forecast 2020 Forecast

Supply 2.0% 2.0%

Demand 1.8% 1.5%

Occupancy -0.2% -0.4%

ADR 1.0% 0.9%

RevPAR 0.8% 0.5%

RevPAR growth that is driven by rising ADR should contribute to margin expansion

Well positioned for changing economic conditions

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Guestroom rates can change daily (ability to mitigate any inflationary risk)

▪ Unlike other REIT sectors where revenue is derived from long-term leases, hotel REITs provide a natural inflationary hedge due to the daily pricing adjustments of guestroom rates

▪ Useful in offsetting cost pressures in inflationary times

▪ Yield management allows our hotel manager to price rooms inventory according to daily changes in demand and room rate trends

Hilton Garden Inn White Marsh

Secondary market locations are better positioned for recessionary periods

▪ AHIP hotels are located in secondary markets that often benefit from multiple demand generators (such as hospitals and universities), as opposed to tourism-led markets (which often experience the most performance volatility)

▪ Business travellers often downgrade from luxury hotels to mid-scale hotels (such as AHIP’s hotels) in challenging economic periods

▪ As hotels are operating businesses, AHIP’s hotel manager has the ability to adjust certain variable expenses compared to other real estate sectors

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Debt structure shields AHIP from rising interest rates

Leveraged to growing economy, not interest rates

Long-term, fixed rate debt structure shields AHIP from short-term changes in interest rates

▪ 97% of AHIP’s debt is fixed rate

▪ AHIP has an average term remaining on its debt of 5.7 years, and a weighted average loan face interest rate of 4.64%

▪ No significant debt maturities until June 2022

Hilton Garden Inn White Marsh

$0

$50

$100

$150

$200

$250

2019 2020 2021 2022 2023 2024 2025 2026 2027

Continuing Operations Convertible Debentures

DEBT MATURITY LADDER (As at Q3 2019, USD$ millions)

Driving stronger performance

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What are we doing to strengthen our business?

Residence Inn, Ocala, Florida

Driving long-term returns and cash flow

Focusing entirely on growing our portfolio of Premium Branded hotel properties

▪ In the past year AHIP has sold 48 hotels that no longer fit the Company’s long-term strategy

▪ Reinvesting the proceeds of these hotel sales into acquiring newer, higher-quality hotels to grow our purely Premium Branded portfolio of hotels

Driving RevPAR (Revenue per available room) growth through:▪ Revenue management (yield management)

▪ Hotel upgrades and renovations (PIP projects)

▪ Strong market position within our hotel markets, with an average Premium Branded hotel RevPAR index of more than 100% of our fair market share (Q3 2019: 117.6, with 100 representing ‘fair share’)

Investing in our hotels to make them best in class and drive higher market share and demand▪ During 2019, AHIP expects to invest $25 million of capital in 10 Premium Branded hotel renovations

▪ Five hotels have already completed their renovations in 2019

▪ Approx. $14 million of pre-funded hotel upgrades/renovations (referred to as Property Improvement Plans, or PIPs) were completed during 2018 for Premium Branded hotels

Implemented an Internal asset management team

▪ Overseeing and enhancing the performance of the hotel portfolio to drive stronger returns for unitholders

▪ Working closely with AHIP’s external hotel manager, the Asset Management team monitors the supply and demand dynamics of specific hotel markets to ensure that each property is consistently well positioned to maximize profitability

▪ Developing long-term strategic plans for each hotel property, including all hotel renovations and capital recycling

▪ Focus on margin expansion, with oversight regarding cost containment initiatives

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2019 hotel renovations and upgrades

Residence Inn Chattanooga near Hamilton Place (TN) – approx. $1.5 million

• COMPLETED AUGUST 2019

▪ Updated all guestroom furniture, artwork, window treatments, carpeting and wall finishings

▪ Modernized the lobby and meeting rooms, with new carpeting, wall finishings, drapery, and lighting.

▪ Expanded and renovated the fitness center, and updated with all-new exercise equipment

Homewood Suites Bethlehem (PA) –approx. $1.9 million

▪ COMPLETED JULY 2019

▪ Complete transformation of the lobby

▪ All guest suites remodeled with new furniture and soft goods, new TVs, and new wall finishings

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The renovated lobby of the Residence Inn Chattanooga

The renovated lobby of the Residence Inn Chattanooga

2019 hotel renovations and upgrades

Embassy Suites Phoenix Tempe (AZ) –approx. $4.2 million

• COMPLETED JULY 2019

▪ Complete guestroom remodeling, including new wall finishings, carpeting/flooring, furniture and electronics

Fairfield Inn & Suites Jacksonville (FL) – approx. $0.9 million

▪ COMPLETED JULY 2019

▪ Updates to the lobby, all guestrooms, corridors and public areas

Homewood Suites Allentown (PA) –approx. $2.2 million

▪ COMPLETED JULY 2019

▪ Complete transformation of the lobby

▪ All guest suites remodeled with new furniture and soft goods, new TVs, and new wall finishings

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Updated guestroom at the Embassy Suites Phoenix Tempe

Updated lobby of the Homewood Suites Allentown

2018 Embassy Suites hotel renovations and upgrades

Embassy Suites, DFW South (Irving, TX) –approx. $5.2 million

• COMPLETED AUGUST 2018

▪ Complete atrium and lobby renovation

▪ Modernized restaurant and lobby bar concept

▪ Elevator replacements and modernization

Embassy Suites, Cincinnati RiverCenter (Covington, KY) – approx. $2.3 million

▪ COMPLETED NOVEMBER 2018

▪ Complete atrium and lobby renovation

▪ Modernized restaurant and lobby bar concept

▪ Guestroom corridor updates

▪ Guestroom furniture/artwork updates

▪ Guestroom bathroom updates

▪ Updated public restrooms

▪ Renovated pre-conference lobby

Embassy Suites, Columbus (Dublin, OH) –approx. $2.9 million

▪ COMPLETED JANUARY 2019

▪ Complete atrium and lobby renovation

▪ Modernized restaurant and lobby bar concept

▪ Updated public restrooms

▪ Renovated conference and boardrooms and pre-conference lobby

▪ Guestroom bathroom updates

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Final renovated atrium and lobby bar at DFW South

Renovated Trattoria restaurant at DFW South

Embassy Suites – Cincinnati upgrades and renovations

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After Renovations: 1. Front Desk2. New Atrium Bar3. Breakfast Buffet

1.

2.3.

Prior to Renovations:1. Front Desk2. Breakfast Buffet

1.

2.

BEFORE AFTER

Experienced Management Team

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John O’NeillChief Executive Officer

Azim LalaniChief Financial Officer

Chris CameronChief Investment Officer

Bruce PittetSVP, Asset Management & COO

Anne YuVice President, Finance

▪ Hotel industry veteran, with 30 years of experience in hotel investment, development and management▪ Co-Founder of American Hotel Income Properties REIT LP▪ Previously CEO of ONE Lodging – AHIP’s former external hotel manager

▪ More than 20 years of experience in financial reporting, corporate finance, operations, business valuation, taxation and risk management

▪ Senior Vice President of Operations for two TSX-listed commercial REITs▪ Vice President of Real Estate and Risk Management at SilverBirch Hotels & Resorts▪ Audit Manager at KPMG

▪ A Chartered Professional Accountant with more than 14 years of experience in the hotel industry▪ Has led acquisitions, debt financing and hotel operations teams in prior roles▪ Previously Senior Vice President at a North American hotel owner, developer and operator.▪ Worked with AHIP on its IPO and advised AHIP during several other portfolio acquisitions since AHIP’s inception

▪ More than 30 years of hotel management, planning and operating experience across North America, with the last 20 years spent in the U.S.

▪ Has experience in, and has completed market analysis of, more than 100 U.S. hotel markets▪ Has been a leader of multiple major property launches, turnarounds, and re-positioning initiatives▪ Previously Senior Vice President at ONE Lodging, which is a part of Aimbridge Hospitality, where he oversaw AHIP’s hotel

portfolio

▪ More than 15 years experience in financial reporting, internal controls, corporate finance and Canadian and US tax. ▪ Manager at Pricewaterhouse Coopers▪ Controller and Manager of Financial Reporting of Sterling Shoes Inc. ▪ Controller of Ventyx Software Solutions Inc. (formerly MDSI Mobile Data Solutions Inc.)

Executive team has nearly 80 years of collective real estate investing experience

Executing a strategy to grow a high-quality hotel portfolio

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TAKING ACTION TO DRIVE STRONGER PERFORMANCE

Investing in our hotels to make them best in class and drive higher market share and demand

• Approximately $14 million of hotel renovations were completed during 2018.

• Approximately $25 million of hotel renovations will be completed in 2019.

Actively acting on Capital Recycling opportunities

• Sold Economy Lodging portfolio of 45 hotels (closed on Nov. 26, 2019)

• Reviewing other assets that may not fit with ourlong-term strategy

Growing our Premium Branded hotel portfolio

• Announced the acquisition of 12 additional PremiumBranded hotels that were all built in the last five years

• Transaction expected to close during December 2019

Staybridge Suites Tampa East

Embassy Suites Cincinnati

Appendices

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• Secondary U.S. market rationale

• 2019 PIP schedule

• 2018 PIP schedule (Completed)

• Noteworthy properties

Residence Inn, Pittsburgh Cranberry Township

Why U.S. secondary markets? Why select service Hotels?

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0.0 1.0 2.0 3.0 4.0 5.0

Primary Secondary Markets

Economic Outlook

• GDP forecasts are the highest correlation to performance of the U.S. hotel industry

• The U.S. Federal Reserve Board projects 2.0% GDP growth in 2020

• The U.S. hotel industry continues to achieve strong performance including record occupancy levels, growing RevPAR fueled by rising ADR

Area of Opportunity3.4M guestrooms

U.S.

Canada

U.S. Secondary Markets

• Includes cities such as Cincinnati and Baltimore

• 3.4 million guestrooms (vs 1.6 in Primary markets)

• Deep pipeline of high quality assets

• Strategically located within or near large population centres (>2M pop.), transportation corridors and demand generators

Select Service Hotel Advantages

• Higher margins with lower volatility

• Strong consumer demand and broad appeal

• Simple operational model; more efficient than full-service hotels

Million guestrooms

400,000 guestrooms

Top 6 Cities

Top 25 Cities

GUESTROOMS BY COUNTRY / MAJOR CITIES

2019 Property Improvements

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Scheduled Renovation Dates

Hotel Name and Guestrooms Q1 2019 Q2 2019 Q3 2019 Q4 2019

Fairfield Inn & Suites Jacksonville (89 guestrooms) X Completed

Residence Inn Chattanooga (87 guestrooms) X X Completed

Homewood Suites Allentown (108 guestrooms) X Completed

Homewood Suites Bethlehem (108 guestrooms) X Completed

Homewood Suites Dover (108 guestrooms) X X X

Holiday Inn Express Fort Myers (111 guestrooms) X X

Holiday Inn Express Sarasota (101 guestrooms) X X

Embassy Suites Tempe (224 guestrooms) X Completed

Embassy Suites Cleveland (271 guestrooms) X X Completed

Towneplace Suites Chattanooga (87 guestrooms) Completed

During 2019, AHIP expects to invest approx. $25 million of capital in hotel renovations.

Due to the type of hotel upgrades being completed, AHIP forecasts less than $2 million of impact to NOI from renovation displacement.

The following hotel properties are scheduled to undergo renovation projects in 2019:

2018 PIP projects (Completed)

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Scheduled Renovation Dates

Hotel Name and Guestrooms Q1 2018 Q2 2018 Q3 2018 Q4 2018

Embassy Suites Cincinnati (227 guestrooms) Ongoing Ongoing Completed

Embassy Suites DFW South (305 guestrooms) Ongoing Ongoing Completed

Hilton Garden Inn White Marsh (155 guestrooms) Completed

Embassy Suites Columbus (284 guestrooms) Ongoing Ongoing Completed

Staybridge Suites Tampa East/Brandon (100 guestrooms) Completed

Residence Inn Baltimore White Marsh (131 guestrooms) Completed

The following hotel properties completed PIP projects that were valued at more than US$500,000 in 2018:

Noteworthy hotel properties

35

Embassy Suites Dallas Fort Worth (Airport South)

Embassy Suites Cleveland

Springhill Suites Arundel Mills (Baltimore)

Noteworthy hotel properties

36

Embassy Suites Cincinnati

Embassy Suites Columbus (Dublin)

Embassy Suites Phoenix Tempe

37

www.ahipreit.com

info@ahipreit.com

(604) 630-3134

800-925 West Georgia Street Vancouver, BC V6C 3L2 Canada

Questions? Please contact us at: