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American Hotel Income amends hotel management agreement


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American Hotel Income amends hotel management agreement

American Hotel Income Properties REIT LP said it reduced its base hotel management fees to 3.0% from 3.5% of gross revenue for all 80 hotels in its portfolio and any future acquisitions.

The fee reduction was part of an amendment to certain terms of the company's master hotel management agreement with its exclusive hotel manager Tower Rock Hotels & Resorts Inc., including extending Tower Rock's management exclusivity period until Feb. 20, 2023.

The measure is meant to increase cash flow and improve AFFO, the company said.

The amendment also includes a waiving of the annual administration fee of US$25,000 per hotel for any hotels with more than 100 rooms acquired after July 1.