07:49 AM EST, 12/04/2024 (MT Newswires) -- American Hotel Income Properties REIT (HOT-UN.TO, HOT-U.TO) overnight Tuesday said it was extending the maturity date for its revolving credit facility (RCF) and certain term loans to June 2025.

In a statement the REIT said it had satisfied the conditions in the Sixth Amendment for the extension of the maturity date for the RCF and term loans. As of December 3, the balance of the RCF and term loans under the Sixth Amendment has been reduced to US$133.2 million

The total appraised value of the 16 hotel properties called the borrowing base properties, is $249.2 million, resulting in a loan-to-value ratio of 53.4%. It adds that the current maximum borrowing availability under the RCF and term loans is $148.2 million.

Moreover, AHIP said it completed three property dispositions in November and December 2024, in Kingsland, Georgia, Ocala, Florida, and Corpus Christi, Texas, for gross proceeds of $5.2 million, $7.7 million, and $10.3 million, respectively. $18 million of the total net proceeds from these sales was used to partially repay the term loans, the REIT added.

As of December 3, 2024, AHIP had two hotel properties under purchase and sales agreements in Dallas, Texas, and Amarillo, Texas for gross proceeds of $27.0 million and $2.6 million, respectively, with expected closing dates in December 2024.

Shares of the stock were up 10% as of last close on the Toronto Stock Exchange.