AHP Allied Hotel Properties Inc

Allied Hotel Properties Inc. (TSX-V: AHP) (the “Company” or “Allied”) is pleased to announce the completion of the previously announced statutory plan of arrangement with Allied Holdings Ltd. (“Allied Holdings”) pursuant to Part 9, Division 5 of the Business Corporations Act (British Columbia) (the “Arrangement”). Pursuant to the Arrangement, the Company has redeemed all of the issued and outstanding shares (“Shares”) of the Company (other than those Shares currently owned by Allied Holdings) (the “Minority Shares”) by paying $0.28 in cash for each Minority Share (the “Consideration”).

With the Arrangement now complete, the Company has applied to de-list the Shares from the TSX Venture Exchange, and expects to apply to cease to be a reporting issuer under applicable Canadian securities laws.

Former shareholders of the Company who have questions or require assistance with submitting their Minority Shares in connection with the Arrangement may direct their questions to Computershare Investor Services Inc. who is acting as depositary in connection with the Arrangement, by telephone at 1 (800) 564-6253 or by email at corporateactions@computershare.com.

For more information on the Arrangement, please see the news releases previously issued by the Company along with the Company’s management information circular dated November 8, 2021 prepared in connection with the Arrangement, all of which are available under the Company’s profile at www.sedar.com.

About Allied Hotel Properties Inc.

Allied is involved in the ownership, management and development of hotels and real estate in Canada, having a history of real estate development particularly where such development can be undertaken on hotel lands. On January 6, 2020 the Company completed the sale of all or substantially all of the assets of the Company. Interested parties can find further information at www.alliedhotels.com.

On behalf of the Board of Directors:

(signed) Michael F. Chan

Michael F. ChanPresident, Chief Financial Officer, Secretary and Director

For more information please contact:Allied Hotel Properties Inc.Tel: 604-669-5335Fax: 604-682-8131e-mail: mikechan@alliedhotels.com

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Often, but not always, forward-looking statements can be identified by the use of words such as “will” and “expected” or variations of such words and phrases. Forward-looking statements herein include, but are not limited to, statements regarding de-listing the Shares from the TSX Venture Exchange and ceasing to be a reporting issuer under applicable Canadian securities laws and are based on management’s current expectations and assumptions. Those expectations and assumptions are currently considered reasonable by management but are inherently subject to business, market and economic risks, uncertainties, and contingencies which may cause the actual results, performance, or achievements of Allied to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.

These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on these risks and uncertainties, see Allied’s most recently filed Annual MD&A (“MD&A”) and interim MD&A (“Interim MD&A”), which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and Interim MD&A are not intended to represent a complete list of factors that could affect Allied. Accordingly, readers should not place undue reliance on forward-looking statements. Allied does not assume any obligation to update the forward-looking information contained in this press release, unless required by law.