AHOTF American Hotel Income Properties REIT LP (QX)

/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES./

VANCOUVER, Nov. 21, 2013 /CNW/ - American Hotel Income Properties REIT
LP ("AHIP") (Toronto Stock Exchange: HOT.UN; OTCQX: AHOTF) today announced the
closing of its previously announced acquisition (the "Acquisition") of a portfolio of four hotel properties (the "Acquisition Properties") located in metropolitan Pittsburgh, Pennsylvania for a total purchase
price of approximately US$57.3 million (before customary closing and
post-closing acquisition adjustments and the funding of a US$6.0
million restricted cash reserve for brand mandated property improvement
plans (the "PIPs") related to the Acquisition Properties).

The Acquisition Properties represent a total of 471 guest rooms in the
Pittsburgh area and are comprised of three Hampton Inn hotels (a brand
controlled by Hilton Worldwide) and one Residence Inn by Marriott hotel
(an extended-stay brand controlled by Marriott International, Inc.).
The Acquisition Properties are extended-stay and focused-service hotels
that cater primarily to corporate-transient travelers. Additional
information about the Acquisition Properties is included in AHIP's
short form prospectus dated October 24, 2013 (the "Prospectus"),
available on SEDAR at www.sedar.com.

AHIP funded the purchase price for the Acquisition and the financing of
the PIPs using a combination of cash from AHIP's bought deal offering
of subscription receipts (each, a "Subscription Receipt") that closed on October 31, 2013 and new mortgage debt.

Robert O'Neill, AHIP's Chief Executive Officer, commented, "This
acquisition represents a major step in the execution of our stated
growth strategy targeting acquisitions of transportation-oriented and
select and limited-service hotels, located in secondary markets in the
United States in close proximity to railroads, airports, highway
interchanges and other transportation hubs and demand generators. The
ten-year, 5.02% fixed interest rate CMBS financing also highlights a
key aspect of our conservative financing strategy, aimed at providing
high stable returns to our stakeholders."

Mr. O'Neill continued, "This high-quality and well-maintained portfolio
in the Pittsburgh area has been purchased at a price that is below its
independently appraised value and below our estimate of its replacement
cost, in a market that has strong underlying fundamentals with
expectations for near term growth. We believe these properties are
well-positioned to benefit from the trend of strengthening average
daily rates and occupancies to historic levels in the US hotel
industry. Through accretive acquisitions and the expansion of our
existing rail portfolio, we intend to capitalize on the growth in the
US hotel industry and continue to utilize the substantial availability
of low cost CMBS financing."

The four Pittsburgh hotel properties will be managed for AHIP by its
exclusive hotel manager, Tower Rock Hotels & Resorts Inc., a wholly
owned subsidiary of O'Neill Hotels & Resorts Ltd. ("OHR"). Through its various operating entities, OHR currently manages more
than 40 hotels across Canada and the U.S, and is an approved hotel
management company by Hilton Worldwide, Marriott International and
Starwood Worldwide.

Subscription Receipts

One limited partnership unit (each, a "Unit") of AHIP has been issued in exchange for each outstanding Subscription
Receipt without payment of additional consideration, which resulted in
the issuance of 3,967,500 Units. The Toronto Stock Exchange (the "TSX") has advised that trading in the Subscription Receipts has been halted
and the Subscription Receipts will be de-listed as at the close of
trading today. The Units issued upon exchange of the Subscription
Receipts have been listed on the TSX.

AHIP's Units are listed on the TSX under the symbol HOT.UN. After the
issuance of the Units in exchange for the Subscription Receipts, AHIP
has 14,372,500 Units issued and outstanding.

An amount per Subscription Receipt equal to the amount per Unit of any
cash distributions made by AHIP for which record dates have occurred
during the period that the Subscription Receipts were issued and
outstanding has become payable in respect of each Subscription
Receipt.  AHIP paid a cash distribution of Cdn$0.075 per Unit on
November 15, 2013 to unitholders of record at the close of business on
October 31, 2013. An equivalent amount per Subscription Receipt will be
paid to the final holders of the Subscription Receipts no later than
November 26, 2013.

November 2013 Cash Distribution

AHIP announced today the cash distribution of Cdn$0.075 per Unit for the
period of November 1, 2013 to November 30, 2013, which is equivalent to
Cdn$0.90 per Unit on an annualized basis.  The distribution will be
paid on December 16, 2013 to unitholders of record at the close of
business on November 29, 2013.

The policy of AHIP is to pay cash distributions on or about the 15th day
of each month to the unitholders of record on the last business day of
the preceding month.

Long-Term Railway Contract in Jefferson City, Missouri

AHIP further announces the signing of a long-term contract with a
national rail company for its previously purchased 77 room hotel in
Jefferson City, Missouri. Renovations to bring the property up to Oak
Tree Inn standards are expected to be completed by January 2014, at
which time the rail contract, guaranteeing the majority of guestrooms,
will commence. The investment is highly accretive to AHIP and meets
AHIP's investment criteria.

Forward-Looking Information

Certain statements contained in this news release may constitute
forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "anticipate",
"plan", "expect", "may", "will", "intend", "should", and similar
expressions. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events
to differ materially from those anticipated in such forward-looking
statements. Forward-looking statements in this news release include,
without limitation, the following: market trends in the US Hotel
Industry; AHIP's growth strategy; the management of the Acquisition
Properties by OHR; the date and time when the Subscription Receipts
will be de-listed by the TSX; the date on which the Subscription
Receipt Adjustment Payment will be paid; and the timing of the
completion of renovations at the Jefferson City, Missouri property and
the corollary commencement of the rail contract guaranteeing the
majority of the guestrooms for such property.

Forward-looking information is based on a number of key expectations and
assumptions made by AHIP, including, without limitation: a reasonably
stable North American economy and stock market and the ability to
successfully integrate the Acquisition Properties. Although the
forward-looking information contained in this news release is based on
what AHIP's management believes to be reasonable assumptions, AHIP
cannot assure investors that actual results will be consistent with
such information.

Forward-looking information reflects current expectations of AHIP's
management regarding future events and operating performance as of the
date of this news release. Such information involves 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 such results will be achieved.  Actual
results could differ materially from those currently anticipated due to
a number of factors and risks. These include, without limitation, those
factors that can be found under "Risk Factors" in the Prospectus.

The forward-looking statements contained herein represent AHIP's
expectations as of the date of this news release, and are subject to
change after this date. AHIP assumes no obligation to update or revise
any forward-looking statements whether as a result of new information,
future events or otherwise, except as required by applicable law.

About American Hotel Income Properties REIT LP

AHIP is a limited partnership formed under the Limited Partnerships Act (Ontario) to invest in hotel real estate properties located
substantially in the United States and engaged primarily in the
railroad employee accommodation, transportation, and contract-focused
lodging sectors. AHIP's long-term objectives are to: (i) generate
stable and growing cash distributions from hotel properties
substantially in the US; (ii) enhance the value of its assets and
maximize the long-term value of the hotel properties through active
management; and (iii) expand its asset base and increase its Adjusted
Funds From Operations per Unit through an accretive acquisition
program, participation in strategic development opportunities and
improvements to its properties through targeted value-added capital
expenditure programs.

Additional information relating to AHIP, including its other public
filings, is available on SEDAR at www.sedar.com and on AHIP's website at www.ahipreit.com.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

SOURCE American Hotel Income Properties REIT LP