April 8 (Reuters) - American Hotel Income Properties REIT LP HOT_u.TO :
* PROVIDES BUSINESS UPDATE REGARDING IMPACT OF COVID-19
* SENIOR MANAGEMENT COMPENSATION REDUCED ALONGSIDE CORPORATE OFFICE STAFF REDUCTIONS
* HOTEL STAFFING LEVELS REDUCED BY 65%; WILL SAVE MORE THAN $40 MILLION IN ANNUALIZED OPERATING COST SAVINGS
* 60 OF AHIP'S 79 HOTELS ARE CURRENTLY OPEN FOR BUSINESS
* PREVIOUSLY ANNOUNCED MARCH 2020 DISTRIBUTION PAYMENT WILL BE DEFERRED
* AMERICAN HOTEL INCOME PROPERTIES -FRANCHISORS HAVE DEFERRED CAPITAL PROJECTS INTO 2021 AND APPROVED USE OF CAPITAL RESERVES TO FUND OPERATING EXPENSES
* AMERICAN HOTEL INCOME PROPERTIES-ALREADY HAVE SUBMITTED FORMAL APPLICATIONS FOR PAYROLL PROTECTION PROGRAM THROUGH U.S. SMALL BUSINESS ADMINISTRATION
* TO DATE, TOTAL HOTEL EMPLOYEE COUNT ACROSS AHIP'S 79 HOTELS HAS BEEN REDUCED BY 65%
* JOHN O'NEILL, CEO, HAS AGREED TO AN IMMEDIATE 50% SALARY REDUCTION FOR REMAINDER OF 2020
* AMERICAN HOTEL INCOME - REDUCED CORPORATE STAFFING LEVELS BY ABOUT 27%; ALL SENIOR MANAGEMENT TAKEN IMMEDIATE 15% SALARY REDUCTION FOR REMAINDER OF 2020