American Hotel Income Properties REIT (HOT-UN) Q4 2025 earnings summary

Executive summary

• Completed dispositions of 18 hotels in 2025 for $160.9 million and 1 hotel in early 2026 for $8.3 million, with 8 more under contract for $137.3 million expected to close by Q2 2026.

• Since 2024, 35 assets sold for $334 million; Q4 2025 saw six hotels sold for $70 million.

• Redeemed $25 million of Series C preferred shares in March 2026, with $25 million remaining.

• Board and management focused on reducing debt, improving portfolio quality, and addressing upcoming obligations.

• Focused on increasing unitholder value through asset sales and loan refinancings.

Financial highlights

• Full-year 2025 revenue was $187.8 million, down from $256.9 million in 2024; NOI was $49.3 million, down 32.8% year-over-year.

• Q4 2025 revenue decreased 25.6% year-over-year to $40.5 million; NOI down 48.9% to $6.4 million; NOI margin fell to 15.7%.

• Full year 2025 same-store revenue was $154.7 million, flat to 2024.

• Diluted FFO per unit for Q4 2025 was ($0.07), and nil for the year, compared to $0.21 in 2024.

• Same property ADR up 1.5% year-over-year in Q4 2025 to $137; occupancy down 100 bps to 68.9%; RevPAR flat at $94.

Outlook and guidance

• No secured debt maturities until Q4 2026; $22.3 million CMBS loan matures in November 2026.

• Plans to use proceeds from hotel sales and refinancing to redeem remaining Series C Shares and debentures in 2026.

• Evaluating additional hotel sales to further strengthen balance sheet and unitholder value.

• Management sees strong buyer interest and expects to close $137 million in asset sales in H1 2026.

• Macro environment remains uncertain, but portfolio seen as well-positioned for long-term value.