SEPTEMBER 25, 2017 INVESTOR PRESENTATION

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1 2017 Acquisition: Courtyard by Marriott Wall Township, NJ SEPTEMBER 25, 2017 INVESTOR PRESENTATION TSX: HOT.UN OTCQX: AHOTF TSX: HOT.DB.U

2 FORWARD LOOKING STATEMENTS This corporate update is a summary and should be read together with the more detailed information, financial data and statements made available by American Hotel Income Properties REIT LP (the REIT ). This corporate update contains forward-looking statements which reflect management s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities of the REIT. The words plans, expects, scheduled, estimates, intends, anticipates, projects, believes or variations of such words and phrases or statements to the effect that certain actions, events or results may, will, could, would, might, occur, be achieved or continue and similar expressions identify forwardlooking statements. Some of the specific forward- looking statements in this corporate update include, but are not limited to, statements with respect to the ability of the REIT to execute its growth strategies; the expected tax treatment of the REIT and of the REIT s distribution to Unitholders; the expected growth in the U.S. lodging industry and trends; and other considerations which are outlined in the REIT s Annual Information Form dated March 27, Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management of the REIT as of the date of this corporate update, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT s estimates, beliefs and assumptions, which may prove to be incorrect, include the various assumptions set forth herein, including, but not limited to the REIT s future growth potential, results of operations, future prospects and opportunities, industry trends remaining unchanged, no change in legislative or regulatory matters, future levels of indebtedness, the tax laws as currently in effect remaining unchanged, the continual availability of capital and the current economic conditions remaining unchanged. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve 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 the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the Risk Factors in the REIT s Management s Discussion and Analysis dated August 8, The forward-looking information contained herein is made as of September 25, 2017 and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise such information. All figures presented are in U.S. dollars, unless otherwise stated. 2

3 TABLE OF CONTENTS Company Overview Our Investment Approach Branded Portfolio - A Transformative Last 12 Months Rail Portfolio Financial Highlights Value Creation Formula for the Future Appendixes - American Hotel Income Properties Executive Team - ONE Lodging Management Executive Team - Property Portfolio

4 COMPANY OVERVIEW 32 States; 90 Cities 113 Hotels; 11,570 Rooms C$1.6B Total Enterprise Value 53.9% Leverage (at June 30, 2017) 9.0% Yield 2016 Renovation: Courtyard by Marriott Ocala, FL 4

5 OUR INVESTMENT APPROACH 5

BUSINESS GOAL Guided by a disciplined investment strategy, American Hotel Income Properties REIT ( AHIP ) offers investors a unique vehicle to realize sustainable returns and growing value

6 BUSINESS GOAL Guided by a disciplined investment strategy, American Hotel Income Properties REIT ( AHIP ) offers investors a unique vehicle to realize sustainable returns and growing value from premium, select-service branded hotels in secondary U.S. markets with diverse and stable demand from corporate and transient travelers as well as longstanding contractual customers. 6

7 WHY U.S. SECONDARY MARKETS? WHY PREMIUM-BRANDED, SELECT-SERVICE HOTELS? E C O N O M I C O U T L O O K GDP forecasts are the highest correlation to performance of the U.S. hotelindustry The U.S. Federal Reserve Board projects 2.0% GDP growth to continue through 2017 and2018. The U.S. hotel industry continues to achieve strong performance including record occupancy levels, growing RevPAR fueled by rising ADR U. S. S E C O N D A R Y M A R K E T S 3.4 million guestrooms (vs 1.6 in Primary markets) Deep pipeline of high quality assets Strategically located within or near large population centres (>2M pop.), transportation corridors and demand generators S E L E C T - S E R V I C E A D V A N T A G E S Strong consumer demand and broad appeal Simple, efficient operational model Higher margins with lower volatility U.S. Canada Top 25 Cities 400,000 guestrooms Top 6 Cities Primary Secondary Markets Area of Opportunity 3.4M guestrooms Million guestrooms 1. Source: CBRE Hotels Americas Research - Hotel Horizons March 2017 May 2017, STR 2. Source: STR Inc., Tourism Econometrics 7

capitalization rate >8% Acquisition cost below replacement cost Strong demand generators Limited new supply Complement

8 REFINED STRATEGY A disciplined investment strategy to realize sustainable returns and growing value. AHIP seeks to acquire properties that meet the following criteria: Stabilized in-place income All-in trailing capitalization rate >8% Acquisition cost below replacement cost Strong demand generators Limited new supply Complement existing premium branded, Select-Service hotels Targeted geographic diversification within the U.S Acquisition: Embassy Suites Cleveland Rockside, OH 8

9 INVESTMENT PORTFOLIO Guest loyalty and distribution from the world s preeminent hotel brands Strong consumer demand and broad appeal Simple, efficient operational model Higher margins with lower volatility Rail contracts with guaranteed revenue 2017 Acquisition: Springhill Suites Long Island Bellport, NY 9

GEOGRAPHIC DIVERSITY BASED ON DEMAND 113 hotels in 90 cities totaling 11,570 guestrooms Consistent with AHIP s acquisition strategy, all properties are strategically located within or near: Larger

10 GEOGRAPHIC DIVERSITY BASED ON DEMAND 113 hotels in 90 cities totaling 11,570 guestrooms Consistent with AHIP s acquisition strategy, all properties are strategically located within or near: Larger population centers Transportation corridors Demand generators Source: US Census Bureau A metro area contains a core urban area of 50,000 or more population A micro area contains an urban core of at least 10,000 (but less than 50,000) population 10

11 B R A NDE D P O R T F O L I O 2017 Acquisition: Hampton Inn & Suites Arundel Mills, MD 11

management and operational teams to drive increased revenue External hotel management team with extensive experience to

12 BRAND DIVERSITY 67 hotels; 7,684 guestrooms Strong institutional brand partners with global distribution, effective brand segmentation, strong loyalty programs, and premier system standards Strong national and regional sales, revenue management and operational teams to drive increased revenue External hotel management team with extensive experience to drive margin growth Capital reinvestment and asset preservation to increase market share and long-term value creation Guestrooms 12

13 $ AHIP HOTELS OUTPERFORM COMPETITIVE SET IN REVPAR IN ALL MARKETS (Q2 2017) Total Portfolio outperforms comp set by 20% $ $ $90.00 $80.00 $70.00 $60.00 $50.00 $40.00 Pittsburgh IL/IA/KS/MO NC VA TN FL/GA TX/OK Ohio MA/NJ/PA Total Portfolio Comp Set AHIP Source: STR April June 2017 Index Report 13

14 A TRANSFORMATIVE LAST 12 MONTHS 14

15 2,505 2,564 2,641 3,113 3,516 3,571 3,958 5,119 5,228 5,860 6,797 6,915 7,048 7,095 7,119 8,156 9,383 11,570 PORTFOLIO GROWTH TOTAL GUESTROOMS 35% 63% 11,570 Average Annual Growth Rate Growth since Q Guestrooms Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

TRACK RECORD OF GROWTH (USD$) $350,000 $300,000 $250,000 $220,031 $350,000 $200,000 $150,000 $100,000 $50,000 $0 $48,052 $93,143 $143,767 $173,515 $220,031 2013 2014 2015 2016 TTM Q2 2017 Proforma

16 TRACK RECORD OF GROWTH (USD$) $350,000 $300,000 $250,000 $220,031 $350,000 $200,000 $150,000 $100,000 $50,000 $0 $48,052 $93,143 $143,767 $173,515 $220, TTM Q Proforma 2017 Revenues (in '000s) $100,000 $80,000 $65,759 $105,000 $60,000 $65,759 $40,000 $41,175 $52,355 $20,000 $0 $11,183 $24, TTM Q Proforma 2017 EBITDA (in '000s) 2017 Proforma is as if all new acquisition properties were owned by AHIP on Jan 1,

17 A RECAP OF THE LAST 12 MONTHS BRANDED PORTFOLIO 70 Number of Branded Hotels 140 Average Hotel Size Increases by 23% Almost DOUBLES over Same Store Q Recent Acquisitions Current Portfolio 40 Same Store Q2 Recent Acquisitions Current Portfolio $ $ $ $90.00 $80.00 $70.00 $60.00 $50.00 $40.00 RevPAR Recent acquisitions outperform SS by 30% Same Store Q2 Recent Acquisitions Current Portfolio NE Portfolio (Proforma Year 1) NE Portfolio outperforms SS by 37% $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 NOI Per Guestroom Recent acquisitions outperform SS by 41% Same Store Q2 Recent Acquisitions Current Portfolio NE Portfolio (Proforma Year 1) NE Portfolio outperforms SS by 63% 17

18 R A I L P O R T F O L I O Oak Tree Inn Yermo, CA 325% increase in bookings Sept at Oak Tree Inn hotels along the 2017 Solar Eclipse route 18

LEADING PROVIDER OF RAIL CREW LODGING 46 hotels; 3,886 guestrooms Typical Contract Terms Minimum revenue guarantees stabilize cash flow through a wide range of economic conditions Long-term

19 LEADING PROVIDER OF RAIL CREW LODGING 46 hotels; 3,886 guestrooms Typical Contract Terms Minimum revenue guarantees stabilize cash flow through a wide range of economic conditions Long-term contracts: ~4.0 years average contract term remaining Inflation-adjusted room rate escalators Rail Crew Lodging Specifications Oak Tree Inn guestrooms are designed to be Dark & Quiet : light-proofing features sound dampening materials 24-hr proprietary food service Proprietary Brands Rail Initiatives Capital reinvestment in excess of $3.0M to secure rail crew contract renewals and extensions 19

20 U.S. FREIGHT RAIL INDUSTRY RECOVERY UNDERWAY Total U.S. Rail Carloads & Intermodal For the first 33 weeks of 2017, U.S. railroads reported cumulative volume of 17,327,352 carloads, up 4.2% compared to last year. Week Data is based on originations, are not seasonally adjusted, and do not include the U.S. operations of CN and CP. Source: AAR 20

21 FINANCIAL HIGHLIGHTS 21

22 FINANCIAL HIGHLIGHTS Number of Rooms Revenues EBITDA EBITDA Margin FFO per Unit AFFO per Unit AFFO Payout Ratio Debt/Gross Book Value Interest Coverage WA Loan Interest Rate WA Loan Term Three months ended June 30, 2017 ($000s) 11,570 $69,452 $22, % $0.23 $ % 53.9% 3.7x 4.60% 8.0 years Three months ended June 30, 2016 ($000s) 7,095 $44,527 $15, % $0.30 $ % 49.4% 4.3x 4.56% 7.7 years 22

23 DEBT MATURITY LADDER ( as at June 30, 2017) No significant debt maturity until February 2023 Weighted average loan term: 8.0 years Weighted average fixed interest rate: 4.6% 100% fixed rate debt $250.0 $200.0 $150.0 $100.0 $50.0 $ Mortgages Convertible Debentures 23

24 AFFO Payout Ratio CONSERVATIVE AFFO PAYOUT RATIO Temporary dilution arising from the June 2017 Offering; $20M equity yet to be fully invested Payout ratio expected to improve as recently acquired higher RevPAR generating hotels contribute cash flows 140.0% 120.0% 100.0% 80.0% 114.9% 100.2% 89.2% 83.4% 84.8% 60.0% 40.0% 20.0% 0.0% YE 2013 YE 2014 YE 2015 YE 2016 Q Period 24

25 ATTRACTIVE AND SUSTAINABLE DISTRIBUTION Four consecutive years of consistent distributions Lower AFFO payout ratio provides sustainable distributions Approximately 27% of annual distributions are secured by rail crew contracts Company Enterprise Value ($000s) Yield 2018E AFFO Multiples AHIP REIT $ 1, % 7.8x Chatham Lodging Trust 1, % 11.9x Hersha Hospitality Trust 1, % 10.8x Summit Hotel Properties Inc. 2, % 13.1x Source: Bloomberg May 17,

26 Total Return % TOTAL RETURNS SINCE IPO (as of August 31, 2017) Since 60 IPO (February 20, 2013) through August 31, AHIP S&P/TSX Capped REIT Index AHIP +31.6% S&P/TSX 19.5%

27 VALUE CREATION 2016 Renovation: Holiday Inn Express & Suites Bethany, OK 27

28 VALUE CREATION THROUGH CAPITAL INVESTMENT, RENOVATION AND REFURBISHMENT Premium brands have a national reputation for value and quality. To maintain guest expectations and deliver strong RevPAR and NOI margins, brand mandated property improvements ( PIP s ) are required. PIPs may include: Guestrooms: New furniture, new décor, new softgoods and updated bathrooms Public Areas: Redesign of the lobby, breakfast dining area, and meeting space to create open communal spaces that can be flexible and can accommodate changing needs throughout the day. Exterior: New roofline and facades, new paint schemes, addition of exterior lighting, and other minor site and structure updates Upon completion, PIP s increase revenue generation through improved guest loyalty and enhanced guest experience; as validated by the world s preeminent hotel brands. 28

29 CAPITAL INVESTMENT, RENOVATION AND REFURBISHMENT HISTORY Current Reserve Funds allow AHIP to complete scheduled PIPs over the next 24 months without disrupting AFFO or low payout ratio. $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 ($000s) YE 2015 YE 2016 Q Q YE 2015 YE 2016 Q Q

30 VALUE CREATION THROUGH CAPITAL INVESTMENT, RENOVATION AND REFURBISHMENT Start Date No. of Properties PIP Scope Displacement Q Roof Replacement, Lobby, Atrium, Corridors, Guestrooms Q Exterior Painting, Public Areas, Corridors, Meetings Rooms, Lobby, Guestrooms Minimal Impact Minimal Impact Q Public Areas, Guestrooms Minimal Impact Q Exterior, Public Areas No Impact Q Exterior, Atrium, Corridors No impact Q Exterior, Public Areas, Corridors, Minimal impact Guestrooms Q Public Areas, Guestrooms Minimal impact Q Exterior, Lobby, Atrium, Public Areas, Minimal impact Corridors, Guestrooms AHIP s hotel manager is experienced at mitigating revenue displacement during PIP renovations by selecting slower demand periods for PIP s to minimize guest displacement and most PIP s are completed within one or two quarters. 30

4 million dollars for exterior upgrades and all 159 guestrooms received a fresh, contemporary new look, including one suite that was

31 VALUE CREATION: HAMPTON INN, HARRISONBURG UNIVERSITY, VA The Hampton Inn Harrisonburg had average market performance; however, analysis showed the property to be under-performing in ADR and RevPAR. AHIP invested $4.4 million dollars for exterior upgrades and all 159 guestrooms received a fresh, contemporary new look, including one suite that was converted into a boardroom that better positioned the hotel to attract small business meetings and corporate group. After As a direct result of the renovations: 29.3% RevPAR Growth 12.3% Market Share Gain Before 31

32 VALUE CREATION: RESIDENCE INN PITTSBURGH CRANBERRY, PA The Residence Inn Pittsburgh Cranberry received a comprehensive, high-impact renovation which positioned it to be one of the most competitive hotels within the Pittsburgh/Cranberry Township lodging market. AHIP invested $3.3 million dollars into 96 guestroom improvements along with extensive lobby and common area renovations to give the property a fresh, contemporary look. After As a direct result of the renovations: 10.1% RevPAR Growth 13.9% Market Share Gain Before 32

33 FORMULA FOR THE FUTURE 2017 Acquisition: Fairfield Inn & Suites White Marsh, MD 33

34 FORMULA FOR THE FUTURE Focused on Performance Experienced management team Disciplined investment strategy Commitment to reinvestment Poised for Growth Deep acquisition pipeline Balance sheet strength allows for accretive acquisitions Capital markets support Structured to Mitigate Risk Focus on premium branded, Select-Service hotels with wide market appeal Targeted geographic diversification in larger secondary markets Younger and well-maintained portfolio Rail contracts with guaranteed revenues Conservative leverage with an average fixedrate interest-rate of 4.60% and average loan term of approximately 8.0 years 34

A PROVEN TRACK RECORD OF SUCCESS Leveraging decades of experience in hotel ownership, management and operations, AHIP REIT has a proven track record of successful investment,

35 A PROVEN TRACK RECORD OF SUCCESS Leveraging decades of experience in hotel ownership, management and operations, AHIP REIT has a proven track record of successful investment, delivering reliable and consistent cash flows to our unitholders and added value through ongoing growth of our diversified hotel portfolio Acquisition: Embassy Suites Tempe, AZ 35

36 APPENDIXES - AMERICAN HOTEL INCOME PROPERTIES EXECUTIVE TEAM - ONE LODGING MANAGEMENT EXECUTIVE TEAM - PROPERTY PORTFOLIO 36

AMERICAN HOTEL INCOME PROPERTIES REIT EXECUTIVE TEAM Rob O Neill Chief Executive Officer Ian McAuley President Azim Lalani Chief Financial Officer Anne Yu Vice President, Finance Hotel industry

37 AMERICAN HOTEL INCOME PROPERTIES REIT EXECUTIVE TEAM Rob O Neill Chief Executive Officer Ian McAuley President Azim Lalani Chief Financial Officer Anne Yu Vice President, Finance Hotel industry veteran Co-Founder of Coast Hotels and O Neill Hotels & Resorts Founder of CHIP REIT, which was subsequently sold to B.C. Investment Management Corp. for Cdn$1.2 billion Co-Recipient of the Canadian Hotel Industry Entrepreneur of the Year Award from the Canadian Hotel Investment Conference President and CEO of Continuum Health Care Holdings Ltd. which was sold Co-Founder, President and Chief Operating Officer of Superior Lodging Corp., Recipient of Hotelier Magazine s Pinnacle Awards Company of the Year Co-Founder and partner in InnVentures Hospitality Corp., a Vancouver-based boutique hotel management and consulting firm More than 20 years of experience in financial reporting, corporate finance, operations, business valuation, taxation and risk management Senior Vice President of Operations for two TSX-listed commercial REITs Vice President of Real Estate and Risk Management at SilverBirch Hotels & Resorts Audit Manager at KPMG More than 15 years experience in financial reporting, internal controls, corporate finance and Canadian and US tax. Manager at Pricewaterhouse Coopers Controller and Manager of Financial Reporting of Sterling Shoes Inc. Controller of Ventyx Software Solutions Inc. (formerly MDSI Mobile Data Solutions Inc.) (604) roneill@ahipreit.com (604) imcauley@ahipreit.com (604) alalani@ahipreit.com (604) ayu@ahipreit.com 37

38 ONE LODGING MANAGEMENT EXECUTIVE TEAM John O Neill Chairman and Chief Executive Officer Robert Pratt President Bruce Pittet Senior Vice President, Operations Mark Powell Chief Financial Officer Russ Friesen Senior Vice President, Design & Construction (Current) President and CEO of O Neill Hotels & Resorts and SunONE Developments Inc. Co-Owner of Whistler Lodging Company in partnership with Intrawest Operated Coast Hotels, alongside his brother, Rob and their father Jack (founder) Co-Founder of CHIP REIT which was subsequently sold to B.C. Investment Management Corp. for Cdn$1.2 billion President of Coast Hotels Chief Operating Officer, Westmont Hospitality Group President and COO, SilverBirch Hotels & Resorts 17 years with Westin Hotels and Resorts holding progressively senior roles in sales, marketing and hotel operation 25 years of extensive repositioning and branding experience with such hotel brands as Marriott, Hilton, Starwood, Winding Road Development Company (Scottsdale, AZ) in management and consulting capacities Previous roles also include Regional Vice President at Intrawest Hospitality Management and Vice President and General Manager of Snowshoe Mountain Senior VP of Rize Alliance Properties Ltd, a developer of residential and commercial real estate Chief Financial Officer of T&M Management Services Ltd. Vice President of Finance for Ledingham McAllister Properties, a developer of residential and commercial real estate Vice President, Construction at Intrawest, ULC. Projects included resorts at Honua Kai in Hawaii, Winter Park and Copper Mountain in Colorado along with Whistler Blackcomb, Panorama and Blue Mountain in Canada 38

39 PROPERTY PORTFOLIO Courtyard by Marriott Ocala, FL Courtyard by Marriott Statesville, NC Courtyard by Marriott Tampa, FL Courtyard by Marriott Wall Township, NJ Fairfield Inn & Suites Amarillo Airport, TX Fairfield Inn & Suites Asheboro, NC Fairfield Inn & Suites Jacksonville West, FL Fairfield Inn & Suites Kingsland, GA Fairfield Inn & Suites Lake City, FL Fairfield Inn & Suites Melbourne, FL Fairfield Inn & Suites Ocala, FL Fairfield Inn & Suites Orlando, FL Fairfield Inn & Suites South Hill, VA Fairfield Inn & Suites Titusville, FL Fairfield Inn & Suites White Marsh MD Residence Inn Atlantic City, NJ Residence Inn BWI Airport Hanover, MD Residence Inn Chattanooga, TN Residence Inn Mount Laurel, NJ Residence Inn Neptune City NJ Residence Inn Ocala, FL Residence Inn Pittsburgh Cranberry, PA Residence Inn White Marsh, MD SpringHill Suites BWI Airport Hanover, NJ SpringHill Suites Long Island Bellport, NY SpringHill Suites Pinehurst, NC TownePlace Suites BWI Airport Hanover, MD TownePlace Suites Chattanooga, TN Rooms ,885 Embassy Suites Cincinnati Rivercenter, KY Embassy Suites Cleveland Rockside, OH Embassy Suites Columbus Dublin, OH Embassy Suites Dallas Airport Irving, TX Embassy Suites Tempe, AZ Hampton Inn Asheboro, NC Hampton Inn BWI Airport Hanover, MD Hampton Inn Chickasha, OK Hampton Inn Emporia, VA Hampton Inn Harrisonburg South, PA Hampton Inn Harrisonburg University, VA Hampton Inn Pittsburgh Airport, PA Hampton Inn Pittsburgh Cranberry, PA Hampton Inn Pittsburgh Greentree, PA Hampton Inn Statesville, NC Hampton Inn White Marsh, MD Hampton Inn Woodward, OK Hilton Garden Inn Milford CT Hilton Garden Inn White Marsh, MD Homewood Suites Allentown, PA Homewood Suites Atlantic City, NJ Homewood Suites Bethlehem, PA Homewood Suites Dover Rockway, NJ Wingate by Wyndham Tampa, FL Sleep Inn & Suites (West) Amarillo, TX Rooms ,

40 PROPERTY PORTFOLIO Holiday Inn & Suites North Quail Springs, OK Holiday Inn & Suites Oklahoma Airport, OK Holiday Inn Express & Suites Bethany, OK Holiday Inn Express & Suites Chickasha, OK Holiday Inn Express & Suites Dubuque (West), IA Holiday Inn Express & Suites Emporia, KS Holiday Inn Express & Suites Fort Myers, FL Holiday Inn Express & Suites Mattoon, IL Holiday Inn Express & Suites Nevada, MT Holiday Inn Express & Suites Sarasota, FL Holiday Inn Express & Suites South Jacksonville, IL Holiday Inn West Medical Centre, Amarillo, TX Staybridge Suites Oklahoma City Airport, OK Staybridge Suites Tampa, FL Oak Tree Inn Alpine, TX Oak Tree Inn Belen, NM Oak Tree Inn Bill, WY Oak Tree Inn Brunswick, MD Oak Tree Inn Buffalo, NY Oak Tree Inn Cheyenne, WY Oak Tree Inn Clinton, IA Oak Tree Inn Comfort, WV Oak Tree Inn Dexter, MO Oak Tree Inn Dunsmuir, CA Oak Tree Inn Edgemont, SD Oak Tree Inn Elko, NV Oak Tree Inn Fort Scott, KS Oak Tree Inn Fremont, NE Oak Tree Inn Gillette, WY Oak Tree Inn Glendive, MT Oak Tree Inn Glenwood, MN Oak Tree Inn Green River, WY Rooms , Oak Tree Inn Guernsey, WY Oak Tree Inn Hearne, TX Oak Tree Inn Hermiston, OR Oak Tree Inn Jefferson City, MO Oak Tree Inn Kansas City, KS Oak Tree Inn Lincoln, NE Oak Tree Inn Livonia, LA (2) Oak Tree Inn Low Moor, VA Oak Tree Inn Marysville, KS Oak Tree Inn McAlester, OK Oak Tree Inn Milford, UT Oak Tree Inn Missouri Valley, IA Oak Tree Inn Morrill, NE Oak Tree Inn Nashville, TN Oak Tree Inn North Platte, NE Oak Tree Inn Pecos, TX Oak Tree Inn Ravenna, NE Oak Tree Inn Rawlins, WY Oak Tree Inn Santa Teresa, NM Oak Tree Inn Sharon Springs, KS Oak Tree Inn Vaughn, NM Oak Tree Inn Wellington, KS (2) Oak Tree Inn Winslow, AZ Oak Tree Inn Yampa, CO Oak Tree Inn Yermo, CA Oak Tree Inn Yuma, AZ Rooms ,886 Total Hotels: 113 Total Guestrooms: 11,570 40

41 ahipreit.com (604) West Georgia Street Vancouver, BC V6C 3L2 Canada 41

Investor Presentation TSX: HOT.UN (CAD$) TSX: HOT.U (US$) TSX: HOT.DB.U (Debentures)

Investor Presentation TSX: HOT.UN (CAD$) TSX: HOT.U (US$) TSX: HOT.DB.U (Debentures) March 2018 (Q4 2017 Information) Forward Looking Statements This corporate update is a summary and should be read together