Allied Hotel Properties Inc. Announces Special Dividend

VANCOUVER, British Columbia, Feb. 13, 2020 (GLOBE NEWSWIRE) -- Allied Hotel Properties Inc. ("Allied" or the "Company") (TSX-V: AHP), announced today that it has declared a special cash dividend of approximately $0.47 per common share, for an aggregate amount of $50 million (the "Dividend"). The Dividend will be paid on April 1, 2020, to Allied shareholders of record on the close of business on March 2, 2020. The Dividend is considered an "eligible dividend" for Canadian income tax purposes.

The Dividend is being is being funded by a portion of the proceeds from the previously announced sale of all or substantially all of the assets of the Company to DVP Hotel Development LP for $102 million (subject to adjustments), which closed on January 6, 2020.

On behalf of the Board of Directors:

(signed) Michael F. Chan

Michael F. Chan

President, Chief Financial Officer, Secretary and Director

For more information please contact:
Allied Hotel Properties Inc.
Tel: 604-669-5335
Fax: 604-682-8131
e-mail: [email protected]

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