INVESTOR PRESENTATION December 4, 2019 TSX: HOT.UN (CAD$) | TSX: - PowerPoint PPT Presentation

INVESTOR PRESENTATION December 4, 2019 TSX: HOT.UN (CAD$) | TSX: HOT.U (US$) | TSX: HOT.DB.U (Debentures)

Forwardlookingstatements 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 statem ents to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved” or “con tin ue” and similar expressions identify forward-looking 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 22, 2019. 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 latest Management’s Discussion and Analysis. The forward - looking information contained herein is made as of December 4, 2019 and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise such information. Allfigur urespresen ented edarein inU.S.doll llars,unless ssother erwise sestated ed. Cover image: Hampton Inn & Suites Corpus Christi (TX) 2 Courtyard Wall Township, New Jersey

Company overview American Hotel Income Properties REIT LP (“AHIP”) ▪ Invests in high-quality premium branded hotel properties , primarily in the Upper-midscale to Upper-Upscale chain scale segments , including such brands as Embassy Suites, Residence Inn, Hampton Inn and Holiday Inn Express ▪ Hotels are located across the U.S. , primarily in larger secondary markets (such as Cincinnati or Baltimore) that benefit from multiple demand generators (i.e. business parks, sports arenas, medical centres) Properties were purchased below replacement cost, with an average trailing 8% cap rate using long-term fixed-rate debt. CURRENT PORTFOLIO: 79 Hotels; 8,887 Guestrooms 22 States; 51 Cities 15 hotel brands operated through 5 brand families 3

Summary of key information (as at Q3 2019) Canadian dollar TSX ticker HOT.UN (trades in CAD$, monthly distributions paid in USD) US dollar TSX ticker HOT.U (trades in USD$, monthly distributions paid in USD) Units outstanding 78,122,528 (unit outstanding) Convertible Debentures HOT.DB.U (5.0% interest paid semi-annually in USD) Market Cap C$530 million (As at December 3, 2019) Debt to Gross Book Value 54.1% Monthly USD cash distribution USD$0.054 FFO Payout Ratio 92.0% (Rolling 4-quarters, as at Q3 2019) Target FFO Run-rate Payout Ratio Approximately 72% (at the completion of AHIP’s hotel renovation program) All information as of September 30, 2019 unless otherwise noted. 4

A strategy focused on sustainable returns How our business and strategy has evolved 5 Courtyard Wall Township, New Jersey

Strategy focused on long-term returns AHIP’s strategy is focused on generating sustainable, growing cash flows from proven hotel properties, to deliver long-term value to our unitholders through monthly distributions and unit price appreciation. Key to achieving this are three core activities: Shift to higher-quality, Focused Asset Management Capital Recycling premium branded hotels • In the past year AHIP has sold 48 • Expanded asset management • Focused specifically on growing hotels that no longer met our long- team continuously evaluates our portfolio of premium term strategy, such as the Economy hotel performance and market branded, select-service hotels in Lodging portfolio. positioning, to ensure our third- secondary markets (U.S. cities party hotel manager delivers the outside of the top 25 markets) • On December 3, 2019, AHIP acquired best possible performance 12 additional Premium Branded • Hotels in these regions often hotels that are on average only four benefit from multiple demand years in age. generators • Actively reviewing other opportunities • Diverse, recognized hotel brands to enhance our hotel portfolio through other capital recycling or growth opportunities 6

Recent sale of Economy Lodging portfolio On November 28, 2019, AHIP sold its 45 Economy Lodging hotels to Vukota Capital Management (“VCM”) for US$215.5 million, excluding adjustments • All rail crew lodging contracts associated with these hotels have also be transferred to the new owners • All hotels sold were classified as Economy hotels and are licensed under the Baymont Inn & Suites, Days Inn, Super 8 or Travelodge brands (Wyndham brands) • The sale has simplified AHIP’s business structure and allows management to focus exclusively on growing and driving performance of its growing Premium Branded hotel portfolio • Proceeds from the sale were redeployed towards the acquisition of additional higher-quality Premium Branded hotels 7

Acquisition of 12 Premium Branded hotels for US$191 million On December 3, 2019, AHIP acquired 12 Premium Branded hotels Why grow in Pittsburgh? for $191 million excluding closing and post-closing adjustments CBRE now lists Pittsburgh as having the second highest long-term • Purchasing cap rate of approximately 8%, based on trailing 12 months of RevPAR growth expectations (until net operating income and AHIP’s cost structure 2024) of all U.S. markets, following only San Francisco. • The hotels, all built in the last five years, were acquired below replacement cost at $158,800/key Why expand in Texas? • 12 hotel properties represent 1,203 guestrooms The markets the six Texas hotels are • Properties are in midscale to upscale chain scale segments and franchised located in all benefit from multiple under Marriott, Hilton or IHG flags demand generators, or are strategically • Portfolio adds greater geographic diversification to AHIP’s portfolio, located: growing our exposure in the U.S. Midwest and Texas (10 of the 12 hotels Corpus pus Christi sti – near the expandingport are located in new markets for AHIP) Houston ston – largeeconomic center • All hotels are located in secondary metropolitan markets with multiple Midland dland – locatedacross the street from a demand generators newly established10,000 sq. ft.corporate • AHIP has used net proceeds from the sale of its Economy Lodging headoffice portfolio, alongside a $105 million new fixed rate term loan to finance the San Angel gelo – Near military base, medical acquisition centers, agricultural auctions, in additional to government agencies, oil and gas firms, and agricultural research centers. 8

Acquisition of 12 Premium Branded hotels Growing our presence in the U.S. Midwest, with these six properties: Courtyard St. Paul Woodbury (MN) Homewood Suites Kalamazoo Portage (MI) Fairfield Inn & Suites Pittsburgh Airport Robinson Township (PA) 1.7 years old | 120 guestrooms 3.9 years old | 97 guestrooms 4.0 years old | 103 guestrooms Residence Inn St. Paul Woodbury (MN) Courtyard Bismark North (ND) Towneplace Suites Pittsburgh Airport Robinson Township (PA) 3.3 years old | 93 guestrooms 3.0 years old | 116 guestrooms 5.0 years old | 89 guestrooms 9