ALLIED HOTEL PROPERTIES INC. ANNUAL FILINGS UPDATE

VANCOUVER, British Columbia, April 09, 2020 (GLOBE NEWSWIRE) -- Allied Hotel Properties Inc. (“Allied” or the “Company”) (TSX-V: AHP) is providing an update on the status of the filing of its annual financial statements and accompanying management’s discussion and analysis for the financial year ended December 31, 2019 (collectively, the “Annual Filings”) which are required to be filed by April 29, 2020 under National Instrument 51-102 Continuous Disclosure Obligations.

On March 23, 2020, the Canadian Securities Administrators published substantively harmonized temporary exemptions from certain regulatory filing requirements that provide issuers with a 45-day filing extension for filings required on or before June 1, 2020 to allow issuers the time needed to focus on the many other business and financial reporting implications of COVID-19. Allied will rely on these exemptions with respect to the Annual Filings in accordance with BC Instrument 51-515 Temporary Exemption from Certain Corporate Finance Requirements in British Columbia, and Blanket Order 51-517 Temporary Exemption from Certain Corporate Finance Requirements in Alberta.

The Company is continuing to work diligently and expeditiously with its auditors to file the Annual Filings on or before May 29, 2020. In the interim, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 Failure to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Since September 30, 2019 (the date of the last financial reports that the Company filed), the Company has disclosed by way of news release the following material business developments:

• the completion of the sale of all or substantially all of the assets of the Company, including the business and related hotel property known as “Toronto Don Valley Hotel and Suites”, located at 175 Wynford Drive, Toronto, Ontario, the adjacent development lands and certain other assets related to the operation of the hotel, to DVP Hotel Development LP for $102 million (subject to adjustments), as announced by the company on January 6, 2020; and
• the declaration of a special cash dividend of $0.47 per common share for an aggregate amount of approximately $50 million, paid on April 1, 2020 to Allied shareholders of record on the close of business on March 2, 2020, as announced by the Company on February 13, 2020 and February 19, 2020.

Other than those previously disclosed events, there have been no other material business developments for the Company since September 30, 2019.

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: [phone]
Fax: [phone]
e-mail: [e-mail] 

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. The use of any of the words “anticipate”, “estimate”, “will” and “expect” and similar expressions and statements are intended to identify forward-looking information and are based on Allied’s current beliefs or assumptions as to the outcome of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company.

Many factors, both known and unknown, could cause actual results to be materially different from the results that are or may be expressed or implied by such forward-looking information contained in this press release.

The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.