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Jonathan Korol has resigned from his position as CEO of American Hotel Income Properties REIT LP (HOT-U-T) and will be succeeded by the trust's co-founder John O'Neill. For O'Neill, it is a return to the role in which he previously served from 2018 to 2020.
Korol will pursue other opportunities, according to Thursday's announcement.
“On behalf of the board, I want to thank Jonathan for his good work and steady leadership, and we wish him continued success in his future endeavours” said Charles van der Lee, the chair of AHIP's board, in the announcement.
Korol had taken the CEO's job in 2020, moving over after serving as president of SilverBirch Hotels and Resorts, where he had been president for the previous three years.
O'Neill has a long history in the industry, stretching back about 35 years. For the past 29 years, he has also been CEO of O’Neill Hotels & Resorts Ltd., a Vancouver based hotel management, development and investment firm.
“John O’Neill’s industry insight and history with AHIP as co-founder and CEO, uniquely position him to seamlessly step into this role. We look forward to having John leading the company moving forward,” van der Lee said in the announcement.
“I am honoured to step back in and lead AHIP at this important juncture,” O’Neill said in the release. “Working closely with the board, we will focus on driving value for our unitholders. AHIP is in a strong position to move forward into the future.”
O'Neill's industry background
O'Neill is a graduate of the University of British Columbia (B. Comm. in 1985), and held positions with Coast Hotels & Resorts Ltd. between 1985 and 1991 as he began his career.
Recognized numerous times as an industry leader, he has been named Canadian Hotelier of the Year and was an Entrepreneur of the Year Finalist.
He was a director of Pure Multi Family REIT from 2013 to 2019.
He was also a co-founder of Canadian Hotel Income Properties Real Estate Investment Trust in 1997, and also served on its board of directors the for three years.
American Hotel Income Properties REIT is a limited partnership formed to invest in hotel real estate properties across the United States. Its hotels operate under brands affiliated with Marriott, Hilton and IHG Hotels through license agreements.
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