Amid efforts to sell off properties and pay down debt, American Hotel Income Properties REIT CEO Jonathan Korol has resigned.

Former AHIP CEO John O’Neill, who retired in 2020 and was replaced by Korol, has been tapped to lead the company again, effective immediately, after AHIP on Thursday announced Korol’s resignation to “pursue other opportunities.”

“I am honoured to step back in and lead AHIP at this important juncture,” O’Neill said. “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.”

AHIP, based in Vancouver, Canada, owns 37 hotels across 14 states and 28 cities, according to its website. O’Neill co-founded the company in 2012 with his brother, Rob O’Neill, and replaced him as CEO when Rob retired in 2018.

He led the company through the beginning of the pandemic until his retirement in October 2020. Korol took over as CEO following six years as president of SilverBirch Hotels & Resorts, where he oversaw a portfolio of nearly 5,000 hotel rooms, according to his AHIP bio. He also co-founded Apollo Real Estate Advisors and Amadeus Property Partners.

“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,” AHIP Chair Charles van der Lee said in a statement.

While the REIT has been able to drive growth in revenue per available room this year, the income its hotels have been generating dropped 8%, which it attributed in its third-quarter earnings statement to higher energy costs and maintenance expenses.

It's been shedding assets in an attempt to bring down its debt. It sold 16 hotels last year for a combined $165M and 12 hotels during the first nine months of 2025 for a combined $91M. Seven more hotels are under contract, and another 10 are being marketed.

The REIT owned 4,440 hotel rooms at the end of September, down by 1,000 from a year prior.

It's not alone among publicly traded hotel owners looking to dispose of assets. This week, Ashford Hospitality Trust announced it would explore a sale after its financial turnaround efforts have done little to boost its share price. In September, an activist investor called for Sunstone REIT to liquidate its 14-hotel portfolio.