InnVest Real Estate Investment Trust
TSX : INN.UN

InnVest Real Estate Investment Trust

September 16, 2009 17:00 ET

InnVest Real Estate Investment Trust Announces 2010 Mortgage Refinancing

TORONTO, CANADA--(Marketwire - Sept. 16, 2009) - InnVest Real Estate Investment Trust ("InnVest")(TSX:INN.UN) announced today that it has successfully refinanced a $177 million mortgage for a 3 year term at an interest rate of 7.5%. The mortgage, secured by 40 limited service hotels, was originally scheduled to mature in July 2010. Following this transaction, InnVest's overall interest rate on its mortgage debt approximates 5.9%. Closing of this financing is expected in the next 30 days.

"We are pleased to have achieved this hotel financing in the current lending environment. Our priority continues to be to proactively strengthen our balance sheet and liquidity during this challenging period," commented Kenneth Gibson, InnVest's President and Chief Executive Officer. Having addressed this maturity, InnVest does not have any significant debt maturities until 2011.

TRUST PROFILE

InnVest REIT holds Canada's largest hotel portfolio together with an interest in Choice Hotels Canada Inc. the largest franchisor of hotels in Canada. The hotel portfolio currently comprises 145 hotel properties, with approximately 19,000 guest rooms, operated under internationally recognized franchise brands such as Comfort Inn®, Holiday Inn®, Quality Suites/Inn®, Radisson®, Delta®, Travelodge®, Hilton® Staybridge Suites®, Fairmont Hotels®, Sheraton Suites® and Best Western®. InnVest's trust units and outstanding convertible debentures trade on the Toronto Stock Exchange under the symbols INN.UN, INN.DB.A, INN.DB.B and INN.DB.C, respectively.

Contact Information

  • InnVest Real Estate Investment Trust
    Kenneth Gibson
    President and Chief Executive Officer
    (905) 206-7100
    (905) 206-7114 (FAX)
    or
    InnVest Real Estate Investment Trust
    Tamara Lawson
    Chief Financial Officer and Corporate Secretary
    (905) 206-7100
    (905) 206-7114 (FAX)
    Website: www.innvestreit.com