InnVest Real Estate Investment Trust

InnVest Real Estate Investment Trust

December 29, 2008 17:00 ET

InnVest Real Estate Investment Trust calls annual meeting of unitholders

TORONTO, ONTARIO--(Marketwire - Dec. 29, 2008) - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) announced today that its Board of Trustees has called an annual meeting of unitholders to be held in Toronto on April 14, 2009.

InnVest typically conducts its annual meeting in mid-May. However, Royal Host Real Estate Investment Trust ("Royal Host"), a holder of approximately 14.0% of InnVest's Units, has requisitioned a meeting for the purpose of considering the removal of all four of the independent Trustees of InnVest and their replacement by four individuals nominated by Royal Host. The result of this proposal, if successful, would be that the nominees of Royal Host would occupy a majority of the seats on InnVest's Board of Trustees.

The Board of Trustees does not believe that holding two separate meetings within a short-time-frame is in the best interest of unitholders given the considerable investment of management time required, and the significant costs associated with holding two meetings. Accordingly, the board has moved the annual meeting to an earlier date in order to meet Royal Host's demand to hold a meeting to nominate candidates for election to the board.

Unitholders will receive formal notice of the annual meeting and an information circular with answers to the questions raised by the proposal by Royal Host in sufficient time to consider their decision prior to the meeting. The time and location of the meeting, as well as the record date for establishing those unitholders eligible to vote at the annual meeting, will be communicated in due course.

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 147 hotel properties, with over 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 ® 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 D. Gibson
    President and Chief Executive Officer
    (905) 206-7100
    Fax: (905) 206-7114

    InnVest Real Estate Investment Trust
    Tamara L. Lawson
    Chief Financial Officer and Corporate Secretary
    (905) 206-7100
    Fax: (905) 206-7114