InnVest Real Estate Investment Trust
TSX : INN.UN

InnVest Real Estate Investment Trust

December 01, 2014 09:10 ET

InnVest Real Estate Investment Trust Announces Appointment of Acting Chief Executive Officer

TORONTO, ONTARIO--(Marketwired - Dec. 1, 2014) - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) announces the appointment of Edward Pitoniak as Acting President and Chief Executive Officer ("CEO"), effective today. Mr. Pitoniak has served as Managing Director, directly overseeing InnVest's business, since April 2014. Mr. Pitoniak will remain a member of the Board of Trustees (the "Board").

Mr. Pitoniak has extensive hospitality real estate experience having served as President, CEO, and Board Trustee of Canadian Hotel Income Properties REIT ("CHIP REIT") from 2004 through to its 2007 sale to British Columbia Investment Management Corporation. During Mr. Pitoniak's tenure, CHIP REIT was recognized as a leading hotel owner listed on the Toronto Stock Exchange.

The Board is continuing its search for a permanent full-time CEO and expects a successful resolution to the process in the near term.

Mr. Pitoniak succeeds Anthony Messina, who has served as President and CEO per a two-year agreement that concluded on November 30, 2014.

"On behalf of the Board," said Daniel Lewis, Lead Independent Director, "I would like to take this opportunity to thank Tony for his valuable contributions to InnVest over these last two years of service as CEO. He led the authorship and execution of a portfolio strategic plan that has established a solid foundation for InnVest's future."

"The last two years have been an active time for InnVest," commented Anthony Messina. "I am proud of the achievements we have been able to make over this period and look forward to continuing my working relationship with InnVest in my ongoing role with Westmont Hospitality Group."

FORWARD LOOKING STATEMENTS

Statements contained in this press release that are not historical facts are forward-looking statements. These forward-looking statements include statements with respect to the Board's search for a new permanent Chief Executive Officer and the expectation that the search process will conclude in the near term. These forward-looking statements are based on current expectations of management and involve uncertainties which could cause actual outcomes to differ materially from those expressed in the forward-looking statements. Among the key factors that could cause such differences are the ability of the Board to identify and evaluate suitable candidates, the time required to negotiate compensation and other arrangements with the successful candidate, and InnVest's strategic requirements. Although management of InnVest believes that the expectations with respect to such forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties and, accordingly, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list is not exhaustive. The forward-looking statements included herein are made as of the date hereof and InnVest disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable securities law.

INNVEST PROFILE

InnVest Real Estate Investment Trust is an unincorporated open-ended real estate investment trust which owns a portfolio of 110 hotels across Canada representing approximately 14,000 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.

InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.D, INN.DB.E, INN.DB.F and INN.DB.G.

Contact Information

  • InnVest Real Estate Investment Trust
    Chantal Nappert
    Vice President, Finance and Investor Relations
    (905) 624-7806
    (905) 206-7114 (FAX)
    www.innvestreit.com