InnVest Real Estate Investment Trust
TSX : INN.UN
TSX : INN.DB.A
TSX : INN.DB.B

InnVest Real Estate Investment Trust

January 24, 2008 09:00 ET

InnVest Real Estate Investment Trust Announces Mortgage Financing

TORONTO, ONTARIO--(Marketwire – Jan. 24, 2008) - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN)(TSX:INN.DB.A)(TSX:INN.DB.B)(TSX:INN.DB.C) announced today that is has secured $350 million of mortgage financing on certain of the hotels acquired as part of the Legacy transaction. The average interest rate on this financing is 5.6% per annum with an average term of just under 5 years. The proceeds will be used to repay the $215 million bridge loan financing and certain of the existing mortgages. The transaction is expected to close during the first quarter of 2008 and upon closing, InnVest will have no debt maturities until 2010.

InnVest REIT is the largest hotel owner in Canada. The hotel portfolio currently comprises 148 hotel properties, with 19,381 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
    Kenny 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 Secretary
    (905) 206-7100
    (905) 206-7114 (Fax)
    Website: www.innvestreit.com