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

InnVest Real Estate Investment Trust

April 13, 2009 16:50 ET

InnVest Real Estate Investment Trust announces withdrawal of unitholder requisition for special meeting

TORONTO, ONTARIO--(Marketwire - April 13, 2009) - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) today announced that Royal Host Real Estate Investment Trust ("Royal Host") has withdrawn its requisition dated December 5, 2008 in which Royal Host nominated four individuals to the Board of Trustees of InnVest. Royal Host withdrew its requisition in a letter received today, April 13, 2009. The deadline for depositing proxies in advance of the Annual and Special Meeting was 5:00 p.m. April 9, 2009. As of the proxy deadline, InnVest had received overwhelming support in favour of the management nominees to the board.

InnVest's Annual and Special Meeting remains scheduled for April 14, 2009 at 4:00 p.m. (Toronto time) at the St. Andrew's Club & Conference Centre, 150 King Street West, 16th Floor, Toronto.

"InnVest's Board and management are pleased to have received such strong support for the incumbent board but regret the unnecessary expense and use of management time that resulted from Royal Host's requisition," said Kenneth D. Gibson, President and Chief Executive Officer of InnVest REIT. "We look forward to continuing our efforts to preserve and enhance long-term unitholder value."

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 146 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 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 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
    Website: www.innvestreit.com