TORONTO, ONTARIO--(Marketwired - Jan. 7, 2014) - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) announced today that it has completed the previously announced refinancing of the Sheraton Eau Claire, Calgary for $68.0 million at a fixed interest rate of 5.33% for a 10-year term. Incremental proceeds of $36.4 million from the refinancing will be used to partially repay a $45.4 million mortgage maturity in April 2014.
InnVest is an unincorporated open-ended real estate investment trust which owns a portfolio of 129 hotels across Canada representing approximately 16,000 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.C, INN.DB.D, INN.DB.E, INN.DB.F and INN.DB.G.