InnVest Real Estate Investment Trust
TSX : INN.UN

InnVest Real Estate Investment Trust

December 08, 2014 16:30 ET

InnVest Real Estate Investment Trust Completes the Acquisition of the Hyatt Regency Vancouver

TORONTO, ONTARIO--(Marketwired - Dec. 8, 2014) - (All amounts in this press release are in Canadian dollars.)

InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) announced today the completion of its previously announced acquisition of the 644- room Hyatt Regency Vancouver (the "Hyatt") from an affiliate of Hyatt Hotels Corporation for $140 million, or $217,000 per key. A Hyatt Hotels Corporation affiliate will continue to provide management services to the hotel under a new long-term management contract.

InnVest funded the acquisition of the Hyatt with a new $70 million, 3.8% floating rate mortgage (three- year term plus two one-year options) and cash on hand following its recently completed bought deal equity offering and private placement, both of which closed November 26, 2014.

"We are pleased to add the prestigious Hyatt Regency Vancouver to InnVest's portfolio," said Edward Pitoniak, InnVest's Chief Executive Officer. "This acquisition gives us a leading presence in Vancouver, one of Canada's top hotel markets, and also drives our strategic priorities of increasing our portfolio quality and scale while improving our balance sheet through a conservative financing structure."

Built in 1973, the Hyatt is centrally located at Burrard St and West Georgia St in downtown Vancouver. The Hyatt provides some of the largest standard guestrooms in Vancouver and features 45 Regency Club rooms and 20 suites. The Hyatt also offers 40,000 square feet of meeting space and three food and beverage outlets.

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