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

InnVest Real Estate Investment Trust

September 15, 2008 16:08 ET

InnVest REIT Extends Hotel Management Agreement

TORONTO, ONTARIO--(Marketwire - Sept. 15, 2008) - InnVest Real Estate Investment Trust ("InnVest" or the "Trust") (TSX:INN.UN) today announced that it has exercised the first five year extension term on the Master Hotel Management Agreement with Westmont Hospitality Canada Limited ("Westmont"). InnVest has strong relationships with four leading hotel management companies including Fairmont, Hilton, Delta and Westmont. InnVest's independent trustees approved the extension following a review by third party hospitality consulting firms in Canada.

"We are pleased to have extended our existing agreement with Westmont, our largest partner, who manages 133 hotels for us," commented Mr. Gibson, InnVest's President and Chief Executive Officer. "We have enjoyed a successful track record with Westmont who has provided management services to InnVest since its inception. Today's extension creates greater stability for the operations of the Trust moving forward."

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 148 hotel properties, with 19,355 guest rooms, operated under internationally recognized franchise brands such as Comfort Inn®, Holiday Inn® Quality Suites/Inn®, Radisson®, Delta®, Travelodge®, Hilton Hotel®, 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.

%SEDAR: 00018005E

Contact Information

  • Kenneth D. Gibson
    President and Chief Executive Officer
    (905) 206-7100
    Fax: (905) 206-7114

    Tamara L. Lawson
    Chief Financial Officer and Corporate Secretary
    (905) 206-7100
    Fax: (905) 206-7114
    Website: www.innvestreit.com