Legacy Hotels Real Estate Investment Trust
TSX : LGY.UN

Legacy Hotels Real Estate Investment Trust

September 05, 2007 09:16 ET

Legacy Hotels Real Estate Investment Trust Announces Pro Rata Distribution

TORONTO, ONTARIO--(Marketwire - Sept. 5, 2007) - Legacy Hotels Real Estate Investment Trust ("Legacy" or the "Trust") (TSX:LGY.UN) today announced a pro rata distribution of $0.06882 per unit to unitholders of record as of September 14, 2007. Payment will be made on or about September 18, 2007.

The pro rata distribution is in accordance with the offer by LGY Acquisition LP (the "Offeror") to purchase the units of the Trust for $12.60 in cash per unit (the "Offer"). The Offer is scheduled to expire at 8:00 p.m. (Toronto time) on September 13, 2007, unless the Offer is extended, or withdrawn. Subject to the Minimum Tender Condition and other customary closing conditions described in the take-over circular, the closing of the proposed transaction is expected to occur on or about September 18, 2007. The Offeror has agreed not to take-up the deposited Units under the Offer until after the distribution record date of September 14, 2007.

As previously announced, Legacy's Board of Trustees has unanimously determined that the Offer is in the best interests of Legacy and its unitholders and unanimously recommends that the Trust's unitholders accept the Offer and deposit their units to the Offer.

About Legacy Hotels Real Estate Investment Trust

Legacy is the largest Canadian lodging real estate investment trust, focused on the ownership of luxury and first-class hotels. With a presence across Canada and in two top U.S. markets, Legacy's portfolio of 25 hotels provides geographical diversification across major urban centres. The portfolio includes landmark properties such as Fairmont Le Chateau Frontenac, The Fairmont Royal York, The Fairmont Empress and The Fairmont Olympic Hotel, Seattle. Legacy units trade on the Toronto Stock Exchange under the symbols LGY.UN.

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