Royal Host Real Estate Investment Trust
TSX : RYL.UN
TSX : RYL.DB.B
TSX : RYL.DB.C
TSX : RYL.DB.D

Royal Host Real Estate Investment Trust

May 15, 2009 13:00 ET

Royal Host REIT Announces Revised Conversion Prices

CALGARY, ALBERTA--(Marketwire - May 15, 2009) - Royal Host Real Estate Investment Trust ("Royal Host" or the "Trust") (TSX:RYL.UN) (TSX:RYL.DB.B) (TSX:RYL.DB.C) (TSX:RYL.DB.D) today announced it has identified a miscalculation in the recent adjustment of the conversion prices of its convertible unsecured subordinated debentures. The miscalculation was due to reliance on incorrect trading information and had the effect of understating the conversion prices.

After revision, the adjustments to the conversion prices are as follows: (i) the 6.00% convertible unsecured subordinated debentures, series B, due October 31, 2015, was lowered from $6.85 per trust unit (or approximately 145.99 trust units per $1,000 principal amount of debentures) to $4.76 per trust unit (or approximately 210.08 trust units per $1,000 principal amount of debentures); (ii) the 6.25% convertible unsecured subordinated debentures, due September 30, 2013, was lowered from $7.00 per trust unit (or approximately 142.86 trust units per $1,000 principal amount of debentures) to $4.87 per trust unit (or approximately 205.34 trust units per $1,000 principal amount of debentures); and (iii) the 5.90% convertible unsecured subordinated debentures, due June 30, 2014, was lowered from $8.90 per trust unit (or approximately 112.36 trust units per $1,000 principal amount of debentures) to $6.19 per trust unit (or approximately 161.55 trust units per $1,000 principal amount of debentures).

Royal Host is a uniquely diversified hospitality trust that delivers Unitholder value through hotel ownership, investment, management and franchising. Royal Host's portfolio of Canadian hotels operates under a variety of recognizable brands as well as a number of unbranded properties. The Trust's hotel portfolio is further enhanced by a stable franchising business, a successful hotel management operation, and a sizable portfolio of publicly-traded securities from within the hospitality and service sectors.

Royal Host trust units and convertible debentures are traded on the Toronto Stock Exchange under the trading symbols "RYL.UN", "RYL.DB.B", "RYL.DB.C" and "RYL.DB.D", respectively.

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