HOT.un
HOT.db.a
VANCOUVER, Sept. 26 /CNW/ - Canadian Hotel Income Properties Real Estate
Investment Trust ("CHIP REIT") announced today that on September 25, 2007, BFO
Acquisition Limited ("BFO LP"), an indirect wholly owned subsidiary of British
Columbia Investment Management Corporation ("bcIMC"), paid for and completed
the acquisition of the units and 6.0% convertible debentures of CHIP REIT
validly tendered to the take-over bid made by BFO LP.
Pursuant to the Support Agreement made as of August 1, 2007 between bcIMC
and CHIP REIT, all of the trustees of CHIP REIT, other than Ed Pitoniak,
President and CEO of CHIP REIT, have resigned. Appointed in their place are
Doug Pearce, CEO and CIO of bcIMC, Chuck Swanson, Vice President, Real Estate,
bcIMC, Gary Whitelaw, President and CEO, Bentall Investment Management and
John Purcell, Senior Vice President, Portfolio Management, Bentall Investment
Management.
About CHIP REIT
CHIP REIT is an integrated hotel real estate investment trust focused on
mid-market and upscale full-service hotels. Through its large, diversified
portfolio, CHIP REIT provides investors with stable income and growth
potential through acquisitions, repositioning and franchising under banners
that include Delta, Radisson, Marriott and Hilton. CHIP REIT currently owns
and manages 32 hotels with approximately 7,700 guestrooms. In 2006, CHIP REIT
was named "Hotel Company of the Year" by Hotelier Magazine, becoming the first
REIT to win a Pinnacle Award in the hospitality industry's national
recognition program. CHIP REIT units and convertible debentures trade on the
Toronto Stock Exchange under the symbols HOT.UN and HOT.DB.A.
About bcIMC
bcIMC is an investment management corporation based in Victoria, BC. With
over $83 billion in assets under administration with global exposure, and
supported by industry-leading expertise, bcIMC offers fund management services
for all major asset classes, including currency and infrastructure investment.
bcIMC's clients include public sector pension plans, the BC provincial
government, public trusts and insurance funds. For more information, visit
www.bcimc.com.
%SEDAR: 00005031E
For further information: Kevin Grayston, Executive Vice President & CFO,
CHIP REIT, Phone: (604) 646-2447, Fax: (604) 646-2404, www.chipreit.com
