British Columbia Investment Management Corporation initiates compulsory acquisition of remaining units of Canadian Hotel Income Properties Real Estate Investment Trust



    VICTORIA, Nov. 28 /CNW/ - British Columbia Investment Management
Corporation ("bcIMC") announced today that BFO Acquisition Limited Partnership
("BFO LP"), an indirect wholly-owned subsidiary of bcIMC, has today mailed a
notice of compulsory acquisition to the remaining registered holders of units
of Canadian Hotel Income Properties Real Estate Investment Trust ("CHIP REIT")
who did not tender to BFO LP's take-over bid for all of the units of CHIP
REIT, which expired on October 2, 2007. The mailing of the notice of
compulsory acquisition initiates the compulsory acquisition process for BFO LP
to acquire all the remaining units of CHIP REIT not already held by it. bcIMC
currently expects such compulsory acquisition to be completed in the first
week of December 2007.

    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.

    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.

    Disclaimer

    This news release contains forward-looking information related to, but
not limited to, possible future transactions, including a compulsory
acquisition. Forward-looking information typically contains statements with
words such as "anticipate", "believe", "expect", "plan" or similar words
suggesting future outcomes. Such forward-looking statements are subject to
risks, uncertainties and other factors, which could cause actual results to
differ materially from future results expressed, projected or implied by such
forward-looking statements. bcIMC and BFO LP disclaim any intention or
obligation to update or revise any such forward-looking statements, whether as
a result of new information, future events or otherwise, except as required by
law.

    %SEDAR: 00005031E




For further information:

For further information: Gwen-Ann Chittenden, Manager Corporate
Initiatives, British Columbia Investment Management Corporation, Phone: (250)
507-0128, Fax: (250) 387-7874, communications@bcimc.com, www.bcimc.com; Kevin
Grayston, Executive Vice President and CFO, CHIP REIT, Phone: (604) 646-2447,
Fax: (604) 646-2404, www.chipreit.com

Organization Profile

Canadian Hotel Income Properties Real Estate Investment Trust

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British Columbia Investment Management Corporation (bcIMC)

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