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



    VANCOUVER, Nov. 2 /CNW/ - British Columbia Investment Management
Corporation ("bcIMC") announced today that, further to its press release of
October 3, 2007, it now expects BFO Acquisition Limited Partnership ("BFO
LP"), an indirect wholly-owned subsidiary of bcIMC, to initiate a compulsory
acquisition of all remaining units of Canadian Hotel Income Properties Real
Estate Investment Trust ("CHIP REIT") not already held by BFO LP by the end of
this month, with such compulsory acquisition to be completed in 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. Such factors include, but are not limited to, BFO
LP's decision with respect to, or ability to implement, a compulsory
acquisition. 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.





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

British Columbia Investment Management Corporation (bcIMC)

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