VANCOUVER, April 18 /CNW/ - CHIP REIT announced today that it has
retained CIBC World Markets as financial advisor during its strategic review
As previously announced, a special committee of independent trustees has
been established to advise the board on strategic and structural alternatives
for enhancing unitholder value.
The process was initiated in response to the considerable appetite
strategic and financial buyers have shown in recent months for Canadian hotel
properties, and to the proposed REIT rules tabled in legislation in March.
CHIP REIT has an excellent track record and platform for continued growth as
one of Canada's leading owners and operators of hotel properties. Options
under the committee's review may include a possible restructuring,
amalgamation, acquisition, or sale of some or all of the Trust's assets, or
any other alternative, which may be in the best interests of unitholders.
CHIP REIT is an integrated hotel real estate investment trust focused on
upscale and mid-market 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, HOT.db and HOT.db.a.
For further information:
For further information: Kevin Grayston, Executive Vice President & CFO,
Phone: (604) 646-2447, Fax: (604) 646-2404, www.chipreit.com