TORONTO, Jan. 24 /CNW/ - InnVest Real Estate Investment Trust ("InnVest")
(TSX: INN.UN) announced today that is has secured $350 million of mortgage
financing on certain of the hotels acquired as part of the Legacy transaction.
The average interest rate on this financing is 5.6% per annum with an average
term of just under 5 years. The proceeds will be used to repay the
$215 million bridge loan financing and certain of the existing mortgages. The
transaction is expected to close during the first quarter of 2008 and upon
closing, InnVest will have no debt maturities until 2010.
InnVest REIT is the largest hotel owner in Canada. The hotel portfolio
currently comprises 148 hotel properties, with 19,381 guest rooms, operated
under internationally recognized franchise brands such as Comfort Inn(R),
Holiday Inn(R), Quality Suites/Inn(R), Radisson(R), Delta(R), Travelodge(R),
Hilton(R) Staybridge Suites(R), Fairmont Hotels(R), Sheraton Suites(R) and
Best Western(R). InnVest's trust units and outstanding convertible debentures
trade on the Toronto Stock Exchange under the symbols INN.UN, INN.DB.A,
INN.DB.B and INN.DB.C, respectively.
For further information:
For further information: Kenny Gibson, President and Chief Executive
Officer, Tel: (905) 206-7100, Fax: (905) 206-7114; Tamara Lawson, Chief
Financial Officer and Secretary, Tel: (905) 206-7100, Fax: (905) 206-7114,