TORONTO, April 13 /CNW/ - InnVest Real Estate Investment Trust
("InnVest") (TSX:INN.UN) today announced that Royal Host Real Estate
Investment Trust ("Royal Host") has withdrawn its requisition dated December
5, 2008 in which Royal Host nominated four individuals to the Board of
Trustees of InnVest. Royal Host withdrew its requisition in a letter received
today, April 13, 2009. The deadline for depositing proxies in advance of the
Annual and Special Meeting was 5:00 p.m. April 9, 2009. As of the proxy
deadline, InnVest had received overwhelming support in favour of the
management nominees to the board.
InnVest's Annual and Special Meeting remains scheduled for April 14, 2009
at 4:00 p.m. (Toronto time) at the St. Andrew's Club & Conference Centre, 150
King Street West, 16th Floor, Toronto.
"InnVest's Board and management are pleased to have received such strong
support for the incumbent board but regret the unnecessary expense and use of
management time that resulted from Royal Host's requisition," said Kenneth D.
Gibson, President and Chief Executive Officer of InnVest REIT. "We look
forward to continuing our efforts to preserve and enhance long-term unitholder
InnVest REIT holds Canada's largest hotel portfolio together with an
interest in Choice Hotels Canada Inc. the largest franchisor of hotels in
Canada. The hotel portfolio currently comprises 146 hotel properties, with
over 19,000 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: Kenneth D. Gibson, President and Chief
Executive Officer; Tamara L. Lawson, Chief Financial Officer and Corporate
Secretary, Tel: (905) 206-7100, Fax: (905) 206-7114, Website: