TORONTO, March 31, 2016 /CNW/ - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) announced today that it has completed the financing of its recently acquired Marriott Ottawa Hotel. The financing is a 7-year, $54.4 million mortgage with a fixed interest rate of 3.87% with a U.S. financial institution. The proceeds from the financing were applied to repay a bridge facility obtained following the acquisition and also to repay amounts drawn on InnVest's operating line.
InnVest Real Estate Investment Trust is an unincorporated open-ended real estate investment trust which owns a portfolio of 110 hotels across Canada representing over 14,500 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.E, INN.DB.F and INN.DB.G.
SOURCE InnVest Real Estate Investment Trust
For further information: Denise Achonu, Vice President, Finance, Tel: (416) 607 2333, Website: www.innvestreit.com