TORONTO, Aug 4, 2016 /CNW/ - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) is pleased to announce that all of the required regulatory approvals have been obtained with respect to the proposed plan of arrangement (the "Arrangement"), pursuant to which Bluesky Hotels and Resorts Inc. has agreed to acquire all of the issued and outstanding units of InnVest for $7.25 in cash per unit. The parties currently anticipate that the transaction will close on or about August 18, 2016.
InnVest Real Estate Investment Trust is an unincorporated open-ended real estate investment trust which owns a portfolio of 107 hotels across Canada representing approximately 14,000 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.
Cautionary Note Regarding Forward-Looking Statements
Except for statements of historical fact, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to: statements concerning the proposed plan of arrangement referred to in this press release, including the anticipated closing on or about August 18, 2016. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", "occur", "expect", "believe", "anticipate", "intend", "continue", or the negative thereof or other similar expressions. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made including, but not limited to, assumptions relating to the following: business and economic conditions affecting InnVest's operations will continue substantially in their current state and that there will be no significant event (other than the Arrangement) affecting InnVest occurring outside the ordinary course of InnVest's business; that the arrangement agreement will not be terminated; that there will be no material changes in the legislative, regulatory and operating framework for InnVest and its businesses; and that all other conditions precedent to completing the Arrangement will be met. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, risks relating to: the parties' ability to satisfy conditions in the arrangement agreement; the occurrence of any event, change or other circumstance that could give rise to the termination of the arrangement agreement; material adverse changes in the affairs of InnVest; and other risks described in InnVest's current annual information form posted under its profile on SEDAR at www.sedar.com. Although management of InnVest has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that could cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. InnVest does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE InnVest Real Estate Investment Trust
For further information: Investors: Drew Coles, Chief Executive Officer, Tel (416)-607-7100; or Chantal Nappert, Vice President Finance and Investor Relations, Tel: (416) 607-2331, Website: www.innvestreit.com; Media Inquiries: Riyaz Lalani, Bayfield Strategy, Inc., Tel: (416) 907-9365, firstname.lastname@example.org; Randi Rahamim, Navigator Ltd., Tel: (416) 307-2093, email@example.com