InnVest REIT announces exchange date for previously issued subscription receipts and extension of maturity date for debentures



    /NOT FOR DISSEMINATION OVER UNITED STATES NEWSWIRE SERVICES/

    TORONTO, Sept. 13 /CNW/ - InnVest Real Estate Investment Trust
("InnVest") (TSX: INN.UN; INN.DB.A; INN.DB.B; and INN.DB.C) announced today
that the conditions to the offer for the trust units of Legacy Hotels Real
Estate Investment Trust ("Legacy") by LGY Acquisition LP (the "Offeror") have
been satisfied. The Offeror has announced that it will take up and accept for
payment approximately 94.5% of the outstanding trust units of Legacy before
markets open on September 17, 2007 and that it intends to pay for such units
on September 18, 2007.
    Pursuant to the terms of InnVest's previously issued subscription
receipts, each holder of subscription receipts will be entitled to receive, on
September 17, 2007, one trust unit of InnVest for each subscription receipt
held. Holders of subscription receipts will also be entitled to receive on
that date $0.09375 per subscription receipt held, which is the equivalent of
the distribution declared by InnVest to holders of record of trust units on
August 31, 2007. On September 17, 2007 before markets open it is expected that
the subscription receipts will be halted from trading on the Toronto Stock
Exchange and will be de-listed at the end of the day.
    InnVest also announced today that the maturity date for its 5.85%
extendible convertible unsecured subordinated debentures has been
automatically extended to August 1, 2014 as a result of the completion of the
offer for Legacy.

    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 136 hotel properties, with
15,593 guest rooms, operated under internationally recognized franchise brands
such as Comfort Inn(R), Holiday Inn(R), Quality Suites/Inn(R), Raddisson(R),
Delta(R), Travelodge(R), Hilton(R) and Best Western(R) InnVest's trust units
and outstanding convertible debentures trade on the Toronto Stock Exchange
(the "TSX") under the symbols INN.UN, INN.DB.A, INN.DB.B and INN.DB.C,
respectively.

    FORWARD LOOKING STATEMENTS

    Statements contained in this press release that are not historical facts
are forward-looking statements which involve risk and uncertainties which
could cause actual results to differ materially from those expressed in the
forward-looking statements. Among the key factors that could cause such
differences are failure to satisfy the conditions of the take-over bid, real
estate investment risks, hotel industry risks and competition. These and other
factors are discussed in InnVest's 2006 annual information form which is
available at http://www.sedar.com. InnVest disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, unless required to do
so by applicable securities law.





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;
Website: www.innvestreit.com

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InnVest Real Estate Investment Trust

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