InnVest REIT extends Hotel Management Agreement



    TORONTO, Sept. 15 /CNW/ - InnVest Real Estate Investment Trust ("InnVest"
or the "Trust")(TSX: INN.UN) today announced that it has exercised the first
five year extension term on the Master Hotel Management Agreement with
Westmont Hospitality Canada Limited ("Westmont"). InnVest has strong
relationships with four leading hotel management companies including Fairmont,
Hilton, Delta and Westmont. InnVest's independent trustees approved the
extension following a review by third party hospitality consulting firms in
Canada.
    "We are pleased to have extended our existing agreement with Westmont,
our largest partner, who manages 133 hotels for us," commented Mr. Gibson,
InnVest's President and Chief Executive Officer. "We have enjoyed a successful
track record with Westmont who has provided management services to InnVest
since its inception. Today's extension creates greater stability for the
operations of the Trust moving forward."

    TRUST PROFILE

    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 148 hotel properties, with
19,355 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 Hotel(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.

    %SEDAR: 00018005E




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:
www.innvestreit.com

Organization Profile

InnVest Real Estate Investment Trust

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