TORONTO, ONTARIO--(Marketwire - May 31, 2012) - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN-UN.TO - News) announced that after serving 10 years as Chief Financial Officer, Tamara Lawson will be leaving her role to pursue a new opportunity. The Board of Trustees has initiated the process for the identification and selection of a suitable replacement.
"Tamara has played a key role at InnVest since the Trust's inception, helping establish and improve our financial reporting, financing sources and corporate structure. We thank her for her significant contributions over the past 10 years and wish her every success in her future endeavors," said Kenneth Gibson, InnVest's President and Chief Executive Officer. "We are fortunate to have a strong, experienced finance team in place to help facilitate a smooth transition. Having recently completed over $320 million of mortgage refinancings, we do not have any significant mortgage maturities for the next two years."
InnVest Real Estate Investment Trust (the "REIT") is an unincorporated open-ended real estate investment trust which owns a portfolio of 141 hotels across Canada representing approximately 19,000 guest rooms operated under internationally recognized brands. The REIT leases its hotels to InnVest Operations Trust ("IOT"), a taxable investment trust. IOT indirectly holds all of the hotel operating assets, earns revenues from hotel customers and pays rent to the REIT. IOT also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada, and earns revenues from franchising fees.
Each issued and outstanding REIT unit trades together with a non-voting unit of IOT as a "stapled unit" on the Toronto Stock Exchange (the "TSX") under the symbol INN.UN. InnVest's convertible debentures trade on the TSX under the symbols INN.DB.B, INN.DB.C, INN.DB.D, INN.DB.E and INN.DB.F.
InnVest Real Estate Investment Trust
Executive Director, Investor Relations
(905) 206-7114 (FAX)