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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Kitskid who wrote (273)	2/4/2000 1:59:00 AM
From: Kitskid	Read Replies (1) \| Respond to of 11633

CHIP REIT increases normal course issuer bid VANCOUVER, Feb. 3,2000 - Canadian Hotel Income Properties Real Estate Investment Trust (``CHIP REIT') today announced that The Toronto Stock Exchange has accepted a notice of amendment filed by CHIP REIT increasing its normal course issuer bid by 1.2 million units to 2.4 million units or approximately 6% of the outstanding units and 9.6% of the public float of CHIP REIT. The original issuer bid was for up to 1.2 million units and commenced September 30, 1999, continuing until September 29, 2000. CHIP REIT has purchased and cancelled 921,405 units under the bid. Purchases will continue to be made at the prevailing market price at the time and units purchased will be cancelled. CHIP REIT currently has 37,968,596 units outstanding. CHIP REIT believes that its units have been trading at levels which do not reflect the value of its underlying business and that current distributions result in attractive returns at recent unit price levels. The purchases are expected to benefit the remaining unitholders by increasing both their proportionate ownership interest in CHIP REIT and distributable income per unit. CHIP REIT is a hotel real estate investment trust focused on mid-market and upscale full-service hotels. Through upgrades, repositioning and franchising, CHIP REIT improves the operating performance of the properties within the portfolio to create value for investors. CHIP REIT currently owns and operates 35 hotels with close to 7,600 rooms. CHIP REIT units trade on The Toronto Stock Exchange under the symbol HOT.un. %SEDAR: 00005031E -30- For further information: Kevin Grayston, Executive Vice President & Chief Financial Officer (604) 685-0011, fax (604) 685-0019, www.chipreit.com