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New highs, MEW,REI,BFC,SMU and NPR.
InnVest Real Estate Investment Trust
Company Profile
Filing Date : 6/10/2002
Offering : TBD
Price : $10.00 Per Unit
Closing Date : TBD
Exchange : TSX
Eligibility : British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador
Underwriters :
RBC Dominion Securities Inc., Goldman Sachs Canada Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., Raymond James Ltd.
Associations :
Issuer's Law Firm : Davies, Ward Phillips & Vineberg
Underwriter's
Law Firm : Osler, Hoskin & Harcourt LLP
Auditor : Deloitte & Touche LLP
Transfer Agent : CIBC Mellon Trust Company
Business Description :
InnVest REIT is an unincorporated open-ended real estate investment trust governed by the laws of the Province of Ontario which has been formed to acquire, directly and indirectly, concurrently with the closing of this offering, a portfolio of 114 Canadian hotel properties operated under international brands, with a total of 11,602 guest rooms, and a 50% interest in Choice Hotels Canada Inc., and to acquire additional hotel properties as opportunities arise. InnVest REIT is principally focused on the ownership and acquisition of limited service hotels, substantially all the revenues of which are generated from guest room rentals.
The primary objectives of InnVest REIT are: (i) to provide holders of Units with stable and growing cash distributions, payable monthly, principally from the ownership of limited service hotels; and (ii) to maximize long-term Unit value by implementing the REIT's business strategy.
All of the hotels in the Portfolio are flagged with international brands. The majority of the hotels in the Portfolio are flagged with Choice brands, which include Comfort Inn, Quality Inn, Quality Hotel and Quality Suites. The Choice brands enjoy a prominent position in the Canadian hospitality market, with approximately 255 franchised locations open or under development, with more than 20,000 guest rooms (including the Choice-branded hotels in the Portfolio). Other international brands, including Travelodges, Best Westerns, Holiday Inn Expresss and Ramada Inns, are also represented in the Portfolio. The Portfolio benefits from the international reputation of these brands.
The hotels in the Portfolio are located in every province of Canada, with the majority of the hotels located in urban and suburban areas of Ontario and Quebec where the majority of Canada's population and business activity are located.
Upon completion of the offering, the Portfolio will be managed by the Manager, part of the Westmont Group, pursuant to a master hotel management agreement.
Industry Category : Trust Units
Company Financials :
Fiscal Year-End : December 31
Financials : Selected Financial Forecast Data:
Revenue for the 6 months ended December 31, 2001 - $137,041,000
Net income for the 6 months ended December 31, 2001 - $28,858,000
Revenue for the 12 months ended June 30, 2003 - $250,434,000
Net income for the 12 months ended June 30, 2003 - $38,025,000 |
