TORONTO, ONTARIO -- (Marketwired) -- 12/17/14 -- InnVest Real Estate Investment Trust ("InnVest") (TSX: INN.UN) is pleased to announce the Board of Trustee's (the "Board") appointment of Andrew ("Drew") C. Coles as President and Chief Executive Officer ("CEO") of InnVest, effective late-January, 2015. Mr. Coles has held senior management positions in the Canadian hospitality industry and currently serves as Vice President, Hotels at Oxford Properties Group ("Oxford"). Mr. Coles will succeed Edward Pitoniak, who has served as InnVest's Acting President and CEO since December 1, 2014, and Managing Director since April 2014. Mr. Pitoniak will remain as Managing Director during a transition period and as a member of the Board.
"Following a broad and intensive search process, the Board is pleased to announce it has appointed Drew Coles as CEO to lead the continued execution of InnVest's strategy and drive long-term, sustainable growth for the REIT," said Majid Mangalji, Chair of the Board.
Jon Love, Chair of the Board's CEO Search Committee, added, "With his solid understanding of the Canadian hotel sector and his command of hospitality management, Drew has demonstrated his ability to deliver market leading net operating income growth and investment returns. We are confident that Drew is well positioned to lead InnVest."
Since 2010, Mr. Coles has been Oxford's senior leader responsible for the investment performance of its luxury hotel portfolio. Under his leadership, the Oxford hotel portfolio has experienced exceptional investment performance, income growth and capital reinvestment.
In previous roles Mr. Coles worked with Delta Hotels and the British Columbia Investment Management Corporation ("bcIMC"), Fairmont Raffles Hotels International, General Electric Capital and Choice Hotels International. He holds an Honors MBA from Webster University (St. Louis, Missouri), a BA Economics from Acadia University and serves as an active Board Member of the Tourism Industry Association of Canada.
"I am delighted the Board has given me the opportunity to lead InnVest into a new chapter of growth and development," said Mr. Coles. "InnVest has a solid platform positioned for long-term success. Over the past year, InnVest has made significant progress internalizing the REIT, strengthening its balance sheet, and acquiring key assets such as the Fairmont Royal York and the Hyatt Regency Vancouver. I feel compelled and committed to building on this momentum for our unit holders, partners and our employees."
Majid Mangalji stated, "On behalf of the Board we want to thank Jon Love, Chair of the Board's CEO Search Committee, as well as Search Committee members Daniel Lewis and Ed Pitoniak,
for their work on this search. On behalf of all Trustees we are delighted in welcoming Drew to lead the InnVest team. We will nominate Drew to the Board at our next Annual General Meeting in 2015."
FORWARD LOOKING STATEMENTS
Statements contained in this press release that are not historical facts are forward-looking statements. These forward-looking statements include statements with respect to the nomination of Mr. Coles to serve as a member of the Board at InnVest's next Annual General Meeting in 2015. These forward-looking statements are based on current expectations of management and involve risks and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Although management of InnVest believes that the expectations with respect to such forward-looking statements are reasonable, such forward- looking statements are subject to known and unknown risks and uncertainties and, accordingly, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list is not exhaustive. The forward-looking statements included herein are made as of the date hereof and 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.
INNVEST PROFILE
InnVest Real Estate Investment Trust is an unincorporated open-ended real estate investment trust which owns a portfolio of 110 hotels across Canada representing approximately 14,000 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.D, INN.DB.E, INN.DB.F and INN.DB.G.
Contacts:
InnVest Real Estate Investment Trust
Chantal Nappert
Vice President, Finance and Investor Relations
(905) 624-7806
(905) 206-7114 (FAX)
www.innvestreit.com
