CHIP Hospitality Promotes Key Executives

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. October 14, 2008

MARCH 13, 2007. CHIP Hospitality, one of Canada's leading hotel management companies, has made changes to its Executive committee to strengthen the company's leadership position as Canada's premier mid-market hotel company.

Robert Pratt-To Executive Vice President, Operations

Robert joined CHIP in 1998 as Vice President Operations, quickly infusing CHIP with the expertise and experiences he'd gained as a Cornell Hotel School grad and as a 17-year veteran of Westin Hotels. In 1999, he became Senior Vice President, Operations, and in that role he has worked with Regional Vice Presidents, General Managers and other hotel leaders to drive significant improvements in guest satisfaction and hotel profitability. He has also given strong leadership to his corporate direct reports, including our corporate directors of F&B, Sales & Marketing and Revenue Management.

Sharon Mackay-To Senior Vice President, Culture

Sharon joined CHIP in 1998 as Vice President, Human Resources, and quickly got to work-with her corporate, regional and hotel team members-to build a unified CHIP culture from the ground up. In 2001, CHIP took its first employee morale (CSI) survey and while the results were sobering, Sharon used those initial measurements and findings to drive a culture-building program that has led to six straight years of CSI improvements. Today, CHIP is enjoying a very strong position in Canada's hospitality career marketplace, and Sharon's leadership has been a key factor in our achieving that position.

Judy Kan-To Senior Vice President, Real Estate

Judy joined CHIP in late 2004 as Vice President, Real Estate. In the time since then, she has led CHIP's efforts in acquiring five hotels and selling four, while also engaging with our hotels in leasing and other real estate maximization programs. Judy has greatly enhanced CHIP's position and strength in Canada's hotel transaction marketplace. Leveraging her engineering background, Judy's role has recently expanded to include oversight for capital management and hotel engineering activities. Judy also holds an MBA from University of Toronto and has 19 years of extensive commercial real estate experience.

"We're very proud that CHIP was named "Canada's Hotel Company of the Year' for 2006 by Hotelier Magazine,' said Ed Pitoniak, President & CEO of CHIP REIT, "and Robert, Sharon and Judy have played key roles in our achieving this standing. They're professional, passionate people-they're what CHIP is all about.'

CHIP Hospitality is one of Canada's leading hotel management companies and currently manages more than 30 hotels and resorts in Canada with more than 7,700 rooms. The company manages independent hotels and hotels operating under major franchise brands including some Delta Hotels, Crowne Plaza, Radisson, Residence Inn by Marriott, Holiday Inn, Hilton, Quality, Gouverneur, Best Western, Ramada and Coast properties. A subsidiary of CHIP REIT, CHIP Hospitality uses management strategies, upgrades, repositioning and franchising to improve the operating performance of the properties in its portfolio to create value for its investors and owners. CHIP REIT units trade on the TSX under the symbol HOT.un, HOT.db and Hot.db.a.