CHIP Purchases Hotels in Quebec and British Columbia

. October 14, 2008

OCTOBER 2, 2006. CHIP Hospitality, one of Canada's leading hotel management companies, announced this week that its parent company, CHIP REIT, has completed the acquisition of two new hotels in Quebec and British Columbia.

The hotels acquired are the 395-room Hilton Bonaventure Hotel in downtown Montreal and the 196-room Harbour Towers Hotel & Suites, located close to Victoria's harbourfront. CHIP Hospitality will take over the management of both properties effective immediately.

"These hotels significantly enhance and strengthen our business," said Ed Pitoniak, President & CEO of CHIP REIT. "These acquisitions are complementary to our existing properties and provide opportunities for improved performance."

The Hilton Bonaventure Hotel is a full-service four-star hotel in the heart of Montreal's central business district. In addition to 395 guest rooms, the Hilton Bonaventure has 14 meeting rooms with over 42,000 square feet of meeting space, enabling the hotel to participate in the self-contained convention market. Amenities include a year-round outdoor pool, fitness facility, 2.5 acre rooftop garden, bar and restaurant. Due to its large amount of meeting space, the Hilton Bonaventure is expected to be complementary to CHIP REIT's Delta Montreal, which is primarily a transient business and leisure hotel.

The Harbour Towers Hotel & Suites is a full-service three-star hotel located in downtown Victoria, just two blocks from the B.C. legislature and one block from Victoria's inner harbour. The hotel will be managed by CHIP Hospitality. Of the 196 rooms at the Harbour Towers, 76 are one bedroom, two bedroom or penthouse suites. Facilities include 13 meeting rooms with over 14,000 square feet of meeting space, a health club, indoor pool, day spa, lounge and restaurant. The hotel is expected to be complementary to CHIP REIT's four-star Delta Victoria Ocean Pointe Resort & Spa, acquired earlier this year.

"We are excited about having another hotel in Montreal, the city forecast to have the highest RevPAR in Canada in 2007, and we're delighted to expand our portfolio in Victoria, a destination with strong demographic and economic tailwinds behind it" says Pitoniak.

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.

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