CHIP REIT acquired for $1.2 billion

VANCOUVER – British Columbia Investment Management Corporation (bcIMC) from Victoria, B.C., has acquired Vancouver-based Canadian Hotel Income Properties REIT (CHIP REIT) for $1.2 billion, paying $19.10 per unit. The purchase represents a 34 per cent premium over the closing price of CHIP REIT units on July 31.

“As one of Canada’s best-run hotel businesses, CHIP REIT will be a strong complement to our diversified portfolio of assets and contribute to our ability to help finance the retirement benefits of more than 400,000 residents of British Columbia,” Doug Pearce, CEO and CIO of bcIMC, said.

CHIP REIT is an integrated hotel real estate investment trust focused on mid-market and upscale full-service hotels. The REIT owns and manages 32 hotels, including brands like Delta, Radisson, Marriott and Hilton.

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