IOT Innovotech Inc

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

InnVest Real Estate Investment Trust (the "REIT") and InnVest Operations Trust
("IOT"), collectively "InnVest" (TSX:INN.UN), announced today that it has closed
its previously announced public offering of $50 million aggregate principal
amount of 5.75% stapled convertible unsecured subordinated debentures, Series F,
due March 30, 2018 (the "Debentures") and 3,600,000 stapled units (the "Units")
at a price of $7.00 per Unit for gross proceeds to InnVest of $75.2 million.
Each Unit is comprised of one trust unit of the REIT and one non-voting trust
unit of IOT. Each $1,000 principal amount of Debentures consists of $850
principal amount of convertible unsecured subordinated debentures, Series F, of
the REIT (the "REIT Debentures") and $150 principal amount of convertible
unsecured subordinated debentures, Series F, of IOT (the "IOT Debentures"). Each
of the REIT and IOT will directly or indirectly through their wholly owned
subsidiaries fully guarantee the obligations of the other under the Debentures.
The Debentures are convertible, at the option of the holder, into Units at $9.45
per Unit. The Debentures will be listed on the Toronto Stock Exchange under the
symbol "INN.DB.F".


The net proceeds from this offering (after deducting the Underwriters' fee and
estimated offering expenses) will be used by the REIT as to 85% of the net
proceeds and by IOT as to 15% of the net proceeds to fund capital improvements,
to fund potential future acquisitions and for general trust purposes.


This press release shall not constitute an offer to sell, or the solicitation of
an offer to buy, any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities being offered have not
been and will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration
or pursuant to applicable exemption from registration.


TRUST PROFILE

InnVest Real Estate Investment Trust (the "REIT") is an unincorporated
open-ended real estate investment trust which owns a portfolio of 144 hotels
across Canada representing approximately 19,000 guest rooms operated under
internationally recognized brands. The REIT leases its hotels to InnVest
Operations Trust ("IOT"), a taxable investment trust. IOT directly and
indirectly holds all of the hotel operating assets, earns revenues from hotel
customers and pays rent to the REIT. IOT also holds a 50% interest in Choice
Hotels Canada Inc., one of the largest franchisors of hotels in Canada, and
earns revenues from franchising fees.


Each issued and outstanding REIT unit trades together with a non-voting unit of
IOT as a "stapled unit" on the Toronto Stock Exchange (the "TSX") under the
symbol INN.UN. InnVest's convertible debentures trade on the TSX under the
symbols INN.DB.B, INN.DB.C, INN.DB.D, INN.DB.E and INN.DB.F.


FORWARD LOOKING STATEMENTS

Statements contained in this press release that are not historical facts are
forward-looking statements which involve risk and uncertainties which could
cause actual results to differ materially from those expressed in the
forward-looking statements. Among the key factors that could cause such
differences are real estate investment risks, hotel industry risks and
competition. These and other factors are discussed in InnVest's 2009 annual
information form which is available at http://www.sedar.com. 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.

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