InnVest Master LP ("IMLP"), a wholly-owned subsidiary of InnVest Real Estate
Investment Trust (the "REIT") (TSX:INN.UN), announced today that it acquired an
additional 58,805 voting units ("Voting Units") of InnVest Operations Trust
("IOT") on March 31, 2011, representing approximately 4.14% of the outstanding
Voting Units after giving effect to such acquisition. This announcement is being
made solely for the purpose of complying with applicable securities laws. The
acquisition of Voting Units by IMLP is an internal matter to the REIT and will
not affect the interest of any holder of stapled units or stapled debentures of
the REIT or IOT in any material way.


The Voting Units were acquired pursuant to a private placement, which was exempt
from the prospectus requirements of applicable securities laws pursuant to
section 2.8 of National Instrument 45-106 - Prospectus and Registration
Exemptions because IMLP and IOT are affiliates. The price per Voting Unit
acquired by IMLP was $1.0374, for an aggregate subscription price of $61,006.
After giving effect to such acquisition, IMLP beneficially owns 1,421,364 Voting
Units, representing 100% of the outstanding Voting Units.


IMLP acquired the additional Voting Units in order to maintain its proportionate
investment interest in IOT. IMLP already held all of the outstanding Voting
Units prior to the acquisition as a result of the reorganization of the REIT
completed on December 31, 2010. The non-voting units of IOT are held by the
public, together with the units of the REIT, as "stapled units". Following the
issuance of additional stapled units during the first quarter of 2011, IMLP
increased its investment in IOT to facilitate the consolidation of IOT's
financial statements into those of the REIT under Canadian GAAP. IMLP may from
time to time acquire additional Voting Units for the same reason or to
facilitate other internal structuring objectives.


Additional details of this transaction are contained in the Early Warning Report
filed on IOT's SEDAR profile concurrently with this announcement. A copy of the
Early Warning Report can also be obtained by submitting a request to the
attention of Tamara L. Lawson, Chief Financial Officer and Corporate Secretary
of the general partner of IMLP, using the following contact information:




InnVest Master LP                                                           
5090 Explorer Drive, 7th Floor                                              
Mississauga, ON L4W 4T9                                                     
Attn:     Tamara L. Lawson, Chief Financial Officer and Corporate Secretary 
investor@innvestreit.com                                                    
Tel:      (905) 206-7100                                                    



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 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 REIT'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.
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