InnVest Real Estate Investment Trust and InnVest Operations Trust (collectively,
"InnVest") (TSX:INN.UN) announced that they have obtained unitholder and court
approval to proceed with their previously announced internal reorganization to
unwind the stapled unit structure (the "Reorganization"). InnVest anticipates
that the effective date of the Reorganization will be June 30, 2012. 


The Reorganization was proposed in response to announced changes to the federal
income tax rules applicable to issuers of stapled securities, which are expected
to apply to InnVest as of July 20, 2012. The Reorganization was approved by
99.9% of the votes cast in person or by proxy by InnVest unitholders at a
special meeting held on February 23, 2012. On February 29, 2012, InnVest
received final court approval of the plan of arrangement forming part of the
Reorganization from the Ontario Superior Court of Justice.


Additional information about the Reorganization is contained in InnVest's
management information circular dated December 31, 2011, which is available on
SEDAR at www.sedar.com.


TRUST PROFILE

InnVest Real Estate Investment Trust (the "REIT") is an unincorporated
open-ended real estate investment trust which owns a portfolio of 143 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'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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