Canadian Hotel Income Properties REIT Raises $55M

Canadian Hotel Income Properties Real Estate Investment Trust (CHIP REIT) raised $55 million through the sale of unsecured subordinated convertible debentures to an underwriting syndicate led by Scotia Capital Inc. and CIBC World Markets Inc., which included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., National Bank Financial Inc. and TD Securities Inc. The deal closed on February 28, 2002.

CHIP REIT was represented by Fraser Milner Casgrain LLP, with a team that included Jeff Read, Gary Sollis, David Frost, Richard McDerby in Vancouver, and Jules Lewy and Chris Steeves in Toronto. The underwriters were represented by Borden Ladner Gervais LLP, with a team that included Bill Sirett, Fred Pletcher, Robert Kopstein and Gordon Cameron in Vancouver.