VANCOUVER, BC— Canadian Hotel Income Properties Real Estate Investment Trust (CHIP REIT) said it has entered into a definitive agreement to acquire the 453-room Delta Montreal hotel in downtown Montreal. The hotel will be managed by the companys subsidiary CHIP Hospitality. The purchase price for the hotel is approximately $30.1 million (U.S.) and is subject to financing and regulatory approval. The acquisition is expect to close in late-March. In addition to its 453 guestrooms, the hotel has 15 meeting rooms with over 15,000 square feet of meeting space. Amenities include two food and beverage outlets, executive business center, indoor pool, exercise facility and underground parking. CHIP Hospitality is planning a refurbishment program of approximately $3 million over the next 12 months to enhance the guest experience at the property. CHIP Hospitality currently manages four hotels in Quebec comprising nearly 1,100 guestrooms. The hotels are the Radisson Quebec Centre, Quebec City, the Hotel Gouverneur, Ste. Foy and the Hotel des Seigneurs, St. Hyacinthe, and The Kings Hall Hotel in Compton in Quebecs Eastern Townships. With this acquisition CHIP Hospitality will be managing 38 hotels in Canada and Washington State with almost 8,500 rooms. As a subsidiary of CHIP REIT, CHIP Hospitality is the exclusive operator of the REITs hotels. CHIP Hospitality also manages hotels and resorts for third-party owners.
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