TORONTO Canadian Pacific Hotels & Resorts (CPH&R) and James Richardson & Sons, Limited have completed the previously announced sale of 10.9 million Legacy Hotels Real Estate Investment Trust units at a price of $8.60 per unit. This sale of 9.9 million units by CPH&R reduces its investment in Legacy to approximately 34%. Richardson s investment in Legacy has been reduced to approximately 1% as a result of the sale. Legacy did not receive any of the proceeds from the transactions.
The syndicate of underwriters was led by CIBC World Markets and included RBC Dominion Securities, BMO Nesbitt Burns, TD Securities, Scotia Capital and National Bank Financial. (5/18/01)