Bluesky Hotels and Resorts completes C$2.1bn acquisition of InnVest Real Estate Investment Trust

Counsel to InnVest Real Estate Investment Trust (“InnVest”) in its acquisition by Bluesky Hotels and Resorts (“Bluesky”) by way of a plan of arrangement under the Business Corporations Act (Alberta) for approximately C$2.1 billion.

Pursuant to the transaction, Bluesky has acquired all of the issued and outstanding units of InnVest for $7.25 in cash per unit for an aggregate of approximately $974,504,697. In addition, in connection with the closing of the Arrangement, InnVest has completed the redemption for cash of (i) all 6.00% Series E convertible debentures and 5.75% Series F convertible debentures at a price of $1,010 per $1,000 of debentures (plus accrued and unpaid interest), and (ii) all 6.25% Series G convertible debentures at a price of $1,075 per $1,000 of debentures (plus accrued and unpaid interest).

The transaction received the unanimous approval of the Board of Trustees of InnVest and gained the full support of InnVest's management team and was subject to a number of customary conditions, including the approval of InnVest unitholders and Canadian regulatory approvals, under the Investment Canada Act and the Competition Act, which it received.

InnVest is an unincorporated open-ended real estate investment trust which owns a portfolio of 109 hotels across Canada, including the Vancouver Hyatt, Fairmont Palliser, Sheraton Eau Claire, Fairmont Winnipeg, and Fairmont Quebec City.

The team was led by Walied Soliman, Paul Fitzgerald and Andrea Brewer and included Ruth Wahl, Steve Leitl, Janet Bobechko, Jennifer Kennedy, Anne Gallop, Kevin Ackhurst, Michael Horvat, Barry Segal, Michael Sabusco, Michael Lieberman, Jacob Cawker, Christopher Hunter, Jeffrey Spiegel, Michael Wong and Jenny Yoo.