qualify as a REIT for its 2012 taxation year based on substantively enacted amendments to Canadian federal income tax legislation.
"We are committed to creating long-term value for our unitholders. Following several months of intense analysis, we have developed a comprehensive strategic plan to position our portfolio for the long term. Our strategic plan positions us to achieve profitable, strategic growth and supports our objective to provide our unitholders with stable distributions," said Anthony Messina, President and Chief Executive Officer.
A copy of InnVest's investor presentation is available on InnVest's website at www.innvestreit.com.
InnVest has undertaken a comprehensive review of its portfolio to assess the performance, condition and outlook of each of its hotels. Based on the findings, management has developed a portfolio repositioning program to divest of non-core hotels and implement a focused profit-enhancing capital plan for InnVest's "core" portfolio of hotels which will deliver a stable stream of income. InnVest's strategic plan revolves around the following four initiatives:
1. Divestiture Program to Reposition Portfolio