Hilton Canada Sells its Last Five Hotels in Canada

On September 19, 2006, Hilton Canada Co. completed the sale of the last five hotels it owned in Canada for approximately $243 million. Northstar Hospitality Limited Partnership, a partnership comprised of Cadim Fonds Inc., Westmont Hospitality Group and Regime de Rentes du Mouvement Desjardins, purchased the Hilton Toronto Downtown, Hilton Toronto Airport and the Hilton Montreal Dorval hotels for an aggregate purchase price of approximately $180 million. InnVest Real Estate Investment Trust purchased the Hilton Quebec City and the Hilton Saint John hotels for an aggregate purchase price of approximately $63 million. All five hotels will continue to be managed by Hilton Canada Co. Acquisition financing was provided to each of the purchasers by GE Real Estate Financing Holding Company.

Northstar Hospitality Limited Partnership and InnVest Real Estate Investment Trust were represented by Stikeman Elliott LLP, with a team led by Eric Carmona that included Melissa Schyven, Zoe Kalmanson and Bertrand Ménard (real estate); Daphne MacKenzie and Jill Lankin (banking); Lorna Cuthbert (labour and employment); Andrea Boctor (pensions and benefits); Debbie Salzberger (competition) and Alan Kenigsberg (tax). InnVest Real Estate Investment Trust was also advised by Frances Macklin of Gowling Lafleur Henderson LLP and locally by Lawrence Freeman, Q.C., Jennifer Glennie and Lindsay Hawker of McInnes Cooper.

GE Real Estate Financing Holding Company was represented by Fred Rubinoff, Jamie Orzech, Mylany David and Stéphanie Gilcher of McCarthy Tétrault LLP.

Hilton Canada Co. was represented by Gulwinder Singh and Nazanin Nassir at Landmark Law Group LLP of Los Angeles. Fasken Martineau DuMoulin LLP represented Hilton Canada Co. as lead Canadian counsel, with a team that included Daniel Law, Richard Clare, Tasha Lackman (real estate); Huy Do (competition) and Paul Casuccio (tax). Employment and pension advice was provided by Steven Shamie and Jordan Fremont of Hicks Morley Hamilton Stewart Storie LLP. Hilton Canada Co. was also advised by Peter Forestell, Frank Leger and Ray Glennie of Patterson Palmer in respect of the Hilton Saint John hotel and by Ian Taylor and Caroline Emond of Borden Ladner Gervais LLP in respect of the Hilton Quebec City hotel.