InnVest Real Estate Investment Trust (TSX:INN.UN) announced the appointment of Edward Pitoniak to the role of Managing Director of InnVest. This interim role will involve the direct oversight of the REIT's business while the Board of Trustees undertakes a search for a permanent full-time Chief Executive Officer to be employed by InnVest. Mr. Pitoniak will remain a member of the Board.
The Board has formed a CEO search committee made up of Jon Love, Daniel Lewis and Edward Pitoniak. The committee is expected to conclude a search by November 30, 2014. Anthony Messina will remain President and Chief Executive Officer pending the conclusion of the CEO search process.
Mr. Pitoniak has extensive hospitality real estate experience having served as President, CEO, and Board Trustee of Canadian Hotel Income Properties REIT ("CHIP REIT"), a leading hotel owner listed on the Toronto Stock Exchange, from 2004 through to its 2007 sale to British Columbia Investment Management Corporation.
InnVest is an unincorporated open-ended real estate investment trust which owns a portfolio of 124 hotels across Canada representing approximately 15,500 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.C, INN.DB.D, INN.DB.E, INN.DB.F and INN.DB.G.
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