InnVest Real Estate Investment Trust Announces Executive Changes
TORONTO, ONTARIO -- (Marketwire) -- 12/07/12 -- InnVest Real Estate
Investment Trust ("InnVest") (TSX:INN.UN) today announced that
Kenneth Gibson is retiring as President and Chief Executive Officer,
effective immediately. Mr. Gibson has agreed to serve in an advisory
capacity to the Board of Trustees. The Board of Trustees will
commence a search process and has appointed interim Chief Financial
Officer Anthony Messina to serve as CEO until a permanent replacement
is found. The Board of Trustees also announced the appointment of
George Kosziwka as InnVest's new Chief Financial Officer.
"I want to thank Kenny for his many years of dedicated service to
InnVest," said Majid Mangalji, Chairman of the Board of Trustees.
"Kenny has played a key role in building InnVest in the decade since
its inception - from taking the company public to overseeing its
growth to become Canada's largest hospitality REIT."
"Serving as InnVest's CEO over the past decade has been a rewarding
experience," said Kenneth Gibson. "I am proud of what we have
achieved at InnVest during my tenure and am confident that I leave
behind a strong company poised for continued success in the years
Mr. Mangalji also welcomed Messrs. Messina and Kosziwka to their new
roles. "We are fortunate to have two experienced executives assume
key leadership roles at InnVest. Anthony brings a diverse real estate
background of over 20 years, including demonstrated investment
leadership at one of the country's largest institutional investors.
He has played an integral role these past few months as InnVest's
interim CFO, giving him a great deal of familiarity with our
operations and making him an ideal choice to fill the role of CEO as
we complete this leadership transition," Mr. Mangalji said.
"We also welcome George to his new position as CFO. George has been
InnVest's Vice President, Finance for the last 10 years where he
worked closely with the Board of Trustees and proved himself a strong
financial executive. He has over 20 years of financial management and
capital markets experience and a strong background in the hospitality
industry. We look forward to his ongoing contributions in his new
Mr. Messina has more than 20 years of experience in the real estate
industry including financial management, hotel development/ownership
and privatization of public real estate companies. Since 2009, Mr.
Messina has served as the Managing Director of Investments for
Westmont Hospitality Group, responsible for various real estate
investments, capital raising and reporting to institutional
investors. Prior to joining Westmont, Mr. Messina served for over
eight years as Vice President for a global real estate division of
one of Canada's largest institutional investors, Caisse de depot et
placement du Quebec, where he was responsible for world-wide real
estate acquisitions and included asset management until 2005.
Previously, Mr. Messina held a series of senior positions in real
estate companies and was also an auditor and real estate consultant
at Deloitte. Mr. Messina holds a Bachelor Degree in Finance from
Concordia University and a Graduate Degree in Public Accountancy from
McGill University. He is also a member of the Canadian Institute of
Mr. Kosziwka has substantial hospitality real estate experience
having worked over 20 years in the industry. Mr. Kosziwka has been
involved in every aspect of InnVest's finances and has been an
integral part of each of its major financial transactions over the
last 10 years, including InnVest's IPO in 2002 and raising more than
$800 million in the capital markets over this period. Prior to
joining InnVest in 2002, he held senior finance executive positions
for predecessors of the REIT, including UniHost Corporation and
Journey's End Corporation. Mr. Kosziwka is also currently a director
of Choice Canada. Mr. Kosziwka holds an Honours Bachelor of
Mathematics from the University of Waterloo and is a Chartered
InnVest Real Estate Investment Trust is an unincorporated open-ended
real estate investment trust which owns a portfolio of 137 hotels
across Canada representing approximately 18,000 guest rooms operated
under internationally recognized brands. InnVest also owns a 50%
interest in Choice Hotels Canada Inc. one of the largest franchisors
of hotels in Canada.
InnVest's trust units and outstanding convertible debentures trade on
the Toronto Stock Exchange under the symbols INN.UN, INN.DB.B,
INN.DB.C, INN.DB.D, INN.DB.E and INN.DB.F.
InnVest Real Estate Investment Trust
Executive Director, Investor Relations
(905) 206-7114 (FAX)
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