NEWS RELEASE:

CHIP HOSPITALITY ANNOUNCES NEW GM FOR BEST WESTERN TRAVELLERS INN

ST. JOHN’S, NL (January 24, 2007) – CHIP Hospitality is pleased to announce the appointment of Rod White as the new General Manager of the Best Western Travellers Inn, St. John’s.

Mr. White joined CHIP Hospitality in 2005 as Area Controller for both the Best Western Travellers Inn as well as Hotel Gander. In August of 2006, upon selling Hotel Gander from the CHIP portfolio, Rod took on the additional challenge of Special projects in Accounting for the Atlantic Region, and has acted as General Manager for the Best Western Travellers since early December 2006.

With several years of hotel experience along with a variety of experience in the accounting and management field, Rod brings a wide array of talents and successful leadership skills. He holds a Bachelor of Arts Degree with a major in Economics and a minor in Business Administration from Memorial University of Newfoundland, as well as a Certificate in Adult Education.

“We are delighted that Rod has accepted this new role and are confident that he will make a valuable contribution to the Best Western Travellers Inn’s success”, says Robert Pratt, Senior Vice President of Operations at CHIP Hospitality.

The Best Western Travellers Inn offers 88 standard guestrooms and newly upgraded rooms. The hotel boasts a heated outdoor swimming pool, 6 conference and meeting rooms for up to 100 people and is just minutes away from downtown St. John’s. The Best Western Travellers Inn is a full-service hotel, centrally located within North America’s oldest city, making it the ideal location for meetings, business or leisure travel.

CHIP Hospitality is one of Canada’s leading hotel management companies and currently manages more than 30 hotels and resorts in Canada with more than 7,000 rooms. The company manages independent hotels and hotels operating under major franchise brands including some Delta Hotels, Crowne Plaza, Radisson, Residence Inn by Marriott, Holiday Inn, Hilton, Quality, Gouverneur, Best Western, Ramada and Coast properties. A subsidiary of CHIP REIT, CHIP Hospitality uses management strategies, upgrades, repositioning and franchising to improve the operating performance of the properties in its portfolio to create value for its investors and owners. CHIP REIT units trade on the TSX under the symbol HOT.un, HOT.db and Hot.db.a.

NOTE TO EDITORS: Photo available upon request.

Contact:

Deirdre Campbell, Tartan Public Relations
Tel: (250) 592-3838 or (250) 892-9199 cell
deirdre@tartanpr.com

Holly Peterson, CHIP Hospitality
Tel: (604) 646-8787 or (604) 512-9198 cell
Hpeterson@CHIPHospitality.com