NEWS RELEASE:

CHIP Hospitality announces new GM for Residence Inn by Marriott Vancouver Downtown

VANCOUVER (August 7, 2007) – CHIP Hospitality is pleased to announce the appointment of Greg Condon as the General Manager (GM) of the Residence Inn by Marriott Vancouver Downtown effective June 18th, 2007.

Mr. Condon holds a long standing record of success within the hospitality industry. He possesses 10 years of General Manager’s experience with a history of strong leadership in the area of Food and Beverage. Between 1997 and 2003, Mr. Condon ran a successful operation as the GM at The Delta Town & Country Inn Vancouver. In 1993, Mr. Condon held a 3-year term as the Director of Food & Beverage at The Sheraton Landmark Hotel & Conference Center in addition to various roles at Coast hotels within B.C. during years prior.

Since 2003, Mr. Condon has served as the GM of The Coast Tsawwassen Inn, where he has proven prominent leadership ability. In 2006, he was awarded “GM of the Year” for running the best managed hotel within The Coast chain. Under his direction, the hotel was renovated, repositioned, rebranded and achieved exceptional financial growth. The Coast Tsawwassen Inn was awarded “Top Hotel of The Year” for two consecutive years in recognition of achieving the highest guest and associate satisfaction scores within the company.

Mr. Condon graduated with distinction from the Diploma program in Hotel & Restaurant Administration at Southern Alberta Institute of Technology, where he was awarded scholarships for academic excellence.

“Greg is an engaged leader and I look forward to the addition of him to the team. I am confident that his passion, enthusiasm and acute business sense will take the Residence Inn by Marriott Vancouver Downtown to new levels of success.” said Robert Pratt, Senior Vice President of Operations at CHIP Hospitality.

Residence Inn by Marriott Vancouver Downtown offers 201 guestrooms complete with a contemporary décor, kitchen, cable/satellite TV and complimentary high speed internet access. This full-service hotel is situated in the heart of downtown’s business district, 20 minutes from the international airport and offers 3,000 sq. ft. of renovated meeting space.

CHIP Hospitality is one of Canada’s leading hotel management companies and currently manages more than 30 hotels and resorts in Canada with approximately 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, 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. Visit www.CHIPHospitality.com or call 1-800-431-0070 for more information.

NOTE TO EDITORS: Photo available upon request.

Media Contact:

Holly Peterson, CHIP Hospitality
Tel: 604.646.8787 or 604.512.9198
hpeterson@chiphospitality.com