Press Release: Legacy Hotels Real Estate Investment Trust
SYMBOL: "LGY.UN"
August 11, 2000
TORONTO -- Legacy Hotels Real Estate Investment Trust ("Legacy") is pleased to report that it has completed
yesterday the previously announced offering of 6,400,000 trust units at $8.60 per trust unit for gross proceeds
of $55,040,000 of which 3.5 million trust units were sold to the public and 2.9 million units were sold to Canadian
Pacific Hotels & Resorts Inc. ("CPHRI"). CPHRI subscribed for the additional 2.9 million trust units
of Legacy to maintain its ownership position at the current level of approximately 34%, after giving effect to
the issuance of units on acquisition of The Lombard hotel later in the year.
Proceeds of this offering will be used to repay existing bank indebtedness under Legacy's acquisition facility.
Underwriters for the transaction were CIBC World Markets Inc., RBC Dominion Securities Inc., Newcrest Capital Inc.
and TD Securities Inc.
The securities offered have not been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S Securities Act"), and may not be offered or sold within the United States or to,
or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements
of the U.S. Securities Act.
Legacy is an unincorporated closed-end real estate investment trust. Legacy's current portfolio including The Lombard
under contract consists of 19 luxury and first class hotels from coast to coast in Canada with over 8,400 rooms.
Fairmont Hotels & Resorts manages the eight luxury hotels and Delta Hotels manages the 11 first class properties.
Legacy's units trade on the Toronto Stock Exchange under the trading symbol "LGY.UN".
For further information
M. Jerry Patava, Executive Vice President and Chief Financial Officer, Tel: (416) 874-2450, Email: jerry.patava@fairmont.com