Press Release: Canadian Pacific Limited
November 1, 2000
CALGARY, AB -- Canadian Pacific Limited announced yesterday that its wholly owned subsidiary, Canadian Pacific
Hotels & Resorts Inc. has agreed to sell The Empress in Victoria, British Columbia and Le Château Frontenac
in Quebec City, Quebec to the Legacy Hotels Real Estate Investment Trust (Legacy REIT). The aggregate purchase
price is $305 million of which $185 million is for Le Château Frontenac and $120 million is for The Empress.
Details of the transaction can be found in the Legacy REIT news release of October 31, 2000.
"With the sale of The Empress and Le Château Frontenac to the Legacy REIT we are able to realize the
value of some of our real estate assets while maintaining long-term management contracts at these premier properties,"
said David P. O'Brien, Chairman, President and CEO of Canadian Pacific Limited. "Over the past three years
we have significantly expanded our hotel business and will continue to look at opportunities to grow both within
North America and internationally," he added.
Calgary-based Canadian Pacific Limited is a diversified operating company active in transportation, energy and
hotels. The Canadian Pacific group of companies includes Canadian Pacific Railway, CP Ships, PanCanadian Petroleum,
Fording and Canadian Pacific Hotels & Resorts.
For further information
on Canadian Pacific, please visit our corporate website www.cp.ca or contact: Media - Dawn Mitchell, (403) 218-8066, cell: (403) 813-6649
Investors - Sheila McIntosh, (403) 218-8060