St. John’s, NL – (November 4, 2008)

Fortis Properties Corporation has entered into an agreement to purchase The Fairmont Newfoundland.  The transaction is scheduled to close later this month, subject to fulfilling normal closing conditions.

The FairmontNewfoundland is a historic landmark property in downtown St. John’s.  The hotel has 301 guest rooms, approximately 16,000 square feet of convention space with 17 meeting rooms, a health club with indoor pool, sauna and squash court, and an indoor Court Garden with an atrium, live foliage and waterfall.

“We welcome the employees of The Fairmont Newfoundland to the Fortis Properties’ team and look forward to their ongoing commitment to providing quality service to guests, many of whom are long-standing customers of the hotel,” says Nora Duke, President and Chief Executive Officer, Fortis Properties Corporation.

Duke says that capital investments are planned over the next three years to upgrade guest rooms, meeting and banquet spaces, the hotel lobby, and food and beverage facilities which will enhance the overall experience of guests staying at this premier hotel.

With the addition of The Fairmont Newfoundland, Fortis Properties owns and operates 20 hotels, representing more than 3,800 rooms, in eight Canadian provinces.  In addition to these holdings, the Company owns and operates over 2.7 million square feet of office and retail space in Atlantic Canada and 12 hydroelectric generating plants in Newfoundland and Ontario, Canada and upstate New York, USA.  Fortis Properties employs more than 1,900 people.  Visit www.fortisproperties.com for additional information about the Company.

-30-