St. John's, NL - (December 9, 2002) 

Fortis Properties Corporation, a leading owner/manager of office buildings and hotels throughout Atlantic Canada, announced today that it has completed a deal to acquire the Delta St. John’s Hotel and Conference Centre in downtown St. John’s, Newfoundland and Labrador. Fortis Properties will assume ownership and management of the Delta St. John’s effective immediately.

"We are thrilled to own the Delta St. John’s Hotel & Conference Centre and excited about the future of the hospitality industry in Newfoundland and Labrador. The hotel is a premier conference facility with potential for further growth and development. This acquisition further strengthens the company’s portfolio and is a great way to end a year of tremendous growth,” stated John Walker, President & Chief Executive Officer.

“The Delta St. John’s Hotel & Conference Centre is an excellent fit, adding another quality downtown hotel to our portfolio. The Delta St. John’s compliments our current holdings in St. John’s which include several commercial real estate properties and the Holiday Inn St. John’s,” added Walker.

The Delta St. John’s Hotel & Conference Centre is conveniently located in downtown St. John’s in close proximity to the central business and shopping district and is attached to company owned Class A real estate property Cabot Place I. The 276 room hotel operates approximately 18,000 square feet of meeting and banquet space and features fitness center and squash courts, indoor pool, business center, Capital Grill & Steakhouse and Blue Puttee Lounge. The Delta St. John’s becomes the eighth hotel in the Company’s portfolio.

Fortis Properties Corporation is involved in the ownership and management of office buildings, shopping centers and hotels throughout Atlantic Canada. The Company owns and manages 2.8 million square feet of commercial real estate and eight hotels under various brands throughout Atlantic Canada. Landmark properties include the Fortis Building, Fort William Building, Cabot Place I and TD Place in Newfoundland & Labrador, the Maritime Centre in Nova Scotia, and Blue Cross Center, Brunswick Square and Kings Place in New Brunswick. Hotel properties include Delta St. John’s Hotel & Conference Centre, Holiday Inn St. John’s, Mount Peyton in Grand Falls-Windsor, and Holiday Inn Corner Brook in Newfoundland & Labrador, Days Inn Sydney, Delta Sydney, and Four Points by Sheraton Halifax in Nova Scotia, and the Delta Brunswick in Saint John, New Brunswick. Its parent company, Fortis Inc. is listed on the Toronto Stock Exchange and trades under the ticker symbol FTS.

-30-

« Back