B.C. hotel chain bought for $1.2B

VANCOUVER - Vancouver-based Canadian Hotel Income Properties Real Estate Investment Trust, which owns 32 hotels across Canada, has been sold to B.C. Investment Management Corp. for $1.2 billion. B.C. Investment Management, a Crown corporation that manages pension funds for about 400,000 B.C. residents, will pay $19.10 for each CHIP REIT unit - a 34-per-cent premium over Tuesday's closing price. That works out to a cash payment of about $983 million, and the deal also includes the assumption of about $218 million worth of debt.