ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - Nov. 1, 2006) - Fortis Properties Corporation, a wholly owned subsidiary of Fortis Inc. (TSX:FTS), announced today that it has completed the purchase of 4 hotels located in Alberta and British Columbia from Lodge Motel (Kelowna) Ltd. for $51.6 million.
The 4 hotels are Holiday Inn Express and Suites, and Best Western, in Medicine Hat, Alberta; Ramada Hotel and Suites in Lethbridge, Alberta; and Holiday Inn Express in Kelowna, British Columbia.
The acquisition expands the hospitality operations of Fortis Properties by 454 rooms. The mid-market hotels offer quality rooms with such amenities as fitness facilities, swimming pools and adjacent or nearby food and beverage outlets.
With the addition of these 4 hotels, Fortis Properties owns and operates 18 hotels, representing over 3,200 rooms, in 7 Canadian provinces: British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Nova Scotia, and Newfoundland and Labrador. 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 1,400 people. Visit www.fortisproperties.com for additional information about Fortis Properties.
Fortis Inc. is a diversified, international electric utility holding company with assets of approximately $4.7 billion and annual revenues of more than $1.4 billion. The Common Shares, First Preference Shares, Series C; First Preference Shares, Series E; and First Preference Shares, Series F of Fortis Inc. are traded on the Toronto Stock Exchange under the symbols FTS, FTS.PR.C, FTS.PR.E and FTS.PR.F, respectively. Visit www.fortisinc.com for additional information about Fortis Inc.
FOR FURTHER INFORMATION PLEASE CONTACT:
Barry V. Perry
Vice President, Finance and Chief Financial Officer