In the press release issued by InnVest Real Estate Investment Trust (the "REIT")
(TSX:INN.UN) on November 11, 2011 at 8:00 am ET, there was an error in the daily
purchase limits disclosed relating to the normal couse issuer bids to be
commenced by the REIT and InnVest Operations Trust ("IOT"). The complete and
corrected disclosure relating to the normal course issuer bids follows.


The Toronto Stock Exchange (the "TSX") has accepted notice of the intention of
the REIT and IOT to jointly make normal course issuer bids for their stapled
units ("Units") and Series F 5.75% Stapled Convertible Debentures and the
intention of the REIT to make normal course issuer bids for its Series B 6.00%
Convertible Debentures, Series C 5.85% Convertible Debentures, Series D 6.75%
Convertible Debentures and Series E 6.00% Convertible Debentures.


As at November 4, 2011, there were 93,538,022 Units issued and outstanding. The
REIT and IOT may purchase through the facilities of the TSX or other applicable
marketplaces in Canada, up to 8,485,405 Units, representing 10% of the public
float of Units as of such date. Daily purchases of Units will not exceed 62,580
Units, subject to InnVest's ability to make "block" purchases under the rules of
the TSX.


As at November 4, 2011, the REIT had the following principal amount of
convertible debentures outstanding: $74,980,000 of Series B 6.00% Convertible
Debentures; $70,000,000 of Series C 5.85% Convertible Debentures; $36,358,000 of
Series D 6.75% Convertible Debentures; and $75,000,000 of Series E 6.00%
Convertible Debentures. In addition, as at November 4, 2011, the REIT and IOT
had outstanding $50,000,000 aggregate principal amount of Series F 5.75% Stapled
Convertible Debentures.


Under the normal course issuer bids, convertible debentures may be purchased
through the facilities of the TSX or other applicable marketplaces in Canada up
to the following limits:




                                       Limit on Purchases (Principal Amount)
                                           Total Limit(1)    Daily Limits(2)
Series B 6.00% Convertible Debentures   $      7,498,000    $         11,388
Series C 5.85% Convertible Debentures   $      7,000,000    $         15,448
Series D 6.75% Convertible Debentures   $      3,635,800    $         40,436
Series E 6.00% Convertible Debentures   $      7,500,000    $         13,879
Series F 5.75% Stapled Convertible                                          
 Debentures                             $      5,000,000    $          8,261



(1) Represents 10% of the public float of each series of debentures as at
November 4, 2011. 


(2) Subject to InnVest's ability to make "block" purchases under the rules of
the TSX.


InnVest believes that, from time to time, the market price of its Units and
convertible debentures may not reflect their underlying value and that the
purchase of Units and convertible debentures may represent an appropriate and
desirable use of its funds. InnVest intends to fund any purchases out of
available cash and undrawn credit facilities.


Purchases under the normal course issuer bids can be made from time to time over
a twelve-month period, commencing on November 15, 2011 and terminating on
November 14, 2012, as appropriate opportunities arise. The price InnVest will
pay for any Units or convertible debentures will be the market price at the time
of acquisition. It is currently expected that Units or convertible debentures
purchased under the bids will be cancelled, other than Units delivered to the
trustees of the REIT in satisfaction of a portion of their annual retainer fee.
The actual number of Units or principal amount of convertible debentures which
may be purchased and the timing of any such purchases will be determined by
InnVest, in accordance with the rules of the TSX.


FORWARD LOOKING STATEMENTS

Statements contained in this press release that are not historical facts are
forward-looking statements which involve risk and uncertainties which could
cause actual results to differ materially from those expressed in the
forward-looking statements. Among the key factors that could cause such
differences are real estate investment risks, hotel industry risks and
competition. These and other factors are discussed in InnVest's 2011 annual
information form which is available at www.sedar.com or www.innvestreit.com.
InnVest disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, unless required to do so by applicable securities law.


INNVEST PROFILE

InnVest Real Estate Investment Trust (the "REIT") is an unincorporated
open-ended real estate investment trust which owns a portfolio of 144 hotels
across Canada representing approximately 19,000 guest rooms operated under
internationally recognized brands. The REIT leases its hotels to InnVest
Operations Trust ("IOT"), a taxable investment trust. IOT indirectly holds all
of the hotel operating assets, earns revenues from hotel customers and pays rent
to the REIT. IOT also holds a 50% interest in Choice Hotels Canada Inc., one of
the largest franchisor of hotels in Canada, and earns revenues from franchising
fees.


Each issued and outstanding REIT unit trades together with a non-voting unit of
IOT as a "stapled unit" on the Toronto Stock Exchange (the "TSX") under the
symbol INN.UN. The REIT's convertible debentures trade on the TSX under the
symbols INN.DB.B, INN.DB.C, INN.DB.D, INN.DB.E and INN.DB.F.
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