MISSISSAUGA, Ont. — Mississauga, Ont.-based InnVest REIT’s Board of Trustees has appointed Andrew (Drew) Coles as president and CEO, effective late January.
Coles is currently VP, Hotels at Oxford Properties Group in Toronto. He will succeed Edward Pitoniak, who has served as InnVest’s acting president and CEO since Dec. 1, 2014, and managing director since April 2014. Pitoniak will remain as managing director during the transition and as a member of the Board.
“With his solid understanding of the Canadian hotel sector and his command of hospitality management, Drew has demonstrated his ability to deliver market-leading net operating income growth and investment returns,” said Jon Love, chair of the Board’s CEO search committee. “We are confident Drew is well-positioned to lead InnVest.”
“I’m delighted the Board has given me the opportunity to lead InnVest into a new chapter of growth and development,” said Coles. “InnVest has a solid platform positioned for long-term success. Over the past year, InnVest has made significant progress internalizing the REIT, strengthening its balance sheet and acquiring key assets such as the Fairmont Royal York and the Hyatt Regency Vancouver. I feel compelled and committed to building on this momentum for our unit holders, partners and our employees.”