Legacy Hotels Real Estate Investment Trust

Wayne Adlam, head of equity capital markets for CIBC Wood Gundy Securities Inc. (Wood Gundy), sat at his desk contemplating placing a value on the equity units of the Legacy Hotels Real Estate Investment Trust. Wood Gundy and RBC Dominion Securities Inc. had been given the mandate to co-lead manage Legacy's Initial Public Offering (IPO). Legacy planned to use the proceeds of its IPO along with funds raised in a concurrent $300 million subordinated debt offering to invest in 11 hotel properties located in major business centres across Canada. The hotel properties would be acquired from CP Hotels.