CHIP REIT announces August distribution

Canadian Hotel Income Properties Real Estate Investment Trust ("CHIP REIT") today announced a distribution of $0.0783 per unit for the month of August 2006. Payment will be made on August 31, 2006 to unitholders of record as at August 15, 2006.

CHIP REIT is an integrated hotel real estate investment trust focused on mid-market and upscale full-service hotels. Through its large, diversified portfolio, CHIP REIT provides investors with stable, tax-advantaged income as well as growth potential through acquisitions, repositioning and franchising. CHIP REIT currently owns or manages 30 hotels with approximately 7,100 rooms. CHIP REIT units and convertible debentures trade on the Toronto Stock Exchange under the symbols HOT.un, HOT.db and HOT.db.a.

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For further information: Kevin Grayston, Executive Vice President & CFO, Phone: (604) 646-2447, Fax: (604) 646-2404, www.chipreit.com

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