Legacy Hotels Real Estate Investment Trust was a real estate investment trust

Real estate investment trust

A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...

 (REIT) that was based in Toronto, Ontario.

It was established in 1997 and was owner of 24 hotel and resort properties most of which are located in Canada

Canada

Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...

, but it also had a couple in the United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

. Its hotels operate under the Fairmont

Fairmont Hotels and Resorts

Fairmont Hotels & Resorts is a Canadian-based operator of luxury hotels and resorts. Currently, Fairmont operates properties in 18 countries including Canada, the United States, Mexico, Bermuda, Barbados, United Kingdom, Monaco, Germany, Switzerland, Egypt, Kenya, Tanzania, South Africa, the...

 and Delta

Delta Hotels

Delta Hotels is a chain of 45 hotels and resorts across Canada, primarily in the 4 star range of standard. Delta once had a hotel in the United States, the Delta Court of Flags Hotel, located in Orlando, Florida, however, it was closed sometime after 1996 and has subsequently been demolished...

 names.

It had a 24% stake in Fairmont, the rest held by Colony Capital and Kingdom Holding Company

Kingdom Holding Company

Kingdom Holding Company is a public holding company headquartered in Kingdom Centre in Riyadh, Saudi Arabia, and is the largest company in Saudi Arabia. It is controlled by Prince Alwaleed Bin Talal Bin Abdulaziz, and is headquartered in the city of Riyadh...

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The company was acquired by LGY Acquisition LP effective September 18, 2007, and delisted from the Toronto Stock Exchange

Toronto Stock Exchange

Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...

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