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CAMDEV RENEWS LEASE FOR OTTAWA'S LARGEST HOTEL

 TORONTO, March 4 /PRNewswire/ -- Camdev Corporation (Toronto, Montreal: CVO) and its wholly owned subsidiary, Camdev Properties Inc., today announced that they have successfully negotiated a lease renewal with Commonwealth Hospitality Ltd., which operates the Radisson, Ottawa's largest hotel.
 The lease agreement will extend Commonwealth's operation of the Radisson Hotel through to Oct. 31, 1998. The terms of the lease also provide for an additional 17,000-square-foot area for expanded meeting rooms and convention facilities to assist the Radisson in meeting the market's growing demand.
 "Renewing the Radisson lease is part of Camdev's continuing strategy to stabilize the corporation's asset base and enhance its core business," said Stanley H. Hartt, chairman, president and chief executive officer of Camdev Corporation.
 The Radisson Hotel is a 29-story, 478-room, full service hotel. It is situated in Camdev's Place de Ville complex -- a mixed-use development that incorporates office, retail and hotel space in downtown Ottawa.
 Commonwealth Hospitality Ltd. is a national hotel management company based in Toronto.
 Camdev Corporation is a Canadian, publicly held owner and manager of commercial real estate properties, which include more than 3.1 million square feet of commercial and retail space, of which approximately 2.3 million square feet is located in the National Capital Region. The corporation's common shares are listed on the Toronto and Montreal stock exchanges (symbol: CVO).
 -0- 3/4/93
 /CONTACT: Monika Quinn of Camdev, 416-365-2519/
 (CVO.)


CO: Camdev Corporation; Commonwealth Hospitality Ltd. ST: Ontario IN: LEI SU:

GK -- NY073 -- 3050 03/04/93 13:56 EST
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Publication:PR Newswire
Date:Mar 4, 1993
Words:252
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