in the heart of downtown, the $15 million, 178-room hotel was completed within budget and opened two months ahead of schedule and further builds upon the Company’s substantial real estate presence in the area.  In February, Fortis Properties assumed management of the Delta Brunswick hotel in Saint John, New Brunswick and, to enhance customer service, began an extensive capital program to upgrade rooms and high impact guest areas. Also in September, Fortis Properties acquired an $8.3 million portfolio of properties in downtown St. John’s, Newfoundland and Labrador including the 96,300 square foot Class A office property TD Place. The acquisition, which produced immediate positive contributions to the Company’s earnings, also included a small office building and six parcels of land with development potential. The investment adds to Fortis Properties’ downtown holdings in St. John’s, Newfoundland and Labrador and positions a modest year-over-year growth in revenue per available room. In 2002, occupancy levels are expected to remain stable while room rates should increase modestly. Fortis Properties sold the Centennial Building in Halifax, Nova Scotia in June for $11.5 million, realizing a one-time after-tax gain of approximately $2.6 million. The favorable price offered for the mature property provided an opportunity to capitalize on a strong sellers’ market and realize an exceptional gain which will assist the Company to grow its real estate and hotel assets throughout Atlantic Canada.  The Four Points by Sheraton Halifax hotel, Fortis Properties’ first ground-up construction project and first hotel in Halifax, Nova Scotia, was officially opened in September. Centrally located  25 FORTIS Inc. 2OO1 Annual Report The Four Points by Sheraton Halifax hotel was officially opened in September and is centrally located in the heart of downtown Halifax, Nova Scotia.