NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  ROYAL HOST REAL ESTATE INVESTMENT TRUST

TSX SYMBOL:  RYL.UN RYL.DB

JANUARY 15, 2004 - 18:51 ET

Royal Host REIT Announces January 2004 Distribution of
$0.02 to Unitholders

CALGARY, ALBERTA--Royal Host Real Estate Investment Trust (REIT) 
has declared its January 2004 distribution of $0.02 per unit 
payable February 27, 2004 to Unitholders of record as of February 
13, 2004. This distribution is the 75th consecutive monthly 
distribution to the Unitholders and brings the total funds 
distributed by Royal Host to $5.26 per unit since inception. 
Approximately 57.5% of the 2004 distribution will be eligible for 
tax deferral. 

Royal Host REIT owns 39 hotels, manages 77 properties and 
franchises 117 locations for over 15,500 guestrooms in the 
mid-market to upscale segments. Royal Host owns the master 
franchise rights for the Travelodge brand in Canada. Royal Host 
also provides hotel and resort management services for the 
portfolio and to third party properties, markets vacation 
intervals in hotels, resorts, and operates a facility for 
customers to trade and bank prepaid vacation weeks.  

Royal Host's objective is to maximize earnings while balancing 
risk for its unitholders through efficient operations, strong 
marketing and a focus on providing travelers with superior 
accommodations and travel experiences. Royal Host units are 
traded on the Toronto Stock Exchange under the trading symbol 
"RYL.UN" and "RYL.DB". 





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FOR FURTHER INFORMATION PLEASE CONTACT:
Royal Host Real Estate Investment Trust (REIT)
Peter Sikora
Chief Financial Officer
(403) 259-9800
(403) 259-8580 (FAX)
Email: investorinfo@royalhost.com
Website: www.royalhost.com