Mr. Toby Chu reports

GLOBAL EDUCATION COMMUNITIES CORP. SUBSIDIARY COMPLETES SALE OF GEC GRANVILLE SUITES HOTEL FOR APPROXIMATELY $70 MILLION

Global Education Communities Corp.'s GEC Granville LP has sold GEC Granville Suites Hotel for gross proceeds of approximately $70-million. The transaction was completed on Nov. 28, 2023.

GEC Granville Suites Hotel was initially acquired for $39 million plus closing costs in 2015 and generated annual revenue of $4.9 million. The original news release from 2015 is available on the company's website. After eight years of management under the GEC brand, GEC Granville Suites Hotel's annual revenue reached $8.75 million, an increase of 79%.

The property value also increased by 79% to $70 million from $39 million, despite the impacts of the COVID-19 pandemic, which led to the border shutdown for nearly two years, inflation, rising interest rates, and other challenging economic conditions.

"We are pleased with the sale after eight years of operations," commented Toby Chu, Chairman, President and CEO of GECC. "With the sale of this asset, GECC management will focus on expanding our student-housing portfolio, allocating more resources to our GEC Living platform, supported by our significant educational operations, which includes Sprott Shaw College (since 1903), Sprott Shaw Language College, and Vancouver International College. GECC's share of the cash proceeds from the transaction will be deployed to other GEC projects. Recent real estate market conditions have presented many interesting opportunities for potential acquisitions below market value."

About GECC:

GECC is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. GECC owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 41 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. ("SSCC") (established in 1903), Sprott Shaw Language College ("SSLC"), Vancouver International College Career Campus ("VIC") and CIBT School of Business & Technology Corp. ("CIBT China"). GECC offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, and language training through these schools. In 2022, GECC serviced over 13,000 domestic and international students through its educational, rental housing and recruitment subsidiaries.

GECC owns Global Education City Holdings Inc. ("GECH"), an investment holding and development company focused on education-related real estate such as student-centric rental apartments, a hotel and education super-centres. Under the GEC brand, GECH provides accommodation services to 92 schools in Metro Vancouver, serving 3,000 students from 71 countries. The total portfolio and development budget under the GEC brand is nearly $1.3 billion.

GECC also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada.

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