Temple REIT completes acquisition of Hilton Garden Inn in Edmonton, AB
WINNIPEG, Aug. 8, 2012 /CNW/ - Temple Real Estate Investment Trust ("Temple REIT") (TSX: TR.UN) announced today it has completed the previously announced acquisition of the Hilton Garden Inn West Edmonton (the "Hotel"). The 6-storey, 160 guestroom Hotel is located at 17610 Stony Plain Road in close proximity Edmonton's West End Business District and just minutes from the West Edmonton Mall, Edmonton's number one tourist destination. The Hotel is ideally suited for both business and leisure travel.
The $31 million acquisition price, subject to the usual closing adjustment was funded by first mortgage loan in the amount of $20 million and the balance in cash. The first mortgage loan has a three year term and bears interest at a rate of 5.1% with a 25-year amortization.
Temple REIT will undertake a $2 million capital expenditure program over approximately 18 months, consisting primarily of guest room and lobby/corridor refurbishment.
Temple REIT is a real estate investment trust, which is listed on the Toronto Stock Exchange under the symbols TR.UN (trust units), TR.DB.B, TR.DB.C, TR.DB.D, TR.DB.E and TR.DB.S (convertible debentures). The objective of TREIT is to provide Unitholders with stable cash distributions from investment in a diversified portfolio of hotel properties and related assets. For further information on TREIT, please visit our website at www.treit.ca.
This press release contains certain statements that could be considered as forward-looking information. The forward-looking information is subject to certain risks and uncertainties, which could result in actual results differing materially from the forward-looking statements.
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE: Temple REITFor further information:
Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: email@example.com