WINNIPEG, Oct. 9, 2013 /CNW/ - Temple Hotels Inc. ("Temple") (TSX: TPH)
announced today that it has completed the previously announced
acquisition of the Holiday Inn Express Hotel & Suites Ottawa West -
Nepean, with an effective date of October 1, 2013. The six-story,
limited-service property is comprised of 115-guestrooms and is located
at 2055 Robertson Road in the west Ottawa, Ontario neighbourhood of
The $19.5 million purchase price, subject to the customary closing
adjustments, was financed by a first mortgage loan in the amount of
$14.5 million and the balance in cash. Based on the 2014 forecasted net
income, the acquisition price of $19.5 million represents an estimated
capitalization rate of 10.2%.
Temple is a real estate investment company listed on the Toronto Stock
Exchange under the symbols TPH (common shares), TPH.DB.C, TPH.DB.D,
TPH.DB.E and TPH.DB.F (convertible debentures). The objective of
Temple is to provide shareholders with stable cash dividends from
investment in a diversified portfolio of hotel properties and related
assets. For further information on Temple, please visit our website at
This press release contains certain statements regarding the proposed
transaction described herein 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. There can be no certainty that the transaction will be
completed within the timeline set forth herein or all at.
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 Hotels Inc.
For further information:
Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Executive Vice President
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: email@example.com