MISSISSAUGA, ON, June 30, 2016 /CNW/ - Temple Hotels Inc. ("Temple") (TSX:TPH) announced today its intention to undertake a strategic review of the company. The board of directors has appointed CBRE Limited as financial advisor to assist in the process.
The objective of the strategic review is to evaluate the portfolio and operations of the company and may include partnerships, portfolio sales and related opportunities. Chief Financial Officer, Paul Miatello, stated "we are seeking to determine the best path forward for Temple and believe it is prudent to analyze the company and its strategic opportunities at this time."
Temple does not intend to disclose further developments or updates with respect to this process unless and until its board of directors approves a specific transaction or otherwise concludes the review of strategic opportunities. There can be no assurance that Temple will enter into any transaction at this time or in the future.
About Temple Hotels Inc.
Temple is a real estate investment company listed on the TSX under the symbols TPH (common shares), TPH.DB.C, TPH.DB.D, TPH.DB.E and TPH.DB.F (convertible debentures). Temple invests in hotel properties and assets across Canada, wholly-owning a portfolio of 29 hotel properties, comprising of 3,870 rooms, and participating in 50% of the earnings from two additional hotels, comprising 299 rooms. For more information, please visit www.templehotels.ca.
This press release contains certain statements which may constitute forward-looking information. The forward-looking information is subject to certain risks and uncertainties, which could result in actual events or results differing materially from the forward-looking statements.
SOURCE Temple Hotels Inc.
For further information: Paul Miatello, Chief Financial Officer, T 905-281-3800; Beverley G. Flynn, Vice President, T 905-281-3800