WINNIPEG, Jan. 31, 2013 /CNW/ - Temple Hotels Inc. ("Temple") (TSX: TPH)
announced today that it has completed the previously announced
acquisition of a 50% limited partnership interest in the Residence Inn
London Downtown in London, Ontario. The 116 all-suites, extended stay
hotel is located at 83 Colborne Street, in the heart of downtown
London. The $6 million purchase price was funded entirely in cash. The
Hotel is currently unencumbered with any mortgage debt.
Temple also announced today it has completed the acquisition of the
remaining 50% limited partnership interest in the Holiday Inn South in
Winnipeg, Manitoba. The 170-room, full-service Hotel is located at 1330
Pembina Highway, a major north-south thoroughfare in the southern
quadrant of Winnipeg. The total effective purchase price of $5.5
million was funded by the assumption of 50% of the existing first
mortgage loan in the amount of $2.4 million and $3.1 million in cash.
Together with the previous 50% acquisition, which occurred at the same
purchase price effective November 30, 2012, Temple now owns 100% of the
Holiday Inn South.
Temple is a real estate investment company listed on the Toronto Stock
Exchange under the symbols TPH (common shares), TPH.DB.B, TPH.DB.C,
TPH.DB.D and TPH.DB.E (convertible debentures). The objective of
Temple is to provide shareholders with stable dividends from investment
in a diversified portfolio of hotel properties and related assets. For
further information on Temple, please visit our website at www.templehotels.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
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, Investor Relations
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: email@example.com