WINNIPEG, June 20, 2013 /CNW/ - Temple Hotels Inc. ("Temple") (TSX: TPH)
announced today it has completed the previously announced acquisition
of the Holiday Inn Express Hotel & Suites (the "Hotel") in Sherwood
Park, AB. The four-storey, limited-service Hotel contains 90 rooms and
is located at the corner of Broadmoor Boulevard and Portage Lane within
the Sherwood Business Park Neighbourhood. The Hotel is in close
proximity to Sherwood Park's Millennium Place, a major recreation
centre hosting numerous sporting events during the year.
The $15.15 million purchase price was financed by the assumption of a
first mortgage loan in the amount of $10.5 million and the balance in
cash. The first mortgage loan bears floating interest at 5.5% and
matures in three years.
Based on the 2013/14 forecasted net income, the purchase price
represents a capitalization rate of approximately 10.3%.
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 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 Hotels Inc.
For further information:
Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: firstname.lastname@example.org