Temple Hotels Inc. Announces Morguard Corporation's Assumption of the Asset Management Agreement from Shelter Canadian Properties Limited and Appoints New Officers

MISSISSAUGA, ON, April 1, 2016 /CNW/ - Further to the press release issued on December 23, 2015 by Temple Hotels Inc. ("Temple") (TSX: TPH), Temple announces that Morguard Corporation ("Morguard") (TSX:MRC) has determined that April 1, 2016 be the Management Turnover Date pursuant to the conditions of an asset management assignment and transition agreement under which Shelter Canadian Properties Limited ("Shelter") agreed to assign to Morguard the amended and restated asset management agreement dated December 31, 2012  between Temple and Shelter.

On today's date the directors accepted the resignations of Mr. Arni Thorsteinson, as Chief Executive Officer, Mr. Larry Beeston, as Chief Financial Officer and Secretary, and Mr. Gino Romagnoli as Executive Vice President and have appointed:

K. Rai Sahi


Chief Executive Officer

Paul Miatello


Chief Financial Officer

Eugene Hretzay



Beverley G. Flynn


Vice President

Patrick Seward


Vice President

Sanjay Ratejay


Vice President

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.

About Morguard Corporation
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial and residential holdings owned directly and through its investment in Morguard REIT and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at more than $19.5 billion.

For more information, please visit Morguard.com.

This press release contains certain statements regarding the assignment of the asset management 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: Morguard Corporation, K. Rai Sahi, Chairman and CEO, T 905-281-3800; Beverley G. Flynn, Vice President, General Counsel, T 905-281-3800


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