Temple Hotels Inc. Cancels Meeting of Series B Debenturesholders and Announces Redemption of Series B Debentures in Cash on Maturity

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES TEMPLE HOTELS INC./

WINNIPEG, March 19, 2013 /CNW/ - Temple Hotels Inc. ("Temple") (TSX: TPH) announced today that it will not proceed with its previously announced intention to extend the maturity date and amend the terms of its issued and outstanding 5 Year 8.50% convertible redeemable unsecured subordinated debentures (the "Series B Debentures").  Accordingly, the meeting of the holders of the Series B Debentures, which had been scheduled for April 9, 2013, has been cancelled.

Temple further announced that all of the outstanding Series B Debentures will be redeemed, together with accrued interest, in cash on the maturity date of April 30, 2013.

There are approximately $19,856,100 aggregate principal amount of Series B Debentures issued and outstanding on the date hereof. The Series B Debentures are currently listed on the Toronto Stock Exchange under the trading symbol "TPH.DB.B".

About Temple

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, TPH.DB.E and TPH.DB.F (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.

The TSX 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.

This press release is not an offer of securities for sale in the United States, the securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer and will contain detailed information about the company and management, as well as financial statements.

SOURCE: Temple Hotels Inc.

Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: [phone], Fax: [phone], Email: [email protected]