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 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: email@example.com