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Temple Hotels Inc Announces Acquisition Of Three Nova Scotia Hotels

Wednesday, 27 Feb 2013 05:05pm EST 

Temple Hotels Inc announced it has agreed to acquire a portfolio of three full-service hotels in Nova Scotia, comprised of a total of 549 guest rooms, at a combined price of $87.5 million ($159,380 per room), subject to the customary closing adjustments. The portfolio consists of the following hotels: Prince George Hotel The Prince George Hotel is a full-service hotel located at 1725 Market Street in downtown, Halifax, Nova Scotia; Cambridge Suites Hotel Halifax Cambridge Suites Hotel Halifax is an all-suites full-service hotel located at 1583 Brunswick Street in downtown Halifax, Nova Scotia; Cambridge Suites Hotel Sydney Cambridge Suites Hotel Sydney is an all-suites full-service hotel located at 380 Esplanade Road in downtown Sydney, Nova Scotia. Based on the forecasted net income for 2013, the acquisition price of $87.5 million represents an estimated capitalization rate of 9.75%. Temple will fund the acquisition price as follows: A new first mortgage loan in the amount of $40 million with an estimated interest rate of 4.5%, 25 year amortization and three year term; Vendor take-back second mortgage in the amount of $16 million with monthly interest-only payments at 5% and a five year term; $12.5 million through the issuance to the Vendor of two million common shares of Temple at a price of $6.25 per common share; and The balance in cash. The acquisition is scheduled to close as of March 1, 2013. 

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24 Dec 2014