MISSISSAUGA, Ont. — Temple Hotels Inc. has completed the sale of the Holiday Inn Express Hotel & Suites in Sherwood Park, Alta. for $9.6 million, excluding taxes and transaction costs.
The sale comes as Temple moves to mitigate exposure in Alberta — which continues to be impacted by the oil-related economic downturn — as part of the company’s overarching growth strategy. Temple’s second-quarter results showed positive progress and a strengthened financial position, with the company posting increases in net income and revenue over previous periods.
“This divestiture is an important step in the execution of our strategic plan that will drive the long-term success of the company,” says K. Rai Sahi, CEO. “The opportunistic sale of this property enables us to meet our financial obligations while continuing to strategically diversify the company’s portfolio and decrease our reliance on a single geographic market.”
The company used the proceeds of the sale to repay $9.1 million of mortgages payable secured against the property.