WINNIPEG — Temple Hotels Inc. has released its third-quarter results, reporting decreases in several key metrics due to its stake in oil dependent lodging markets.
The company reported a 22-per-cent drop in net operating income, compared to the same quarter last year. However, results for its properties outside Alberta have remained strong — generating a 7.6-per- cent growth in net operating income. These properties also reported increased occupancy levels (two per cent), ADR (2.3 per cent) and RevPAR (4.4 per cent).
Company execs believes the completion of the rights offering (on Oct. 29), the sale of Hotel Saskatchewan, the completion of capital expenditure programs and the geographic diversification of Temple’s hotel portfolio will provide the foundation for 2016 growth, and mitigate the impact of the economic downturn in Alberta.
