Temple Hotels acquires two Days Inn hotels in Ontario

Canadian Real estate investment trust Temple Hotels has agreed to acquire two Days Inns in Thunder Bay, Ontario for an aggregate purchase price of $26.5 million. The two acquisitions represent an estimated capitalization rate of 9 percent based on the 2014-15 forecasted aggregate net income (after FF&E reserve).

The Days Inn North is a limited-service hotel centrally located within Thunder Bay. The three-story property opened in 2007 and is has 92 guestrooms.

The Days Inn & Suites opened in 2002 and  and has 92 guestrooms. The hotel is located 6.8 kilometres northeast of the Thunder Bay International Airport and is the closest accommodation facility near to Confederation College.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


The acquisitions are scheduled to close effective July 1, 2014.

 

Read more on

Suggested Articles

A new entity will combine a number of brands, including Hoxton, Gleneagles, Delano, SLS, Mondrian, SO/, Hyde, Mama Shelter, 25h and 21c Museum Hotels.

Service Properties Trust, Host Hotels & Resorts, Caesars Entertainment and Vici Properties have completed multimillion-dollar hotel deals.

Serving as an attractive alternative to traditional financing arrangements, hotel sale-leasebacks may offer a solution for many businesses.