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.

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