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Temple REIT buys 50 per cent stake in Holiday Inn South for $5.5M
Temple Real Estate Investment Trust has acquired a 50-per-cent stake in Winnipeg’s Holiday Inn South hotel, with plans to buy other half in 2013.
The Winnipeg-based trust said today it acquired the 50-per-cent ownership stake from unrelated third parties for $5.5 million.
The other 50 per cent interest in the hotel is owned by Lake Louise Limited Partnership (LLLP), 23 per cent of which is owned by a numbered Manitoba company owned by the wife of Temple REIT CEO Arni Thorsteinson.
Thorsteinson is also the president of the numbered company — 2668921 Manitoba Ltd. and 2668921 is the parent company of Shelter Canadian Properties Ltd., which manages Temple REIT’s assets.
It said Thorsteinson, who is a trustee of Temple, abstained from voting on the resolution approving the transaction.
Temple said it expects to acquire LLLP’s half interest in the hotel in 2013, subject to regulatory approvals.
murray.mcneill@freepress.mb.ca
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