9°c Sunny
6°c Clear
Winnipeg Free Press - PRINT EDITION
Winnipeg real-estate trust posts increased profits
WINNIPEG-BASED Temple Real Estate Investment Trust is poised to expand its hotel portfolio while its oilsands properties continue to rack up profits.
The company posted a 24 per cent increase in revenue to $23.2 million for the quarter ending June 30, 2012, and profits were up 83 per cent to $3.98 million. The company has been on a buying spree and expects that to continue.
It is leveraging its lucrative dominance in the booked-up Fort McMurray, Alta., market -- Temple controls 51 per cent of the booming oilsands market with seven hotels and a total of 768 rooms -- and this month closed on the acquisition of two more Alberta hotels.
On Aug. 1, Temple paid $31 million for the 160-room Hilton Garden Inn in Edmonton, and on August 14, it acquired the Acclaim Hotel Calgary Airport for $42 million.
Temple REIT units closed down two cents at $6.28.
Republished from the Winnipeg Free Press print edition August 22, 2012 B5
More Business
- Back to Top
- Return to Business
More Business
(1 of 41 articles for today)
Shifting fortunes: Which CEOs got the biggest pay cuts and the biggest raises
10:34 AM 0Here's a look at the CEOs that received the biggest raises and the biggest pay cuts in 2012 compared with ...
Poll
Most Popular Business
- New owner for lumber stores
- New downtown tower could be 42 storeys tall: developers
- Skyline-altering project will happen: developer
- Pollard Banknote signs ticket deal with Western Canada Lottery Corp.
- Creative industries can fuel a city's economic engine
- Hobby Lobby appeal tests limits of federal birth-control coverage mandate
- Temple Hotels buys hotel in Sherwood Park, Alta., for $15.15 million
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- She's got entrepreneurial spirit
- Manitoba Movers
- Mounties say crooks passing fake polymer bank notes in British Columbia
- New owner for lumber stores
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- New downtown tower could be 42 storeys tall: developers
- Creative industries can fuel a city's economic engine
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Bridging the gap
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Holiday pump jump debated
- Apple uses companies outside US to avoid paying billions in taxes, Senate inquiry finds
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- New owner for lumber stores
- City to get a touch of glass
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- Local boy leads Great-West
- New owner for lumber stores
- New downtown tower could be 42 storeys tall: developers
- Skyline-altering project will happen: developer
- There are lots of I's in 'team'
- US new home sales rise 2.3 per cent in April while median home prices hit record high
- Manitoba Movers
- Creative industries can fuel a city's economic engine
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Pollard Banknote signs ticket deal with Western Canada Lottery Corp.
- Hobby Lobby appeal tests limits of federal birth-control coverage mandate
- New owner for lumber stores
- Ex-'Pegger seeks to grow local businesses
- Developers to unveil plans for bold downtown tower
- Bridging the gap
- Late deal in workplace sex-harassment case
- There are lots of I's in 'team'
- More than a new boss
- New downtown tower could be 42 storeys tall: developers
- Viterra plans $20 million capacity upgrade at four Saskatchewan grain terminals
- Creative industries can fuel a city's economic engine
- New owner for lumber stores
- Transcona transformation
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Older and jobless? Resource on hand
- Local boy leads Great-West
- Ex-'Pegger seeks to grow local businesses
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.