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Temple REIT to Convert to Corporation

1 min reading time

Published on 31/08/12 - Updated on 17/03/22

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Temple REIT has announced its plans for conversion into a new corporate structure under the name Temple Hotels Inc.

Due to the nature of its operations, the trust does not qualify for "REIT exception" on specified investment flow through entities (SIFTs) under the federal tax code. "As a result, continuing as a trust does not provide any meaningful long-term benefits to the REIT or its security holders," the company said in a release. The reorganisation of Temple REIT is deemed in best interests of the trust and unit holders but will have to be approved by the latter before it is carried out.Temple REIT’s portfolio currently consists of 15 hotels with a total of 1,868 guest rooms. It recently acquired the Acclaim Hotel Calgary Airport.

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