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Temple REIT Acquires Hilton Garden Inn

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Published on 10/08/12 - Updated on 17/03/22

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Temple Real Estate Investment Trust has announced it has completed the acquisition of the Hilton Garden Inn West Edmonton. The acquisition was made by the REIT for $31 million.

Canadian Real Estate Investment Trust Temple has acquired the 160-guestroom Hilton Garden Inn hotel for $31 million. The acquisition was funded by first mortgage loan in the amount of $20 million and the balance in cash. The first mortgage loan has a three year term and bears interest at a rate of 5.1% with a 25-year amortization.The Hilton Garden Inn will add to Temple’s portfolio of thirteen hotel properties which were acquired at a total cost of over $350 Million. Temple REIT aims to acquire hotel properties in primary and secondary markets across Canada with a potential for capital appreciation. The trust recently acquired the 126-room Inn at the Quay in New Westminster, British Columbia.

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