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Temple REIT Acquires Hilton Garden Inn
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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