Allied Hotel Properties Inc. Announces Satisfaction of Purchaser's Condition
10 Agosto 2010 - 9:26PM
Marketwired
On February 22, 2010 Allied Hotel Properties Inc. ("Allied") (TSX
VENTURE: AHP), through a wholly owned subsidiary, entered into a
hotel purchase agreement (the "Agreement") with an arm's length
third party purchaser (the "Purchaser") whereby Allied agreed to
sell and the Purchaser agreed to purchase the Crowne Plaza Chateau
Lacombe hotel (the "Property").
Allied is pleased to announce that this transaction has now
closed. The purchase price of $47.8 million was satisfied by $36.0
million cash and a vendor take-back mortgage (the "VTB mortgage")
in the amount of $11.8 million. The VTB mortgage is secured as a
second charge against the hotel property and by a personal
guarantee from a principal of the Purchaser. The VTB mortgage
carries interest at a rate of 7.5% per annum, payable monthly, and
matures on October 5, 2012. Allied will continue to manage the
hotel on behalf of the new owner.
Allied is a hotel ownership and management company. Its hotel
portfolio consists of the Crowne Plaza Chateau Lacombe in Edmonton,
Alberta (management only) and the Toronto Don Valley Hotel &
Suites in Toronto, Ontario (ownership and management). Allied also
owns a 50% undivided interest in the Residence at Accolade Inc., a
condominium development adjacent to the Toronto Don Valley Hotel
& Suites. Interested parties can find further information at
www.alliedhotels.com.
On behalf of the Board of Directors:
Mr. John R. Ellen, Secretary and Chief Financial Officer
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Allied Hotel Properties Inc. Mr. John R. Ellen
Secretary and Chief Financial Officer 604-669-5335 604-682-8131
(FAX) info@alliedhotels.com www.alliedhotels.com
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