Allied Hotel Properties Inc. Announces Sale of Toronto Don Valley Hotel and Suites
23 Outubro 2019 - 9:30AM
Allied Hotel Properties Inc. (the “
Company” or
“
Allied”) (TSX-V: AHP) is pleased to announce that
it has entered into a purchase agreement (the
“
Agreement”) regarding the sale of all or
substantially all of the Company’s assets to DVP Hotel Development
LP (“
DVP”) for $102.0 million. The assets being
sold include Allied’s Toronto Don Valley Hotel and Suites, located
at 175 Wynford Drive, Toronto, Ontario, and the adjacent
development lands (the “
Transaction”).
The Transaction is anticipated to close in
January 2020, subject to the satisfaction of certain customary
commercial conditions, including but not limited to the Company
obtaining the applicable regulatory approvals and approval by the
Company’s shareholders.
The Transaction has been approved unanimously by
the Company’s board of directors (the “Board”),
which has determined that the Transaction is in the best interests
of the Company and its shareholders. The Board recommends that
shareholders vote in favor of approving the Transaction at a
special meeting of shareholders, which is expected to be scheduled
as soon as possible in late 2019 (the
“Meeting”).
As the Transaction would constitute the sale of
all or substantially all the assets as defined under the Business
Corporations Act (British Columbia), the Transaction will require
shareholder approval of at least 662/3% of shares voted in person
or by proxy at the Meeting.
The Company is preparing a management
information circular (the “Circular”) for
shareholders in respect of the Meeting that will further explain
the terms and conditions of the Transaction. The Company
anticipates mailing the Circular as soon as possible. Copies of the
Agreement and the Circular will be filed with Canadian securities
regulators and will be available on the SEDAR profile of Allied at
www.sedar.com.
Company management and the Board have yet to
fully consider how the Company will use the proceeds from the
Transaction, though anticipate a distribution of net proceeds to
the shareholders of the Company.
About Allied Hotel Properties
Inc.
Allied is involved in the ownership, management
and development of hotels and real estate in Canada, having a
history of real estate development particularly where such
development can be undertaken on hotel lands. Allied’s principal
assets currently comprise the Toronto Don Valley Hotel and Suites,
a 353-room full service hotel located in Toronto, Ontario. Further
information about Allied can be found at www.alliedhotels.com.
On behalf of the Board of Directors:
(signed) Michael F. Chan
Michael F. Chan
President, Chief Financial Officer, Secretary
and Director
For more information please contact:Allied Hotel
Properties Inc.Tel: 604-669-5335Fax: 604-682-8131e-mail:
mikechan@alliedhotels.com
Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking
InformationCertain statements contained in this press
release constitute forward-looking information within the meaning
of applicable securities laws. These statements relate to
future events or future performance. The use of any of the words
“anticipate”, “will” and “expect” and similar expressions and
statements are intended to identify forward-looking information and
are based on Allied’s current beliefs or assumptions as to the
outcome of such future events. Actual future results may differ
materially. In particular, this press release contains
forward-looking information concerning: the sale of all or
substantially all of Allied’s assets, the consideration to be paid
under the Agreement, the anticipated closing date of the
Transaction, calling a special meeting of Allied shareholders, the
contents and expected timing of mailing the Circular, the expected
date of the special meeting of shareholders, the satisfaction of
closing conditions, including obtaining the requisite regulatory
and shareholder approvals and the use of proceeds from the
Transaction. Various assumptions or factors are typically applied
in drawing conclusions or making the forecasts or projections set
out in forward-looking information. Those assumptions and factors
are based on information currently available to the Company. The
material facts and assumptions include, but are not limited to:
Allied obtaining approval of the TSX-V and the shareholders of
Allied with respect to the Transaction; and the process resulting
in the completion of the Transaction.
Many factors, both known and unknown, could
cause actual results to be materially different from the results
that are or may be expressed or implied by such forward-looking
information contained in this press release. Such factors include,
without limitation, the following risks: Allied may not receive all
necessary approvals for the Transaction; and there may be undue
delays in the completion of the Transaction. The Company cautions
the reader that the above list of risk factors is not
exhaustive.
The forward-looking information contained in
this press release is made as of the date hereof and the Company is
not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Due to the risks,
uncertainties and assumptions contained herein, investors should
not place undue reliance on forward- looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
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