WINNIPEG — Temple Hotels Inc. announced on July 6 that it has agreed to sell Hotel Saskatchewan, in downtown Regina, Sask., for $38 million.
The sale price is net of all costs associated with renovating and rebranding the hotel as an Autograph Collection by Marriott. In April 2014, Temple acquired the 224 room full-service property for $32.8 million.
The sale is expected to result in net cash proceeds to Temple of approximately $17 million, after the repayment of the existing first mortgage loan of about $20.9 million.
The net cash proceeds will be used to repay other debt and for working capital purposes. No brokerage commission is payable on the transaction.
Scheduled to close on Sept. 1, the sale is subject to customary closing adjustments.