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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allied Hotel Properties Inc | TSXV:AHP | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.28 | 0.27 | 0.27 | 0 | 00:00:00 |
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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