Temple REIT Turns Eyes East
Prepare for more eastern hotel acquisitions by Winnipeg-based Temple REIT, CEO Arni Thorsteinson says. Recent purchases of 50% stakes in Ottawa's Byward Market Marriott Courtyard (above) and London's Residence Inn for a combined $19.3M are just the start of a "cautious geographical expansion" from the four western provinces. Temple has been 70% Alberta-based, with 45% of profits flowing from oil-rich Fort McMurray. Arni calls the 183-room Ottawa property a prize; it runs about 80% full, has seen strong rate growth, and he says tourists to the national capital love the location. The 116-suite London hotel, which does lots of extended-stay business, runs about 70% full, he says. "There will be more moves in Ontario and across the country," he says adding there could be US acquisitions in 2014.
Any major dude will tell you, but we're here to listen. Stephen.Wickens@bisnow.com.