Temple REIT snaps up Acclaim Hotel Calgary Airport expansion underway

WINNIPEG — Temple Real Estate Investment Trust says it is buying the Acclaim Hotel Calgary Airport for about $42-million.The existing four-storey, full-service hotel, which opened in 2009, consists of 123 guest rooms. However, Temple says an expansion already underway will add an additional 102, bringing the total room count to 225.Temple said Tuesday that the expanded hotel will offer a variety of amenities, including 6,500 square feet of banquet and meeting space, two roof-top outdoor whirlpools, a leased restaurant and lounge and leased salon and sundry shop among other things.The expansion of the hotel is expected to be completed and operational by summer 2013 and the acquisition is scheduled to close on the later of Oct. 1, 2013, or 60 days after completion of the expansion.The acquisition will be financed with a first mortgage loan of $27-million and the balance in cash. read more

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