GE Capital Franchise Finance has provided Temple Real Estate Investment Trust (Temple REIT) with $20 million toward its purchase of the Aquire Hotel in West Edmonton.
The six-storey, 160-room hotel is located near West Edmonton Mall, the city's top tourist destination.
"GE Capital has helped us complete two acquisitions since the beginning of the year," said Arni Thorsteinson, president and chief executive officer of Winnipeg-based Temple REIT.
"GE's franchise finance team understands our business and the hotel sector, and it shows in the execution of the transactions."
"We are very pleased to be able to support Temple REIT in this second acquisition," said Edward Khediguian, senior vice-president of GE Capital's franchise finance business here.
"We've financed more than $1 billion in hotel transactions in Canada over the last 10 years, and we remain committed to the industry."
Temple REIT is an open-ended real estate investment trust focused on owning and acquiring hotel properties in primary and secondary markets across Western Canada. It owns and operates 15 properties offering 1,868 guest rooms across Western Canada, with eight hotels offering 834 guest rooms located in Fort McMurray, Alberta.
from Western Investor October 2012