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Press release from CNW Group

Temple Hotels Inc. sells certain shares in Holloway Lodging Corporation and files updated early warning disclosure

Wednesday, April 03, 2013

Temple Hotels Inc. sells certain shares in Holloway Lodging Corporation and files updated early warning disclosure

15:52 EDT Wednesday, April 03, 2013

WINNIPEG, MB, April 3, 2013 /CNW/ - Temple Hotels Inc. ("Temple") (TSX: TPH) announces that today it sold 600,000 common shares ("Holloway Shares") of Holloway Lodging Corporation ("Holloway") at a price of $3.50 per share, representing approximately 3.2% of the issued and outstanding Holloway Shares.

As a result of the sale:

(i)      Temple beneficially owns and exercises control or direction over an aggregate of 3,319,045 Holloway Shares, or approximately 17.8% of the issued and outstanding Holloway Shares; and
   
(ii)      Temple, together with 2668921 Manitoba Ltd. (the parent corporation of Shelter Canadian Properties Limited, the asset manager of Temple) and Mr. Arni Thorsteinson (the Chief Executive Officer of Temple and the President and sole director of 2668921 Manitoba Ltd.), each of whom may be considered to be a joint actor of Temple, beneficially owns and exercises control and direction over, an aggregate of 4,234,019 Holloway Shares, or approximately 22.7% of the issued and outstanding Holloway Shares.

To the knowledge of Temple, neither Temple nor any joint actor of Temple has beneficial ownership or exclusive or shared control over any other Holloway Shares or securities convertible into Holloway Shares.

The Holloway Shares were sold to an accredited investor through the facilities of the Toronto Stock Exchange.  The sale price was $3.50 per Holloway Share for an aggregate sale price of $2,100,000. The Holloway Shares were originally acquired by Temple as on January 25, 2012 for $2.00 per Holloway Share.

A report respecting the sale of Holloway Shares by Temple will be electronically filed with applicable Canadian securities regulatory authorities and will be available for viewing at www.sedar.com.  A copy of the report (once filed) may be obtained by contacting Mr. Arni Thorsteinson, Chief Executive Officer of Temple, or Mr. Gino Romagnoli, Investor Relations, at (204) 475-9090.

Temple is a real estate investment company listed on the Toronto Stock Exchange under the symbols TPH (shares), TPH.DB.B, TPH.DB.C, TPH.DB.D, TPH.DB.E and TPH.DB.F (convertible debentures). The objective of Temple is to provide shareholders with stable cash dividends from investment in a diversified portfolio of hotel properties and related assets. For further information on Temple, please visit our website at www.templehotels.ca.

The TSX has not reviewed or approved the contents of this press release and neither accepts responsibility for the adequacy or accuracy of this press release.

SOURCE: Temple Hotels Inc.

For further information:

Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: info@templehotels.ca

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