Allied Hotel Properties Inc. Announces It Is Seeking Offers for Toronto Don Valley Hotel and Suites
June 03 2019 - 7:30AM
Allied Hotel Properties Inc. (“Allied”) (TSX-V: AHP) is pleased to
announce that it has entered into an exclusive sale listing
agreement (the “Listing Agreement”) with CBRE Limited (“CBRE”),
pursuant to which CBRE has agreed to provide commercial real estate
brokerage services to Allied for the potential sale of Allied’s
Toronto Don Valley Hotel and Suites, located at 175 Wynford Drive,
Toronto, Ontario, and the adjacent development lands (the
“Property”).
Allied has not set a definitive schedule to
complete the identification of potential buyers or to sell the
Property. Given the nature of the process, Allied does not intend
to provide updates until such time as Allied’s board of directors
approves a definitive agreement for the sale of the Property, or
otherwise determines that future disclosure is advisable. Allied
cautions that there is no guarantee that the call for offers to
purchase will result in a transaction or, if a transaction is
undertaken, as to its terms or timing. Any such transaction would
be subject to certain conditions, including receipt of approval
from the TSX Venture Exchange (“TSX-V”) and Allied’s
shareholders.
While considering offers to purchase, Allied
will continue operating its business in the ordinary course.
All parties interested in making an offer to
purchase the Property should contact:
CBRE Limited, attention:Bill Stone
Email: bill.stone@cbre.com |
|
Mike CzestochowskiEmail: mike.czestochowski@cbre.com |
About Allied Hotel Properties
Inc.
Allied is involved in the ownership, management
and development of hotels and real estate in Canada, having a
history of real estate development particularly where such
development can be undertaken on hotel lands. Allied’s principal
assets currently comprise the Toronto Don Valley Hotel and Suites,
a 353-room full service hotel located in Toronto, Ontario.
Interested parties can find further information at
www.alliedhotels.com.
On behalf of the Board of Directors:
(signed) Michael F. Chan
Michael F. Chan
President, Chief Financial Officer, Secretary
and Director
For more information please contact:Allied Hotel
Properties Inc.Tel: 604-669-5335Fax: 604-682-8131e-mail:
mikechan@alliedhotels.com
Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking
InformationCertain statements contained in this press
release constitute forward-looking information within the meaning
of applicable securities laws. These statements relate to
future events or future performance. The use of any of the words
“anticipate”, “will” and “expect” and similar expressions and
statements are intended to identify forward-looking information and
are based on Allied’s current beliefs or assumptions as to the
outcome of such future events. Actual future results may differ
materially. In particular, this press release contains
forward-looking information concerning: calls for offers to
purchase the Property. Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to the Company. The material facts and assumptions
include, but are not limited to: CBRE successfully marketing of the
Property; Allied successfully negotiating a definitive agreement
with a potential purchaser; obtaining approval of the TSX-V and the
shareholders of Allied with respect to the sale of the Property;
and the process resulting in the sale of the Property.
Many factors, both known and unknown, could
cause actual results to be materially different from the results
that are or may be expressed or implied by such forward-looking
information contained in this press release. Such factors include,
without limitation, the following risks: CBRE may not find a
suitable purchaser; Allied may not be able to negotiate a
definitive agreement for the sale of the Property, either at all or
on terms satisfactory to it; Allied may not receive all necessary
approvals for the sale of the Property; and there may be undue
delays in completing a sale of the Property. The Company cautions
the reader that the above list of risk factors is not
exhaustive.
The forward-looking information contained in
this press release is made as of the date hereof and the Company is
not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Due to the risks,
uncertainties and assumptions contained herein, investors should
not place undue reliance on forward- looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
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