VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) -- 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 Czestochowski Email: 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: 604-669-5335
Fax: 604-682-8131
e-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 Information
Certain 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.