Days Inns in Thunder Bay Now Owned by Temple Hotels

Days Inns in Thunder Bay have been purchased by Temple.
Days Inns in Thunder Bay

Days Inns in Thunder Bay have been purchased by Temple.
Days Inns in Thunder Bay have been purchased by Temple.
THUNDER BAY – Business – The Days Inn North and the Days Inn and Suites in Thunder Bay have new owners. Temple Hotels Inc. have announced that the company has agreed to acquire the two market leading hotel properties in Thunder Bay, Ontario for an aggregate purchase price of $26.5 million, subject to customary closing costs and adjustments.

Days Inn North

Days Inn North is a limited-service hotel centrally located within Thunder Bay at 1250 Golf Links Road, approximately 950 metres east of the Trans-Canada Highway. The three-story property opened in 2007 and is comprised of 92-guestrooms. The hotel is situated 6.7 kilometres northeast of the Thunder Bay International Airport and is the closest accommodation facility near to the Thunder Bay Regional Sciences Centre, is a state-of-the-art acute care facility serving the healthcare needs for Thunder Bay and Northeastern Ontario. The hotel is also located near Confederation College and Lakehead University and is approximately five kilometres from downtown Thunder Bay. The hotel features a complimentary breakfast room, one 350 square foot board/meeting room, fitness room and 100 parking spaces.

Days Inn & Suites

Days Inn & Suites is a limited-service hotel centrally located within Thunder Bay at 645 Sibley Drive, approximately 2.5 kilometres east of the Trans-Canada Highway. The three-story property opened in 2002 and is comprised of 92-guestrooms. The hotel is situated 6.8 kilometres northeast of the Thunder Bay International Airport and is the closest accommodation facility near to Confederation College. The hotel is approximately 3.5 kilometres from the Thunder Bay Regional Sciences Centre and Lakehead University and is approximately five kilometres from downtown Thunder Bay. The hotel features a complimentary breakfast room, one 700 square foot meeting room, fitness room, indoor swimming pool with spa and 112 parking spaces.

The two acquisitions represent an estimated capitalization rate of 9%, based on the 2014-15 forecasted aggregate net income (after FF&E reserve). The acquisition will be financed with a first mortgage loan in the amount of $16 million and the balance in cash. The first mortgage loan will bear interest at a rate of 4.63% for a ten-year term, with a 25-year amortization. The acquisitions are scheduled to close effective July 1, 2014.