EDMONTON – The Crowne Plaza Chateau Lacombe hotel in downtown Edmonton has been sold for $47.8 million to an unidentified buyer.
Allied Hotel Properties Inc.(TSXV: AHP) said in a news release the previously announced deal to sell the iconic round-shaped hotel closed.
Terms of the purchase included $36 million in cash and a $11.8 million vendor take-back mortgage at a 7.5 per cent annual interest rate that matures Oct. 5, 2012.
Allied will continue to manage the hotel.
The hotel ownership and management company also owns the Toronto Don Valley Hotel & Suites and an interest in a nearby condo development.
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