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Morguard Corp. acquires majority stake in Temple Hotels

Morguard Corp. has acquired a majority stake in Temple Hotels Inc.'s outstanding common stock.

The company boosted its position in Temple to 56.1% of outstanding shares after it acquired 54,578,187 shares in Temple's rights offering that closed Dec. 16. Morguard owned 30,237,889 shares, or 38.9%, of Temple's outstanding common stock before the offering.

Morguard acquired the shares for 67.69 Canadian cents per share, or C$36.9 million.

In June, Temple launched a strategic review to evaluate its portfolio and operations and retained CBRE Ltd. to serve as its financial adviser. Morguard became Temple's asset manager in April.