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Morguard replaces Temple Hotels execs with assumption of asset management

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Morguard replaces Temple Hotels execs with assumption of asset management

Morguard Corp.on April 1 became the asset managerof Temple Hotels Inc.and installed its own executives in the company's C-suite.

Morguard CEO K. Rai Sahi and CFO Paul Miatello assumed the samepositions at Temple, replacing Arni Thorsteinson and Larry Beeston, respectively.Additionally, Eugene Hretzay became secretary of Temple, and Beverley Flynn, PatrickSeward and Sanjay Ratejay were each made vice presidents.

Temple Executive Vice President Gino Romagnoli also resigned.

On Dec. 23, 2015, Temple announced that its asset manager, ShelterCanadian Properties Ltd., agreed to assign its asset-management contract with thecompany to Morguard following Morguard's acquisition of 7 million shares of Temple'scommon stock, which brought its stake in Temple to 39.45%.