Morguard Corporation Increases Ownership Position in Temple Hotels Inc.

MISSISSAUGA, ON, June 12, 2015 /CNW/ - Morguard Corporation (TSX: MRC) announced that it has acquired,  986,473 common shares  ("Common Shares") of Temple Hotels Inc. ("Temple Hotels") (TSX: TPH), through the facilities of the Toronto Stock Exchange and alternative Canadian trading platforms between May 8, 2015 and June 10, 2015, at a weighted average price of approximately $2.48 per Common Share. The Common Shares acquired by Morguard represent approximately 2.4% of the issued and outstanding Common Shares of Temple Hotels, bringing Morguard's ownership to 12%.

In addition, between May 8, 2015 and June 10, 2015, Morguard acquired $100,000 aggregate principal amount of Series D Convertible Unsecured Debentures of Temple Hotels (the "Series D Debentures") through the facilities of the Toronto Stock Exchange and alternative Canadian trading platforms. The Series D Debentures are convertible into Common Shares at a conversion price of $7.04 per Common Share.

Assuming the conversion in full of the principal amount of the Series D Debentures, Morguard would acquire ownership and control over a maximum of 14,204 Common Shares, representing approximately 0.03% of the outstanding Common Shares, calculated on a partially diluted basis assuming the full conversion of the principal amount of its Debentures only.

As of the date hereof, Morguard has beneficial ownership over approximately 13.2% of the Common Shares of Temple Hotels, assuming the full conversion of the principal amount of convertible debentures of Temple Hotels held by Morguard, calculated on a partially diluted basis assuming the full conversion of the principal amount of its debentures only.

The Common Shares and the debentures were acquired for investment purposes. Morguard and its affiliates may, from time to time, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of Temple Hotels through market transactions, private agreements or otherwise.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the Company's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Beverley Flynn at Morguard Corporation, 55 City Centre Drive, Suite 1000, Mississauga, Ontario L5B 1M3.

About Morguard
Morguard Corporation is a major North American real estate and property management company.  It has extensive retail, office, industrial and residential holdings owned directly and through its investment in Morguard REIT and Morguard North American Residential REIT.  Morguard also provides real estate management services to institutional and other investors.  Morguard's owned and managed portfolio of assets is valued at more than $19 billion.

SOURCE Morguard Corporation