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Clarke Inc. announces acquisition of the Stanford Inn & Suites in Grande Prairie, Alberta and renovation of the Sternwheeler Hotel and Conference Center in Whitehorse, Yukon
Clarke Inc. announces acquisition of the Stanford Inn & Suites in Grande Prairie, Alb...
About this update from Clarke Inc.
[{"type":"text","content":"\n \n \n \n Clarke Inc. announces acquisition of the Stanford Inn & Suites in Grande Prairie, Alberta and renovation of the Sternwheeler Hotel and Conference Center in Whitehorse, Yukon\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 0pt initial; BORDER-RIGHT:black 0pt initial; BORDER-BOTTOM:black 0pt initial; BORDER-LEFT:black 0pt initial\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n Clarke Inc. announces acquisition of the Stanford Inn & Suites in Grande Prairie, Alberta and renovation of the Sternwheeler Hotel and Conference Center in Whitehorse, Yukon\n \n \n Canada NewsWire\n \n \n \n \n \n \n HALIFAX, NS\n \n \n ,\n \n \n June 13, 2022\n \n \n /CNW/ - Clarke Inc. (\"Clarke\" or the \"Company\") (TSX: CKI) (TSX: CKI.DB) is pleased to announce that it has acquired the Stanford Inn & Suites located in\n \n Grande Prairie, Alberta\n \n for a purchase price of\n \n $11.6 million\n \n . The purchase price implies a proforma cap rate in excess of 14% based on proforma net operating income\n \n 1\n \n .\n \n \n Clarke is making the acquisition through Holloway Lodging Corporation (\"Holloway\"), a wholly-owned subsidiary of the Company. The Stanford Inn & Suites will be the fifth hotel owned or managed by Holloway in the\n \n Grande Prairie\n \n market.\n \n \n The Stanford Inn & Suites has 206 rooms, the majority of which are kitchenette suites, features SIPPS Bar and Grill, Monica's Family Restaurant, a fitness center, meeting and banquet space and nearly two acres of oversized equipment and truck parking on an adjoining parcel of excess land.\n \n \n \n Tom Casey\n \n , CFO of Clarke and Co-President of Holloway stated: \"This acquisition is a significant milestone, as it is Holloway's first hospitality acquisition since 2016. The acquisition was completed at an attractive price an...