Business
WestCap Investments Corp. agrees to purchase Maryland Hotel as its qualifying transaction
MISSISSAUGA, ON , April 10, 2014 /CNW/ - WestCap Investments Corp. ("WI" or the "Company"...
About this update from R&r Real Estate Investment Trust
[{"type":"text","content":"\n\nMISSISSAUGA, ON, April 10, 2014 /CNW/ - WestCap Investments Corp. (\"WI\" or the \"Company\") (TSX VENTURE: WI.P), a capital pool company, is pleased to announce that it has entered into a purchase and sale agreement dated April 10, 2014 to acquire the Red Roof Inn located at 827 Elkridge Landing Road, Linthicum Heights, Anne Arundel County, Maryland 21090 (the \"Property\"), as its \"Qualifying Transaction\" (as that term is defined in TSX Venture Exchange (\"TSXV\") Policy 2.4 – Capital Pool Companies).\n\nThe Property is a 3 storey, 132 room limited service hotel built in 1986 and renovated in 2013.  The Property is located close to major regional roadways including interstates 95, 295 and 695 and is approximately 1.5 miles northwest of the Baltimore Washington Thurgood Marshall Airport.  The purchase price for the Property is US$8,500,000 (the \"Purchase Price\"), excluding closing costs and adjustments and brand mandated property improvement plan.  WI intends to satisfy the Purchase Price through a combination of cash and the issuance of Class B units of a subsidiary US LP.  WI has paid a refundable deposit in the amount of US$20,000, which will become non-refundable upon satisfaction or waiver of WI's due diligence condition in respect of the acquisition.\n\nThe following table highlights additional information about the Property:\n\n\n\n\nYear\n\nBuilt\n\n\nYear\n\nRenovated\n\n\nRooms\n\n\nNOI\n\n(LTM)\n\n\nCap rate\n\n(NOI)\n\n\nOccupancy\n\n(LTM)\n\n\nADR\n\n(LTM)\n\n\nRevPAR\n\n(LTM)\n\n\n\n1986\n\n\n2013\n\n\n132\n\n\n$762,608\n\n\n9.0%\n\n\n73.5%\n\n\n$62.0\n\n\n$45.6\n\n\n\n\n\n\n\nNotes:\n\n\nNOI = net operating income. See also \"Non-IFRS Measure\"\n\n\n\n\nLTM = last 12 months ended December 31, 2013\n\n\n\n\nADR = average daily rate per room\n\n\n\n\nRevPAR = revenue per available room\n\nThe sellers of the Property are R-Roof Assets, LLC and RRI BWI, LLC (collectively, the \"Sellers\"), two Delaware limited liability companies.  The Sellers do not act at arm's length to WI and as such, the acquisition will be a Non-Arm's Length Qualifying Transaction (as that term is defined in TSX Policy 2.4).\n\nThe acquisition of the Property will form part of a series of transactions relating to the conversion (the \"REIT Conversion\") of WI into a real estate investment trust (\"REIT\")...