Allied Hotel Properties Inc. (“Allied”, stock symbol AHP) today announced that on December 27, 2001 it sold its 65.2% interest in the Delta Vancouver Suites Hotel to its controlling shareholder, Allied Holdings Inc., for gross proceeds of $21.0 million (the “Disposition”). The purchase price for the Disposition was paid through the assumption of debt and the reduction of the outstanding payable owed by the Company to Allied Holdings Inc.
The Disposition is part of the Company’s continuing efforts to improve its financial performance and to enhance shareholder value, and is subject to the approval of the Canadian Venture Exchange.
The Company will retain its interest in six hotel properties with a total of 2,071 rooms located in Greater Vancouver, British Columbia, Edmonton, Alberta and Toronto, Ontario.
Allied is a hotel ownership and management company with hotel properties in Greater Vancouver, Edmonton and Toronto. Its hotel portfolio currently consists of: Crowne Plaza Hotel Georgia, Crowne Plaza Chateau Lacombe, Crowne Plaza Toronto Don Valley Hotel, Delta Pacific Resort & Conference Centre, Delta Vancouver Airport and Holiday Inn Vancouver Downtown Hotel. Interested parties can find further information at www.alliedhotels.com.
On behalf of the Board of Directors:
Mr. Ronald G. Erdman
President and Chief Executive Officer
For more information please contact:
Allied Hotel Properties Inc.
Tel: (604) 689-9318
Fax: (604) 689-9332
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.