Temple Real Estate Investment Trust has signed a deal to buy the Saskatoon Inn and Conference Centre for $37.15 million. The trust said it will also spend $10 million on capital expenditures over the next three years to update and refurbish the hotel. The eight-storey hotel, located near the Saskatoon airport on a 3.7hectare property, has 250 rooms, including 21 suites, as well as 28,000 square feet of meeting and banquet space. The trust said it would finance the deal with a $27.75-million mortgage loan and cash. The acquisition is expected to close Nov. 1.
