Allied Hotel Properties Inc.

March 04, 2010 21:06 ET

Allied Hotel Properties Inc. Announces Agreement to Sell Hotel Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 4, 2010) - On February 22, 2010, Allied Hotel Properties Inc. ("Allied") (TSX VENTURE:AHP), through a wholly owned subsidiary, entered into a hotel purchase agreement with an arm's length third party purchaser (the "Purchaser") whereby Allied agreed to sell and the Purchaser agreed to purchase the Crowne Plaza Chateau Lacombe for the aggregate purchase price of $47.8 million. This transaction is subject to certain conditions for the benefits of the purchaser and the vendor including TSX Venture Exchange approval. The parties anticipate completing the transaction on or about June 21, 2010.

Allied is a hotel ownership and management company. Its hotel portfolio consists of the Crowne Plaza Chateau Lacombe in Edmonton, Alberta and the Toronto Don Valley Hotel & Suites in Toronto, Ontario. Allied also owns an interest in the Residence at Accolade Inc., a condominium development adjacent to the Toronto Don Valley Hotel & Suites. Interested parties can find further information at

On behalf of the Board of Directors:

John R. Ellen

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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