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Clarke Inc. announces acquisition, renovation in Alberta and the Yukon respectively
Clarke Inc. acquires Stanford Inn & Suites, Grande Prairie, Alta. and renovation of Sternwheeler Hotel and Conference Center in Whitehorse, Yukon
Clarke Inc. has announced that it has acquired the Stanford Inn & Suites located in Grande Prairie, Alta. for a purchase price of $11.6 million. The purchase price implies a proforma cap rate in excess of 14 per cent based on proforma net operating income1.
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 Grande Prairie market.
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.
Tom Casey, 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 and cap rate, and we are optimistic of the synergies available to us given our strong presence in the market. The former ownership group fostered a loyal customer base, and we believe it’s a great fit for our hotel portfolio”.
Grande Prairie is located in Northwestern Alberta and beyond its own population of approximately 70,000, also acts as a regional hub serving nearly 300,000 additional residents of Northern Alberta, Northern British Columbia and the Northwest Territories. It is the largest commercial centre in Alberta, north of Edmonton.
Renovation of the Sternwheeler Hotel and Conference Center
The company has also announced that it has completed extensive renovations at the Sternwheeler Hotel and Conference Center. The Sternwheeler Hotel and Conference Center is located in Whitehorse, the capital of the Yukon Territory. The renovation included all guest rooms, common areas, meeting and banquet space, the building’s exterior and included environmentally-friendly heating and cooling improvements. The property has 181 rooms, a restaurant and lounge and 7,000 square feet of meeting and banquet space.
Robert Sherman, COO and co-president of Holloway, stated: “The renovation has repositioned the hotel as one of the première hotels in Whitehorse. We are thrilled with the results and cannot wait for our valued guests from across Canada and beyond to experience the beautifully renovated hotel as tourism begins to rebound in Whitehorse.”