The company owning Temple Gardens Mineral Spa lost money again last year.
The Temple Real Estate Investment Trust lost $31.9 million in 2018 compared with a $23 million loss in 2017.
Revenue from 28 properties was $165.8 million, an increase of $3.2 million.
For the first time in three years debt was more than assets. Yearend debt was $459.1 million. Total assets were valued at $448.8 million.
Hotel occupancy rates of 62 per cent were the same as in 2017 but occupancy at the nine higher-priced Fort McMurray properties of 44 per cent was down four points.
The REIT is 55 per cent owned by the $2.5 billion Morguard Trust. Temple Gardens Mineral Spa was the first hotel acquired by the REIT in 2006.
Ron Walter can be reached at [email protected]
