Temple Hotels has bought Yellowknife's Nova Court apartment hotel for $21.68 million.
The building next to Stanton territorial Hospital was built in 2007 and has four storeys and 106 suites.
The Winnipeg-based real estate trust says it plans to renovate the first floor of the hotel in 2014 to add nine additional hotel rooms and a breakfast room.
In its news release, Temple Hotels says the signing of N.W.T.'s devolution agreement earlier this year has spurred economic growth and increased demand for hotel accommodation in Yellowknife.
Temple Hotel's purchase is scheduled to close at the end of this year. It already owns the Days Inn in Yellowknife.