Regina's iconic Hotel Saskatchewan sold for $32.8M
Winnipeg-based Temple Hotels Inc. plans $6M renovations
Regina's iconic Hotel Saskatchewan, a home away from home for the Queen and travelling rock stars alike, has been sold to a Winnipeg-based company.
Temple Hotels Inc. announced Wednesday that a deal had been made to buy the Hotel Saskatchewan for $32.8 million.
"Regina and Saskatchewan as a whole is a great market these days to do business," said, Gino Romagnoli, manager of investor services with the company.
The company plans to spend $6 million over the next three years to fix up the building.
Romagnoli said roughly half of that will go towards updating guest rooms, because right now they're a bit "tired."
"Every several years they do need to be spruced up," he said.
The remainder of the money will be put towards the lobby and reception areas, with $1-million being spent on the hotel's meeting facilities.
Romagnoli says the renovations will not change the atmosphere in the building, adding that great lengths have been taken to preserve the 1920s feel of other Canadian Pacific Railway hotels across the country.
Larry Beeston, the company's chief financial officer, says the Winnipeg company knows the Saskatchewan market quite well and has a strong connection to the province.
"Some of our people are originally from Saskatchewan, so it was a natural fit," Beeston said.
The company's first acquisition was the Temple Garden's Mineral Spa in Moose Jaw, Sask. in 2006.
It has since expanded to 24 hotels, stretching from Vancouver to Halifax.
The Hotel Saskatchewan opened in 1927, and prior to the sale was part of the Radisson chain of hotels.