Investments

 

Super 8 Motels

On March 1, 2004 the Partnership acquired a 45 per cent ownership interest in Western First Nations Hospitality Limited Partnership (WFNHLP) which was created to purchase and operate the Super 8 Motels in Meadow Lake, Prince Albert and Saskatoon.

The other partners in WFNHLP include Peter Ballantyne Developments Limited Partnership (45 per cent) and the Meadow Lake First Nations (10 per cent).

In total, the three Super 8 Motels contain 177 guest rooms. WFNHLP sold 836,820 new partnership units to MLTC Resource Development LP for $2.0 Million thereby increasing their ownership position in WFNHLP from 10% to 20%.

WFNHLP also purchased the Perfect Inns & Suites in Estevan, Saskatchewan for $7.4 million and intends to upgrade and convert the property to a Super 8 Motel by December 2010.