Morguard Corporation Increases Ownership Position in Temple Hotels Inc.

MISSISSAUGA, ON, April 4, 2018

The Common Shares acquired by Morguard represent 2.18% of the issued and outstanding Common Shares of Temple Hotels Inc.

Following the acquisition, Morguard owns 14,795,343 Common Shares, (including Common Shares issuable upon conversion of the convertible debentures) representing 58.53% of the issued and outstanding common shares of Temple (based on the issued and outstanding Temple common shares as of April 1, 2018). Prior to the acquisition, Morguard held 14,136,012 Common Shares representing 55.94% of the issued and outstanding common shares of Temple.

The Units were acquired for investment purposes. Morguard and its affiliates may, from time to time, depending on market and other conditions or relevant factors, increase or decrease its beneficial ownership, control or direction over securities of Temple through market transactions, private agreements or otherwise.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under Temple's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Beverley Flynn at Morguard Corporation, 55 City Centre Drive, Suite 1000, Mississauga, Ontario L5B 1M3.

About Temple Hotels Inc.
Temple is a growth oriented hotel investment company with hotel properties located across Canada. Temple is listed on the TSX under the symbols TPH (common shares) and TPH.DB.E (convertible debentures).

About Morguard Corporation