News Press Releases

Skyline Has Signed an Agreement to Purchase 13 Select-Service Hotels in the USA for $135M USD

August 4, 2017

Toronto, Ontario (FSCwire) - Skyline Investments is pleased to announce that it signed a conditional agreement for the purchase of 13 Select-Service hotels in the US for US $135 million (before transaction costs). As part of the agreement, the Company provided a US $1.5 million deposit and received a 50-day exclusivity period for carrying out due diligence. During this period, the Company may terminate the agreement for any reason if the results of the due diligence are not to the satisfaction of Skyline. The Company will have a 45-day closing period after due diligence.

In other news, Skyline Investments Inc. is excited to announce the completion of the sale of the Port McNicoll Project lands for about $42M CAD. The buyer has deposited an initial instalment of about $4.2M CAD with the balance to be paid over next 6 years. This transaction was made as part of Skyline’s current strategy to monetize development lands and acquire more cash-flowing assets.

Skyline Investments is a Canadian company specializing in investments in income-producing hotel real estate in Canada and the USA. The company has holdings in income-producing commercial areas, 1,400 hotel rooms, recreation and ski villages, as well as land reserves adjacent to the development for 3,300 housing units in three main areas north of Toronto.

The company is traded on the Tel Aviv Stock Exchange (ticker: SKLN) and is a reporting issuer under the securities laws of Ontario, Canada.

For more information, please go to our website at www.Skylineinvestments.com, or call Blake Lyon, Chief Executive Officer, at 416 368-2565; or at the Ontario or Israeli Securities regulators www.sedar.com, or www.magna.isa.gov.il

It should be noted that the information and data included in the notice regarding the hotels were provided to the Company by the Seller, but this information and data were not examined by the Company and the financial data is not audited by the Seller's accountants. The notice also includes forward-looking information, as defined in the Securities Law, including, but not limited to, forecasts and assessments regarding the effect of the acquisition transaction on the results of the Company's operations, based on information provided to the Company by the Seller and on the Company's current expectations and assumptions regarding the hotels. These forecasts and assessments may not materialize, in whole or in part, or may materialize differently than expected, including materially. Due to the results of due diligence and due to unforeseeable factors that are not subject to the Company's control, such as significant uncertainty and significant events or processes in connection with the economic situation, the sector in which the Company operates and the competitive position of the Company, as well as significant regulatory changes Due to the Company's risk factors deriving from its operations as published in the Company's periodic and immediate reports.

Any forward-looking information is intended solely for the date to which it relates. Except for the undertaking to disclose information as required by the securities laws applicable to the Company, the Company does not undertake to update or modify any information contained in this notice, whether as a result of new information, future events or other reasons.

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Skyline08042017.pdf
Source: Skyline Investments Inc. (OTC Bulletin Board:SKLN)

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