The review will evaluate Temple's portfolio of properties, along with analyzing operational efficiencies. Morguard's recent management takeover along with its increasing stake in Temple can be viewed as a positive for both investors and bondholders. Morguard is a large company with nine hotels already in its portfolio and significant assets across all types of real estate investments. Its recent purchase of nearly 74% of Temple's newly issued shares appears to indicate that Morguard's interest in Temple is more long term than short term. The fact that Morguard has invested over $80 million in Temple likely means it sees opportunity in Temple. It also means Morguard is unlikely to walk away or risk losing its investment. Recovery at Fort McMurray As of September 30, 2016, all nine Fort McMurray, Alberta, properties had been reopened following the mandatory evacuation for wildfires in early May 2016. Some properties were only closed a few days, most were operational within four or five weeks, while the longest closure lasted until mid-September. The impact of the lost revenue was evident in the company's Q2 results, with Fort McMurray properties posting a 33.8% decline year over year. By Q3, however, revenues in Fort McMurray had all but recovered, with hotel revenues down only 6.5% year over year.
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But it has said formal negotiations on the UK's exit package will be triggered by the end of March. The PM's speech will be closely-watched for signals on what the UK's future trading relationship with the EU could look like, in particular its involvement in the single market and the customs union. EU leaders have said the UK cannot "cherry pick" access to the single market while restricting the free movement of people, and Mrs May has suggested curbing migration will be her top priority. Labour's Sir Keir Starmer, the Shadow Brexit secretary, said the UK should stay in the customs union. He told BBC Newsnight: "We have to decide how we front up to these negotiations. We need to aim for the best deal for the UK. "That's the deal that works for trade, it's a deal that accepts there has to be change on freedom of movement rules. That's the starting position. "Preserving our ability to trade successfully in Europe has to be the priority for business.