Morguard selling portfolio of 14 hotels across Canada for $410 million
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 08/01/2024 (997 days ago), so information in it may no longer be current.
MISSISSAUGA, Ont. – Morguard Corp. says it has signed a deal to sell a portfolio of 14 hotels for $410 million as part of its plan to focus on its core real estate investments, including office, industrial, retail and multi-suite residential properties.
The package includes Marriott, Hilton, IHG and independent hotels in major cities across Canada.
Morguard chair and chief executive Rai Sahi says the company has strategically divested its hotel portfolio to align with its objectives of strengthening the company’s balance sheet while owning a high-quality portfolio of income producing real estate.
The company will keep ownership of two hotels including the dual-brand Hilton Garden Inn and Homewood Suites in Ottawa and the Inn at the Quay in New Westminster, B.C.
After it repays $48.7 million in first-mortgage debt, Morguard says its net proceeds from the sale will be $361.3 million.
The deal is subject to customary closing conditions and is expected to close in the first quarter of 2024.
This report by The Canadian Press was first published Jan. 8, 2024.
Companies in this story: (TSX:MRC)