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Canada  + Maritimes  + Ontario  + Pacific Canada  + Hospitality  | 
InnVest and Manga Hotel Group have been identified as the buyers of Morguard's recently sold Canadian 14-hotel portfolio.

Morguard Completes $410M Hotel Portfolio Sale

Morguard has completed the sale of a Canadian 14-hotel portfolio for $410 million to an institutional investor, the company announced Friday.

The 2,248-room portfolio contains Marriott, Hilton, IHG and independent hotels in major urban centres, including the Greater Toronto Area, Ottawa, Halifax and Sudbury, Ont. The largest asset is the 424-room Toronto Airport Marriott.

“We are pleased to have capitalized on the current market demand for high-quality hotels,” said Rai Sahi, Morguard’s chairman and CEO in a news release. “This positions us well for future growth.”

Earlier this month, Mississauga, Ont.-based Morguard announced that it had entered into an unconditional agreement to sell the portfolio. Upon closing the deal, Morguard repaid first mortgage debt totalling $48.7 million, achieving net proceeds of $361.3 million before closing costs and customary adjustments. 

“The liquidity provided by this transaction demonstrates Morguard’s commitment to reduce indebtedness and pursue its core business objective of owning and managing a diversified real estate portfolio of office, industrial, retail, and multi-suite residential properties,” said the company.

Morguard has retained ownership of the dual-brand Hilton Garden Inn and Homewood Suites in Ottawa and the Inn at the Quay in New Westminster, B.C.

Photo: Cambridge Suites Hotel, Halifax/Trip.com

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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