InnVest and Manga Hotel Group have been identified as the buyers of Morguard’s recently sold Canadian 14-hotel portfolio.

Law firm Borden Ladner Gervais announced that InnVest bought the entire portfolio for $410 million and then sold four of the assets to Manga for $99 million.

BLG represented both Morguard and InnVest. Frank Arnone led the BLG team that represented InnVest. Meanwhile, Aaron Bowler guided the BLG group that acted for Morguard.

Toronto-based Morguard announced the completion of the entire portfolio’s sale for $410 million in gross proceeds without identifying any buyers. InnVest issued a news release stating that it bought 10 hotels, which were known to comprise part of the portfolio sale, but the seller was not disclosed.

The 14 hotels are located in Ontario and Halifax.

InnVest’s 10 newly acquired properties are situated mainly in the Greater Toronto Area and Halifax. The assets include include Marriott Toronto Airport, Courtyard Toronto Airport, Residence Inn Toronto Airport, Hotel Carlingview, Courtyard Vaughan, Courtyard Markham, Residence Inn Markham, Townplace Suites Sudbury, Cambridge Suites Halifax and the Prince George Halifax.

“We are delighted to announce our largest acquisition since 2007 which demonstrates confidence in our vertically integrated hospitality organization and the Canadian hotel market,” Lydia Chen, Toronto-based Innvest’s president and CEO, said in its news release.

The 10-property acquisition expands Innvest’s GTA hotel portfolio to 14 assets, including four assets that the company already owned. The deal also marks InnVest’s return to the Halifax market. Marriott Toronto Airport will continue to be managed by Marriott Hotels, but iHotels will manage the remainder of InnVest’s acquired portfolio.

As for Morguard’s four other former hotels, Manga has tacitly acknowledged that it bought them via InnVest. Without identifying any sources, a Canadian hotel trade magazine reported that Manga bought the hotels from InnVest, and Manga republished the story on its company website.

Toronto-based Manga also announced on LinkedIn that it acquired the properties, but did not identify any sellers. Manga’s newly purchased assets are the Hilton Garden Inn Toronto Airport West, Courtyard by Marriott Mississauga, Cambridge Suites Mississauga, and Holiday Inn Express & Suites Ottawa.

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

Photo: Cambridge Suites Hotel, Halifax/Trip.com