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Canada  + Maritimes + Ontario + Pacific Canada  + Hospitality  |  January 8, 2024
InnVest and Manga Hotel Group have been identified as the buyers of Morguard's recently sold Canadian 14-hotel portfolio.
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By: Monte Stewart

Morguard to Sell 14 Canadian Hotels for $410M

Morguard has agreed to sell a portfolio of 14 Canadian hotels for $410 million.

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.

Mississauga, Ont.-based Morguard announced the deal in a news release but did not provide information on any buyers. The agreement is unconditional and aligns with Morguard’s commitment to optimize its real estate portfolio by focusing on core real estate investments, including office, industrial, retail and multi-suite residential properties, the company said.

“Morguard has strategically divested our hotel portfolio to align with our objectives of strengthening the company’s balance sheet while owning a high-quality portfolio of income-producing real estate,” said Rai Sahi, Morguard’s chairman and CEO.

The deal is expected to close in the first quarter of 2024.

Morguard will retain 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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