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Morguard’s $410M sale of hotels to InnVest Hotels & Manga Hotel Group
INSIDE THE DEAL: Morguard Corporation has confirmed the completion of its previously announced sale of a portfolio of 14 high-quality hotels for gross proceeds of $410.0 million—with 10 hotels acquired by InnVest Hotels and another 4 acquired by Manga Hotel Group.
"The successful conclusion of this deal is a testament to the appeal of our hotel portfolio and the strength of Morguard's management over the years," said K. Rai Sahi, chairman and chief executive officer, Morguard. "We are pleased to have capitalized on the current market demand for high-quality hotels. This positions us well for future growth."
InnVest Hotels acquired 10 Ontario and Halifax Hotels in the deal. The high-quality portfolio includes a mix of focus service, extended-stay and full-service hotels with 1,737 guestrooms and 40,000 square feet of meeting and convention space. Acquired hotels 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.
This acquisition adds to InnVest’s existing Greater Toronto Area hotel portfolio and marks its return to the Halifax market. Many of the hotels will undergo a multi-faceted renovation over the coming years to elevate the guest experience.
"We are delighted to announce our largest acquisition since 2007 which demonstrates confidence in our vertically integrated hospitality organization and the Canadian hotel market. We welcome the 766 new team members that have joined our organization," said Lydia Chen, president and CEO of InnVest.
Aside from the Marriott Toronto Airport, which will continue to be managed by Marriott Hotels, the hotel portfolio will be managed by iHotels. The acquisition will grow InnVest's Marriott branded franchise and managed portfolio to 14 hotels making us one of the largest owners of the brand in Canada.
Manga Hotel Group acquisitions
Manga Hotel Group has acquired four hotels in the deal—Hilton Garden Inn Toronto Airport West, Courtyard by Marriott Mississauga, Cambridge Suites Mississauga, and Holiday Inn Express & Suites Ottawa West.
“This strategic move marks an exciting expansion for our organization," says Sukhdev Toor, president and CEO of Manga Hotels, “This further deepens our presence in Ontario, serving the Greater Toronto Area, and adding to Ottawa where we acquired the 498-key full-service Ottawa Marriott in July of last year.”
With this acquisition, Manga Hotels increases its Hilton portfolio to 14 properties and its Marriott portfolio to 7 properties.
Manga Hotels is one of the largest privately held companies in Canada specializing in the acquisition, development, and management of real estate. The company focused on high-quality residences, independent hotels and hotels affiliated with brands such as Marriott, Hilton, Hyatt, and InterContinental Hotel Group in Canada and the United States.