An unknown buyer agreed to acquire 14 High-Quality Hotels in Canada from Morguard Corporation (TSX:MRC) for CAD 410 million on January 8, 2024. The transaction will result in gross proceeds of CAD 410 million, before customary adjustments and closing costs. Upon completion of the transaction, Morguard will repay first-mortgage debt totaling CAD 48.7 million, providing the company with net proceeds of CAD 361.3 million.

The 14 High-Quality Hotels consists of Courtyard Marriott Markham, Residence Inn MAn An undisclosed buyer acquired 14 High-Quality Hotels in Canada from Morguard Corporation (TSX:MRC) for CAD 410 million on January 8, 2024. The hotels are Marriott ? Markham, Courtyard Marriott Mississauga, Hilton Garden Inn Toronto Airport West, Cambridge Suites Mississauga, Holiday Inn Express, Towne Place Suites by Marriott, Courtyard by Marriott Toronto Airport, Hotel Carlingview Toronto Airport, Residence Inn by Marriott Toronto Airport, Toronto Airport Marriott, Courtyard Marriott Vaughan, Cambridge Suites Hotel Halifax and The Prince George Hotel.

The portfolio of hotels is in major urban centers across Canada, including the Greater Toronto Area (specifically Toronto, Mississauga, Markham, Vaughan), Ottawa, Halifax, and Sudbury. Morguard will retain ownership of two hotels: the dual-brand Hilton Garden Inn and Homewood Suites in Ottawa, Ontario and Inn at the Quay in New Westminster, British Columbia. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2024.