ST. JOHN’S, N.L. — Fortis Inc. announced that it has signed an agreement for the sale of the Fortis Properties Corporation’s hotel assets to a private investor group for $365 million.
The deal, announced last week, includes a portfolio of 22 hotels located across Canada. The transaction is subject to certain closing conditions and is expected to be completed this fall.
This move follows the completion of the $430 million sale of Fortis Properties’ commercial real estate portfolio last month as Fortis continues to tighten its focus on it electric and gas utility business.
“The disposition of these hotel and real estate assets is consistent with the corporation’s focus on its core utility business,” said Barry Perry, president and CEO of Fortis. “Post-closing of the hotel transaction, virtually all of the corporation’s assets will be comprised of regulated utilities and long-term contracted energy infrastructure.”