TORONTO — Morguard Corporation has confirmed the completion of its previously announced sale of a portfolio of 14 high-quality hotels for gross proceeds of $410 million, with 10 hotels acquired by InnVest Hotels and four hotels acquired by Manga Hotel Group.
InnVest Hotels has acquired 10 Ontario and Halifax hotels. The portfolio includes a mix of focus service, extended-stay and full-service hotels with 1,737 guestrooms and 40,000 sq. ft. of meeting and convention space.
The portfolio of hotels include Marriott Toronto Airport, Courtyard Toronto Airport, Residence Inn Toronto Airport, Hotel Carlingview, Courtyard Vaughan, Courtyard Markham, Residence Inn Markham, Towneplace Suites Sudbury, Cambridge Suites Halifax and The Prince George Halifax. This acquisition adds to the company’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.
Aside from the Marriott Toronto Airport, which will continue to be managed by Marriott Hotels, the portfolio will be managed by iHotels. The acquisition will grow InnVest’s Marriott branded franchise and managed portfolio to 14 hotels, making it one of the largest owners of the brand in Canada.
“We’re delighted to announce our largest acquisition since 2007 which demonstrates confidence in our vertically integrated hospitality organization and the Canadian hotel market,” says Lydia Chen, president and CEO of InnVest. “We welcome the 766 new team members that have joined our organization.”