Morguard's Big Move: A $410M Hotel Portfolio Sale Across Prime Canadian Locations

Morguard's Big Move: A $410M Hotel Portfolio Sale Across Prime Canadian Locations

By Author

Published on January 17, 2024

Morguard Corporation, a prominent player in real estate and property management, has struck an unconditional deal to sell a significant portfolio of 14 hotels spread across Canada. This strategic move aligns with Morguard's focus on core sectors such as office, retail, industrial, and multi-suite residential properties.

A Strategic Divestment
The transaction is expected to rake in gross proceeds of C$410 million ($306.85 million). After repaying a first mortgage debt of C$48.7 million ($36.45 million), the net proceeds for Morguard are estimated to be about C$361.3 million. This sale marks a pivotal shift in Morguard’s asset management strategy.

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Diverse Portfolio in Prime Locations
The portfolio up for sale boasts properties under renowned banners like Hilton, Marriott, and IHG, in addition to independent hotels. These establishments are strategically located in key urban centers, enhancing their appeal and market value. Some of the notable properties include the 144-room Courtyard Marriott Markham, the 144-room Courtyard Marriott Mississauga, and the 115-room Holiday Inn Express in Ottawa.

Morguard Retains Select Properties
Despite this large-scale divestiture, Morguard is retaining ownership of two properties. These include the dual-branded Hilton Garden Inn and Homewood Suites in Ottawa, Ontario, and the Inn at the Quay in New Westminster, British Columbia. This selective retention underscores Morguard’s nuanced approach to portfolio management.

CEO’s Perspective
Morguard Corporation CEO and Chairman, K. Rai Sahi, expressed that the timing is opportune for this divestment, given the current market demand and the enhanced market value of these properties. He emphasized that this strategic decision is aimed at reinforcing the company's balance sheet and maintaining a high-quality portfolio of income-producing real estate.

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Financial Strategy and Closing Conditions
Chief Financial Officer Paul Miatello highlighted the transaction’s role in providing Morguard with heightened financial flexibility. This is especially crucial in the current context of fluctuating interest rates. The completion of this transaction is contingent upon standard closing conditions and is expected to finalize in the first quarter of 2024.

Morguard’s decision to sell its 14-property hotel portfolio represents a significant realignment of its investment focus. By capitalising on the current market dynamics, Morguard is poised to strengthen its financial position and concentrate on its core real estate sectors, ensuring sustainable growth and profitability in the years ahead.


ITC Hotels Signs 145-Key Welcomhotel Property in Salasar, Rajasthan

ITC Hotels Signs 145-Key Welcomhotel Property in Salasar, Rajasthan

By Manu Vardhan Kannan

Published on July 5, 2026

ITC Hotels Limited has signed a management agreement for Welcomhotel by ITC Hotels Salasar, a 145-key property that will be developed in Salasar, Rajasthan. The upcoming hotel is expected to cater to the growing demand for pilgrimage tourism, destination weddings, social events, and leisure travel in one of the state's most visited spiritual destinations.

Spread across six acres, the hotel will further strengthen ITC Hotels' presence in Rajasthan, a key tourism market known for its rich heritage, culture, and religious destinations.

Commenting on the signing, Anil Chadha, Managing Director, ITC Hotels Limited, said, "Rajasthan remains one of India's most loved tourism destinations, drawing visitors through its unique blend of heritage charm, culture, spirituality, and festivity. Salasar occupies a special place within this landscape, attracting visitors from across the globe. With Welcomhotel Salasar, we shall further strengthen ITCHL presence, across various brands in Rajasthan."

Representing the ownership group, Anoop Manglunia and Bajrang Lal Batesar, Directors, Envato Retreats Private Limited, said, "Welcomhotel Salasar is well-suited to the evolving needs of this sacred destination. ITC Hotels’ remarkable service excellence and emphasis on responsible hospitality give us the perfect foundation to elevate the pilgrim experience. We are pleased to associate with a brand that values both comfort and tradition."

Located near the renowned Salasar Balaji Temple, the destination attracts pilgrims from across India and abroad throughout the year. It has also become a preferred location for family functions and social celebrations, creating a growing demand for quality branded accommodation.

The hotel will feature 145 guest rooms and suites, an all-day dining restaurant, a lounge, and around 12,000 sq. ft. of indoor banqueting and event space. Guests will also have access to a swimming pool, spa, fitness centre, and a dedicated kids' club.

Designed with traditional Rajasthani architectural elements such as courtyards, arches, jaalis, and regional motifs, the property aims to offer an authentic hospitality experience inspired by the state's cultural heritage.

The signing is part of ITC Hotels' ongoing strategy to expand its portfolio through management agreements while strengthening its presence in culturally significant and high-growth destinations across India.


ITC Hotels Opens 63-Key Fortune Lakeview Bhimtal in Uttarakhand

ITC Hotels Opens 63-Key Fortune Lakeview Bhimtal in Uttarakhand

By Manu Vardhan Kannan

Published on July 4, 2026

ITC Hotels Limited (ITCHL) has announced the opening of Fortune Lakeview Bhimtal, a 63-key lakeside hotel overlooking the scenic Bhimtal Lake in Uttarakhand. The launch marks the company's 12th property in the state, further strengthening its presence in one of India's growing leisure destinations.

Surrounded by the Himalayan hills, the hotel features thoughtfully designed rooms and suites, with many offering panoramic views of the lake and the surrounding landscape. It also serves as a convenient base for travellers looking to explore the Kumaon region, with easy access to Nainital, Sattal, Naukuchiatal, and Kainchi Dham.

Commenting on the launch, Anil Chadha, Managing Director, ITC Hotels Limited, said, "Uttarakhand holds a special place in our portfolio, and the opening of our 12th hotel in the region speaks of our confidence in its growing appeal among travellers seeking meaningful experiences. Fortune Lakeview Bhimtal marks a happy milestone in our expansion journey around India’s high-growth and emerging leisure markets."

The hotel also caters to business and social events with banqueting and conferencing facilities that can accommodate up to 200 guests. A dedicated boardroom is available for meetings, presentations, and strategy sessions, while the lakeside setting provides an attractive venue for corporate off-sites, leadership retreats, intimate weddings, and social celebrations.

Guests can enjoy a range of wellness and recreational facilities, including an all-weather swimming pool, a fully equipped gymnasium, and a spa that is set to open soon.

The dining options include Zodiac, the hotel's all-day dining restaurant serving local Kumaoni dishes alongside international favourites, and Neptune Bar, offering a selection of wines, spirits, and brews. A rooftop restaurant, Nakshatra, is also expected to open soon, featuring open-air dining with panoramic lake views.

Beyond the hotel, visitors can experience a variety of outdoor activities such as boating and kayaking on Bhimtal Lake, nature walks through pine and oak forests, trekking, mountain biking, birdwatching, and photography. Nearby destinations including Naukuchiatal, Sattal, and Mukteshwar also offer adventure experiences such as paragliding, ziplining, rock climbing, camping, and wildlife spotting.

Hemant Dwivedi, Owner of Fortune Lakeview Bhimtal, said, "The opening of Fortune Lakeview Bhimtal marks an exciting milestone for us. As one of Uttarakhand’s most sought-after leisure destinations, Bhimtal appeals to discerning travellers seeking immersive experiences amidst nature. Together with ITC Hotels, we are committed to creating a distinctive hospitality offering that blends the destination’s charm with world-class service. Fortune Lakeview Bhimtal aims to contribute to Bhimtal’s tourism growth, generate meaningful employment, and emerge as a preferred choice for leisure stays, weddings and corporate retreats."

With this opening, ITCHL's portfolio in Uttarakhand now includes properties in Mussoorie, Haridwar, Rishikesh, Haldwani, Ranikhet, Jim Corbett, Nainital, and Bhimtal, with upcoming hotels planned in Selaqui and Mukteshwar.


Holiday Inn New Delhi Mayur Vihar Noida Celebrates Rajasthan's Culinary Heritage with Rajwada Rang

Holiday Inn New Delhi Mayur Vihar Noida Celebrates Rajasthan's Culinary Heritage with Rajwada Rang

By Manu Vardhan Kannan

Published on July 1, 2026

Holiday Inn New Delhi Mayur Vihar Noida is bringing the rich flavours and traditions of Rajasthan to the capital with "Rajwada Rang", a specially curated Rajasthani Food Festival at Café on 3. The festival is being held from June 26 to July 4, 2026, between 7:00 PM and 11:00 PM, offering guests an authentic taste of the royal state's culinary heritage.

To complement the dining experience, Café on 3 has been transformed with traditional Rajasthani décor, colourful accents and cultural elements that recreate the vibrant charm of Rajasthan, giving guests an immersive cultural and culinary experience.

The festival menu has been curated by Executive Chef Ashutosh Bisht in collaboration with Guest Chef Hem Singh Gurjar from Holiday Inn Jaipur City Centre. A native of Rajasthan, Chef Hem brings generations of culinary expertise and deep knowledge of the state's traditional recipes, ensuring guests enjoy authentic flavours and cooking styles.

The culinary journey begins with comforting soups such as Bajre Ki Raab and Mutton Paya Ka Raab, followed by appetisers including Paneer Rajwada, Kadai Ki Seekh, Jaipuri Tangri Kebab and Jaisalmeri Murgh Malai Roll, each prepared using Rajasthan's distinctive spices and techniques.

Guests can then savour a variety of signature main course dishes such as Rajasthani Kadhi, Dal Marwadi, Gatte Ki Curry and the unique Gulab Jamun Ki Sabzi. The non-vegetarian selection features favourites like Laal Maas and Mutton Banjara, while traditional accompaniments including Bajra Ki Roti and Churma complete the meal.

The festival concludes with a selection of classic Rajasthani desserts, including Ghewar Malai, Alwar Ka Milk Cake and Mawa Kachori, offering guests a sweet finish to the royal feast.

Speaking about the festival, Ashutosh Bisht, Executive Chef, Holiday Inn New Delhi Mayur Vihar Noida, said, "Rajwada Rang is an ode to Rajasthan's rich culinary legacy. By partnering with Chef Hem Singh Gurjar, we have curated a menu that stays true to authentic flavors while offering guests a memorable and immersive dining experience. Every dish tells a story of tradition, culture and the royal heritage of Rajasthan."

Adding to this, Shashi Shankar, Food & Beverage Manager, said, "Beyond the food, Rajwada Rang is about recreating the spirit of Rajasthan. From the vibrant décor to the carefully crafted menu, every element has been designed to transport guests to the royal heartland of India and offer them an unforgettable culinary journey."

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