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 Strengthens Rajasthan Presence with Signing of Welcomhotel Jaipur

ITC Hotels Strengthens Rajasthan Presence with Signing of Welcomhotel Jaipur

By Hariharan U

Published on June 20, 2026

ITC Hotels Limited has announced the signing of a management agreement for a 140-key Welcomhotel by ITC Hotels in Jaipur, marking another significant step in the company’s expansion strategy across key state capitals and high-demand hospitality markets.

The upcoming property will strengthen ITC Hotels’ presence in Rajasthan, a state renowned for its rich cultural heritage, royal architecture, and thriving tourism sector. Jaipur, in particular, continues to attract domestic and international travellers, while remaining one of India’s most sought-after destinations for weddings, celebrations, and business events.

Designed to blend contemporary comfort with the city’s historic charm, Welcomhotel Jaipur will feature well-appointed guest rooms and suites, an all-day dining restaurant, a specialty restaurant, and a lounge bar. The hotel will also offer extensive event infrastructure, including more than 15,000 square feet of indoor banqueting space and 22,000 square feet of landscaped outdoor venues, positioning it as a preferred destination for MICE events and destination weddings.

Guests will have access to wellness and spa facilities, further enhancing the overall hospitality experience.

Commenting on the development, Anil Chadha, Managing Director of ITC Hotels Limited, said Jaipur represents a unique blend of heritage and growing demand for premium hospitality experiences. He noted that the project aligns with the company’s focus on strengthening its presence in high-visibility destinations across India.

Directors of Ashraya Hotels and Resorts Anil Agarwal, Sunil Agarwal, and Peyush Agarwal said the partnership aims to bring world-class hospitality experiences to Jaipur while celebrating Rajasthan’s cultural legacy.

The signing follows ITC Hotels’ recent expansion announcements in Bhubaneswar, Dehradun, and Hyderabad, reinforcing its long-term commitment to growing its hospitality portfolio across emerging and established markets in India.


MRG Group Expands Hospitality Footprint with Launch of Goldfinch Panjim Goa

MRG Group Expands Hospitality Footprint with Launch of Goldfinch Panjim Goa

By Hariharan U

Published on June 20, 2026

MRG Group has announced the launch of Goldfinch Panjim Goa, further strengthening its hospitality presence in one of India's most sought-after leisure destinations. Located in the heart of Panjim and overlooking the scenic Mandovi River, the new property joins the growing Goldfinch Hospitality portfolio across the country.

Designed for both business and leisure travellers, Goldfinch Panjim Goa offers 98 guestrooms, including seven suites, equipped with modern amenities and contemporary comforts. The hotel combines elegant interiors, green surroundings, and a central location to provide guests with a comfortable and convenient stay experience.

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The property's dining offering is anchored by Banjara, the all-day dining restaurant serving a mix of global cuisine and locally inspired dishes that celebrate Goa's rich culinary heritage.

Commenting on the launch, K. Prakash Shetty said the opening reflects the group's continued commitment to expanding its hospitality footprint in high-potential markets while focusing on sustainable growth, operational excellence, and guest-centric experiences.

Gaurav Shetty added that Goa remains one of India's most iconic travel destinations and the launch marks another important milestone in the company's hospitality growth journey.

The launch reinforces MRG Group's long-term expansion strategy, with the company targeting more than 3,500 hotel keys by 2035. The group currently operates several hospitality assets across India, including Goldfinch-branded hotels and partnerships with global hospitality brands.

For more information about the group, visit MRG Group.


International Yoga Day Finds Its Home at Four Seasons Resort Maldives

International Yoga Day Finds Its Home at Four Seasons Resort Maldives

By Hariharan U

Published on June 19, 2026

As the world celebrates International Yoga Day on June 21, wellness takes centre stage at Four Seasons Resort Maldives at Landaa Giraavaru, where yoga, nature, and holistic healing come together in one of the Indian Ocean’s most serene settings.

Nestled within the UNESCO-listed Baa Atoll Biosphere Reserve, the island resort has long been recognised for its immersive approach to wellbeing. Surrounded by turquoise waters and vibrant marine life, the resort offers a tranquil environment where guests can disconnect from daily routines and reconnect with themselves.

At the heart of the wellness experience is AyurMa, the resort’s dedicated wellness sanctuary whose name translates to “Mother of Life” in Sanskrit. Designed around the principles of holistic healing, AyurMa blends yoga, Ayurveda, naturopathy, and mindful living to create personalised wellness journeys.

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For International Yoga Day, guests can participate in a range of yoga experiences tailored to individual needs. Developed in collaboration with S-VYASA University, the resort’s Yoga Therapy programme addresses concerns such as stress management, spinal health, flexibility, and overall wellbeing. Guests can also explore unique experiences including AntiGravity Yoga, Aqua Float Yoga, and Pregnancy Yoga, each designed to make the practice accessible and engaging.

The island setting further enhances the experience, with yoga sessions conducted in open-air pavilions overlooking the lagoon. Guests can also take part in Rahumathuge Vaguthu, a sunset Earth Blessing ceremony that combines mindfulness with gratitude, creating a deeper connection to nature and community.

Complementing the yoga programme is AyurMa’s comprehensive Ayurveda offering, including personalised consultations, Shirodhara treatments, traditional oil therapies, and a Government of Maldives-accredited Panchakarma programme. Guided by Dr. Arun K. Tomson, these therapies are designed to support the body’s natural healing processes and restore balance.

This International Yoga Day, Four Seasons Resort Maldives at Landaa Giraavaru offers more than a wellness retreat—it presents an opportunity to embrace mindfulness, healing, and self-discovery in one of the world’s most extraordinary natural settings.

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