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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 DivestmentThe 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.
Diverse Portfolio in Prime LocationsThe 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 PropertiesDespite 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 PerspectiveMorguard 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.
Financial Strategy and Closing ConditionsChief 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.
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By Hariharan U
Published on April 28, 2026
Sayaji Kolhapur marked Earth Day with a citywide tree plantation drive, reinforcing its commitment to sustainability and community engagement.
The initiative brought together the hotel’s leadership team, department heads, and staff members, all of whom actively participated in planting saplings across the city. The drive was designed not only to enhance Kolhapur’s green cover but also to foster a deeper sense of environmental responsibility within the community.
Extending the impact beyond the activity itself, the hotel also distributed plant saplings to its corporate guests. This gesture encouraged guests to adopt eco-conscious practices and contribute to sustainable living in their own spaces.
Commenting on the initiative, Mukesh Rakshit said, “At Sayaji Kolhapur, we believe that meaningful change begins with small, consistent actions. This Earth Day initiative reflects our commitment to sustainability and our responsibility towards the community and environment. By involving our team and guests, we hope to inspire a larger movement towards greener, more mindful living.”
The plantation drive aligns with the hotel’s broader vision of integrating sustainability into its operations and guest experiences. Through such initiatives, Sayaji Kolhapur continues to promote environmentally responsible practices while encouraging collective participation.
With this Earth Day effort, the hotel reinforces its commitment to creating a positive environmental impact—one sapling at a time.
By Manu Vardhan Kannan
Published on April 27, 2026
Taj Chandigarh has marked a major milestone by achieving the EarthCheck Platinum Certification for 13 consecutive years. This recognition highlights the hotel’s consistent efforts towards sustainability and responsible operations, setting it apart as a leader in eco-conscious hospitality.
The certification is awarded by EarthCheck, a globally recognised scientific benchmarking and certification body for the travel and tourism sector. Earning Platinum status is a significant achievement, given that it requires at least 10 continuous years of verified performance across key sustainability measures. By maintaining this level for 13 years, Taj Chandigarh has gone beyond the standard and strengthened its position in responsible hospitality.
This achievement also reflects the larger vision of The Indian Hotels Company Limited (IHCL), under which Taj Chandigarh operates. Across its portfolio, IHCL has focused on reducing energy use, conserving water, and cutting down waste, all while ensuring a high-quality guest experience. The EarthCheck framework also aligns with global sustainability goals, including the United Nations Sustainable Development Goals (SDGs), making these efforts part of a broader purpose.
Speaking on the milestone, Surinder Singh, Area Director – Operations & General Manager, Taj Chandigarh, said,
“Achieving EarthCheck Platinum Certification for 13 consecutive years is a proud milestone for us. It reflects our deep-rooted commitment to sustainability and responsible hospitality. At Taj Chandigarh, we believe that luxury and environmental responsibility must go hand in hand and this recognition reinforces our continued efforts towards creating a greener future.”
Ankur Sharma, Chief Engineer, Taj Chandigarh, added, “This achievement is the result of consistent efforts, innovation and a strong focus on resource efficiency. From energy conservation to water management and waste reduction, our teams work tirelessly to ensure that sustainability is embedded in every aspect of our operations. We remain committed to enhancing our practices and setting new benchmarks in environmental performance.”
With travellers increasingly looking for responsible and sustainable choices, recognitions like this build trust and confidence. Taj Chandigarh’s continued success with EarthCheck Platinum not only celebrates a long-standing achievement but also sets a strong example for the hospitality industry, showing that luxury and sustainability can go hand in hand.
Published on April 26, 2026
Marking Earth Day, The Leela Gandhinagar has introduced an immersive e-cycle experience in collaboration with Svitch, reinforcing its focus on sustainability-led luxury.
The initiative is designed to offer guests a low-impact, mindful way to explore Gandhinagar, encouraging slower, more conscious travel while reducing carbon footprint. By integrating eco-friendly mobility into the guest journey, the hotel continues to position sustainability as a core element of its hospitality experience.
Set against the city’s serene surroundings, the e-cycle experience allows guests to engage more deeply with their environment, blending wellbeing, exploration, and environmental responsibility. The offering reflects a broader shift in luxury travel, where guests are increasingly seeking experiences that are both meaningful and sustainable.
Commenting on the initiative, Vikas Sood, General Manager, highlighted the hotel’s commitment to creating experiences that are enriching while embedding responsible practices into everyday operations.
The launch was complemented by an Earth Day cyclethon, bringing together guests, hotel associates, and members of the local community. The activity aimed to foster a shared sense of responsibility towards sustainable living, while encouraging active participation in eco-conscious initiatives.
Following the ride, guests experienced the hotel’s signature Aujasya breakfast, aligning the sustainability narrative with wellness-focused dining.
Through initiatives like this, The Leela Gandhinagar continues to evolve the concept of responsible luxury, where sustainability is seamlessly integrated into the guest experience, enhancing both comfort and awareness.
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