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.


Mountain View Luxury at Fortune Resort Kalimpong

Mountain View Luxury at Fortune Resort Kalimpong

By Hariharan U

Published on August 12, 2025

Nestled high in the serene hills of Kalimpong, Fortune Resort by ITC Hotels offers guests a seamless blend of nature’s splendour and contemporary hospitality. With panoramic views stretching from snow-capped Himalayan peaks to lush valleys and sprawling tea gardens, the resort is a tranquil sanctuary for those seeking both rejuvenation and inspiration in the Eastern Himalayas.

The property’s thoughtfully designed rooms and suites strike a balance between elegance and warmth. Modern amenities meet classic charm, with large windows framing postcard-worthy landscapes that change with the mountain light from soft morning hues to dramatic sunsets.

Food is an experience in itself at Fortune Resort Kalimpong. The signature restaurants showcase a culinary journey that spans the globe from authentic Himalayan delicacies to refined international fare. Guests can enjoy their meals in stylish indoor dining spaces or opt for scenic outdoor settings where the crisp mountain air elevates every flavour.

Beyond the property, the resort offers an array of curated experiences. Nature lovers can venture into pine-scented forests on guided trails, while culture enthusiasts can immerse themselves in Kalimpong’s rich heritage through local tours and interactions. For those who simply wish to slow down, the peaceful surroundings offer a perfect backdrop for quiet contemplation.

Fortune Resort Kalimpong is equally adept at hosting intimate getaways and grand celebrations. Whether it’s a romantic escape, a family holiday, a wedding, or a corporate retreat, the property’s versatile spaces, personalised service, and breathtaking vistas create an unforgettable setting for every occasion.

With ITC Hotels legendary hospitality as its foundation, every stay here is infused with warmth, attention to detail, and a deep connection to place. At Fortune Resort Kalimpong, every sunrise feels like a painted masterpiece, and every moment lingers long after the journey home.


Lemon Tree Hotels Expands Footprint in Uttar Pradesh with New Chandausi Property

Lemon Tree Hotels Expands Footprint in Uttar Pradesh with New Chandausi Property

By Hariharan U

Published on August 10, 2025

Lemon Tree Hotels Limited has announced the opening of Lemon Tree Hotel, Chandausi, its eighth property in Uttar Pradesh. The 61-room property is set to launch in two phases, with Phase I debuting 31 well-appointed rooms, the Citrus Café multi-cuisine restaurant, and expansive banquet spaces.

Phase II will follow with the remaining 30 rooms and suites, along with Republic of Noodles, the brand’s signature Pan-Asian restaurant, a Pool Bar & Grill, fitness centre, swimming pool, and additional banquet facilities.

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Chandausi, located in the Sambhal district, is a quaint yet well-connected town whose name derives from “Chanda Si” meaning “moon-like”. Positioned strategically on the railway route linking Moradabad, Bareilly, and Delhi, the city offers strong connectivity while preserving its small-town charm.

Commenting on the launch, Vishvapreet Singh Cheema, President, Lemon Tree Hotels, said, We are pleased to announce the furthering of our footprint in Uttar Pradesh with the launch of our new property in Chandausi. This aligns with our vision of establishing a presence across India in cities across all tiers to become the most preferred hospitality chain in the country.”

With its blend of modern amenities and strategic location, Lemon Tree Hotel, Chandausi aims to cater to both business and leisure travellers seeking a fresh, vibrant stay experience in this historic town.


juSTa Hotels & Resorts to Launch Heritage-Inspired jüSTa Kashi Parampara in Varanasi by August 2025

juSTa Hotels & Resorts to Launch Heritage-Inspired jüSTa Kashi Parampara in Varanasi by August 2025

By Nishang Narayan

Published on August 9, 2025

jüSTa Hotels & Resorts, operated by Onora Hospitality Pvt. Ltd., is all set to make its Uttar Pradesh debut with the launch of jüSTa Kashi Parampara in August 2025. This will be the boutique brand’s 26th hotel in India and its first in the spiritual city of Varanasi.

Located just 800 meters from the iconic Assi Ghat, jüSTa Kashi Parampara occupies an 80-year-old ancestral home, transformed into a hotel for the first time. Offering a seamless blend of heritage and design, the property promises a deeply immersive stay experience in the cultural heart of India.

“This project is close to our hearts, not just because of its unique character and location, but because it continues our commitment to preserving and reviving heritage properties across India. We started this initiative with jüSTa Diwans Bungalow in Ahmedabad last year and this is the second heritage property we are converting into a jüSTa hotel,” said Ashish Vohra, Founder & CEO, jüSTa Hotels & Resorts.

The two-storied bungalow has been reimagined into 14 well-appointed rooms, including two elegant suites, all built around a central courtyard. Interiors in earthy tones create a serene contrast to Varanasi’s bustling atmosphere, making it an ideal retreat for wellness and spiritual travellers.

Heritage elements such as 100-year-old handcrafted wooden pillars, sandstone jali work from Jodhpur, and high ceilings enhance the haveli-like charm. The hotel will serve only vegetarian food, with guests enjoying local and international cuisine at the in-house multi-cuisine vegetarian restaurant.

With its understated exterior and tranquil interiors, jüSTa Kashi Parampara is poised to offer travellers an authentic yet luxurious Banaras experience when it opens in August 2025.

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