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.

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.

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.

Join the Breast Cancer Awareness Talk Show at Eros Hotel

By Nishang Narayan

Published on October 18, 2024

In a meaningful initiative to raise awareness during Breast Cancer Awareness Month, Eros Hotel, Nehru Place, is hosting an informative talk show on breast cancer awareness. The event, scheduled for October 21st, 2024, will be held at the Lyutens Lounge from 3:00 PM to 4:00 PM.

The talk show will be hosted by Ms. Rekha Gulabani, a dedicated representative of the Indian Cancer Society, who has been actively working to spread awareness about breast cancer prevention, early detection, and support for those affected.

Eros Hotel aims to bring the community together in this critical effort to educate and inspire people about the importance of breast cancer awareness. With breast cancer being one of the most common cancers affecting women worldwide, this event provides an essential platform to learn, engage, and take action.

The hotel invites guests, local residents, and supporters to join this impactful event. Together, we can make a difference by promoting awareness and early detection, which could potentially save lives.

Event Details:

Date: October 21st, 2024
Time: 3:00 PM - 4:00 PM
Venue: Lyutens Lounge, Eros Hotel, Nehru Place

In the words of the Eros Hotel team:
"We are excited to welcome our guests to this vital event and hope that by uniting in this mission, we can contribute to raising awareness and supporting a cause that touches many lives."

This Breast Cancer Awareness Month, let’s stand together, learn, and take action to support those impacted by breast cancer and work toward a future where early detection and effective treatment become a reality for everyone.

For more information and participation details, please contact the Eros Hotel team at Nehru Place.

IHCL Expands to Prayagraj with New Gateway Hotel Signing

By Nishang Narayan

Published on October 18, 2024

Indian Hotels Company Limited (IHCL) is expanding its footprint in Prayagraj, Uttar Pradesh, by signing a new 150-key Gateway hotel. This greenfield project will be developed in partnership with Ecavo Hospitality Private Limited, marking IHCL's strategic move into emerging markets in Tier II and III cities.

Suma Venkatesh, Executive Vice President - Real Estate & Development, IHCL, emphasized the importance of Prayagraj, saying: “Prayagraj, with its rich cultural and religious heritage, is a significant destination for both pilgrims and leisure tourists. This signing aligns with our strategy to tap into emerging markets.”

The Gateway Prayagraj will offer a seamless blend of contemporary design and local architectural influences, giving guests a unique experience. The hotel will feature an array of culinary options, including an all-day diner, specialty restaurant, bar, and lounge. Guests can also enjoy a state-of-the-art gym, swimming pool, and spa for relaxation and fitness.

With over 5000 square feet of banqueting space, the hotel will cater to both social and corporate events, making it a prime choice for gatherings in the region.

Abhishek Gupta, Managing Director of Ecavo Hospitality, expressed his excitement: “We are thrilled to partner with IHCL to bring the Gateway brand to Prayagraj. This hotel will offer domestic and international travelers an unmatched experience.”

IHCL continues to lead the hospitality sector with its renowned brands like Taj, SeleQtions, Vivanta, and Ginger, each providing exceptional services that fuse Indian warmth with world-class hospitality.

For more details, visit the official IHCL website or follow @indianhotelscompany on Instagram.

InterContinental Maldives Maamunagau Resort Launches Limited-Time Offer

By Nithyakala Neelakandan

Published on October 16, 2024

InterContinental Maldives Maamunagau Resort has announced a special offer, giving guests the chance to extend their stay with added benefits. Nestled near a UNESCO Biosphere Reserve, the resort provides a unique blend of luxury and natural beauty, with the nearby lagoon offering a home to diverse marine life, including a manta ray sanctuary.

The resort’s Stay More, Pay Less promotion allows guests to enjoy complimentary nights based on their booking:

Stay 4, Pay 3

Stay 8, Pay 6

This limited-time offer applies to the resort’s Best Flexible Rates and includes exclusive benefits to enhance the guest experience.

Exclusive Club InterContinental Benefits:

Bottle of champagne upon arrival
Special welcome amenity
$100 resort credit per villa, once per stay
$200 resort credit per residence, once per stay
Daily “Sleep Well” turndown service
Unlimited Wi-Fi access
Early check-in and late check-out

Resort Benefits Include:

Private Mercedes transfer to and from the seaplane terminal
Private lounge access at the seaplane terminal
Personalized services with an Island Curator and 24-hour e-Curator service
Complimentary non-motorized water sports
A 30-minute photo shoot with one complimentary printed picture

This special offer is valid until December 23, 2025, providing ample time for travelers to take advantage of the resort’s luxurious amenities and serene surroundings.

Welcome to post your talent

A platform dedicated to showcase the skills and creativity of hospitality professionals. Share your articles, videos and other content related to the industry and get recognized for your unique perspective and expertise. By posting your content and gaining likes from your own community, we'll categorize your talents and expose them to the hospitality world. Join our community of passionate hospitality professionals and let your talent shine!.