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.


The Residency Group of Hotels Crowned Overall Champions at SICA Culinary Competition

The Residency Group of Hotels Crowned Overall Champions at  SICA Culinary Competition

By Manu Vardhan Kannan

Published on October 6, 2025

The Residency Group of Hotels has emerged as the Overall Champion, Best Hotel Team at the prestigious South India Chef’s Association (SICA) culinary competition held at Chennai Trade Centre, marking a momentous achievement in the region's most esteemed culinary event.

Competing across 22 diverse categories, team Residency (both culinary and service) showcased exceptional skill and creativity, securing a remarkable 8 Gold, 21 Silver and 30 Bronze medals. Categories ranged from Plated Appetizers, Regional Cuisine, Wedding Cakes, and Plated Desserts to Petit Fours, Innovative Biryani, Dress a Cake, Three-Course Set Dinner, Cocktails and Mocktails, Artistic Pastry Showpieces, and Butter or Margarine Carvings.

This is Asia’s biggest culinary competition spreading over 3 days and this time the participation response has been overwhelming with more than 3200 chefs including culinary students from 6 different countries participated out of which a total of 55 talented chefs represented The Residency Group, making it one of the largest participating hotel teams in the competition. The jury panel comprised of 22 judges invited from 9 countries.

This outstanding success is a testament to the leadership and mentorship of Chef Manoj and Chef John Milton, who spearheaded the team’s month-long preparation. Their hands-on training, deep expertise, and unwavering dedication played a crucial role in honing the participants’ skills, refining their techniques, and instilling the confidence needed to excel under pressure.

“This achievement is a reflection of the passion, discipline, and relentless pursuit of excellence that defines our culinary team,” said Ajeeth Janardhanan - Culinary Director at The Residency Group of Hotels. “From the first day of training to the final presentation at the competition, our chefs demonstrated not only technical brilliance but also creativity and teamwork. Winning the Overall Champion title at SICA is a proud moment for us, and a testament to the high standards we uphold across our kitchens.”

This landmark achievement further cements The Residency Group of Hotels as a leading force in South India’s hospitality and in culinary landscape.

About Residency Group:

Presenting world-class boutique hotels in South India, our hotels exude the cultural ethos of the land. Living up to its moniker, The Residency hotels in India offers unparallel and phenomenal spaces for a homely living experience. From elegant cities like Chennai and Coimbatore to charming towns like Karur, Puducherry and Rameswaram, The Residency promises beautifully curated experiences for its discerning guests.


Hyatt Signs The Landmark Kanpur as India’s Second JdV by Hyatt Hotel

Hyatt Signs The Landmark Kanpur as India’s Second JdV by Hyatt Hotel

By Hariharan U

Published on October 3, 2025

Hyatt Hotels Corporation has announced the signing of The Landmark Kanpur, which will soon join the JdV by Hyatt portfolio, becoming India’s second hotel under this lifestyle brand. The property, owned by Som Datt Landmark Hotels and Recreations Private Limited, is set to open in 2026.

Located in one of Kanpur’s most prestigious neighbourhoods, the hotel is being thoughtfully restored to reflect the JdV by Hyatt ethos while building on The Landmark’s rich legacy in the city. Once open, it will feature 170 guest rooms, a spa, four food and beverage outlets, and expansive event spaces, including a 7,200 sq. ft. lawn on the 21st floor, designed to serve both corporate travellers and social gatherings.

The JdV by Hyatt brand short for joie de vivre is known for its vibrant, independent hotels that capture the spirit of their neighbourhoods while offering heartfelt, joy-driven hospitality. With this signing, Hyatt continues to expand its presence in India’s fast-growing lifestyle and experience-driven hotel segment.

Speaking on the development, Dhruva Rathore, Vice President, Real Estate & Development for India & South West Asia, Hyatt, said, “We're thrilled to welcome The Landmark Kanpur to the JdV by Hyatt family. This association reflects our commitment to collaborating with exceptional local operators to deliver unique guest experiences in promising markets. Building on The Landmark's esteemed legacy in Kanpur, we're excited to take this property to new heights.”

Echoing the sentiment, Vikas Malhotra, Managing Director, Som Datt Landmark Hotels and Recreations Pvt. Ltd., added, “As Kanpur’s first and only five-star hotel, The Landmark has long been a pioneer in the city’s hospitality landscape. Collaborating with Hyatt and joining the JdV by Hyatt brand marks an exciting new chapter – one that brings global standards of service while retaining our deep local roots. We look forward to welcoming guests to an enhanced, reimagined experience.”

This signing underscores Hyatt’s strategy to strengthen its lifestyle portfolio in India, offering travellers distinctive stays that combine global quality with strong local character.


Sterling Opens Rampath Ayodhya Resort, Blending Devotion with Comfort

Sterling Opens Rampath Ayodhya Resort, Blending Devotion with Comfort

By Hariharan U

Published on October 3, 2025

Sterling Holiday Resorts has expanded its footprint into Uttar Pradesh with the launch of Sterling Rampath Ayodhya, its 67th property and 57th destination. Located just steps away from the ceremonial Ram Path, the hotel offers pilgrims, families, and culture-seekers a perfect retreat while visiting the Ram Mandir.

With this opening, Sterling marks its 11th spiritual location, reinforcing the brand’s vision of offering journeys that balance devotion with modern comfort. The move comes at a time when Ayodhya is emerging as one of India’s most significant spiritual destinations, attracting a rising wave of travellers seeking cultural immersion.

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The boutique hotel features 35 thoughtfully designed rooms, across Cocoon Double, Deluxe, and Classic categories, crafted to provide calm and comfort after temple visits. Dining is led by The Divine, a pure-veg restaurant serving sattvic-inspired meals, with special Jain options available on request reflecting the ethos of Ayodhya itself.

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Speaking about the launch, Vikram Lalvani, MD & CEO of Sterling Holiday Resorts, said, “Ayodhya is at the heart of India’s spiritual and cultural renaissance. Sterling Rampath Ayodhya is more than a hotel — it is a gateway to devotion and discovery, serving guests who arrive with faith, families, and a sense of cultural curiosity.”

Adding to this, Rishi Uppal, Director, Kalyan KK Hotels India Pvt Ltd., shared, “Ayodhya is emerging as one of India’s most important spiritual destinations. Our vision was to create a property that not only serves pilgrims with comfort and care but also honours the cultural fabric of the city. In Sterling, we found a partner who shares this vision.”

Sterling’s spiritual portfolio has been growing steadily, with recent openings in Guruvayur, Vellore, and Rudraprayag. The addition of Ayodhya strengthens the company’s mission to bring together tradition, devotion, and hospitality across sacred destinations in India.

About Sterling Holiday Resorts Ltd.

Sterling Holiday Resorts Limited is among India’s leading hospitality brands, with 64 resorts, hotels, and retreats across 55 unique destinations, offering over 3,400 rooms. Its properties cover hills, beaches, jungles, pilgrimage sites, heritage towns, and drive-to locations. The company caters to leisure travellers, MICE, weddings, and group events. Sterling is a 100% independently managed subsidiary of Thomas Cook (India) Ltd., part of Fairfax Financial Holdings Limited.

For bookings and more information, visit www.sterlingholidays.com

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