Morguard Corporation has agreed to sell a portfolio of 14 high-quality hotels as part of the company’s move to focus on core real estate investments, including office, industrial, retail, and multi-suite residential properties. The buyer’s identity has not been disclosed.

The deal is valued at gross proceeds of $410 million. After repaying first-mortgage debt totalling $48.7 million, Morguard will receive net proceeds of $361.3 million.

Included in the deal are Marriott, Hilton, IHG, and independent hotels located in major urban centers across Canada.

Upon deal completion, Morguard will retain ownership of two hotels including the dual-brand Hilton Garden Inn and Homewood Suites in Ottawa and the Inn at the Quay in New Westminster, B.C.

The deal is expected to close in the first quarter of 2024, subject to customary closing conditions.