Parties
Company
Morguard Corporation
Company
InnVest Hotels
Company
Manga Hotel Group
On January 18, 2024, Morguard Corporation sold a portfolio of 14 hotels to InnVest Hotels for $410 million, aligning with Morguard's strategy to focus on core real estate sectors like office, industrial, retail, and residential properties. Following the purchase, InnVest Hotels sold four hotels from this portfolio to Manga Hotels for $99 million. The transaction allowed Morguard to repay $48.7 million in debt, netting $361.3 million. The sold hotels, located in major Canadian urban centers, were part of Morguard's plan to optimize its portfolio and enhance its balance sheet. InnVest retained hotels with 1,732 guestrooms and significant meeting space. Morguard kept two hotels, enhancing its investment in high-quality real estate assets. The deals reflect the companies' strategic realignment and capitalization on market demand.
Deal Type
Merger & AcquisitionIndustry
OtherTransaction
$ 509,000,000Deal Status
ClosedClosing Date
18 January 2024