The sale has been brokered by CBRE National Alternative Assets platform national practice lead and executive vice-president Mark Sparrow and his partner Luke Scheer. Credit: © 2024 CBRE.

Morguard Corporation has divested a portfolio of 14 hotels in Canada to InnVest Hotels and Manga Hotel Group for C$410m ($304.63m).  

Last month, Morguard Corporation revealed its plans to divest the hotels.  

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The sale has been brokered by CBRE National Alternative Assets platform national practice lead and executive vice-president Mark Sparrow along with his partner Luke Scheer. 

Meanwhile, CBRE Debt and Structured Finance group Joshua Sonshine helped the buyers with funding the transaction. 

This transaction marks InnVest’s largest acquisition since 2007 and expands its presence in the Greater Toronto Area (GTA). 

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InnVest bought ten of the hotel properties. This list includes the Marriott Toronto Airport, Courtyard Toronto Airport, Courtyard Vaughan, Courtyard Markham Residence Inn Toronto Airport, Hotel Carlingview, Residence Inn Markham, Cambridge Suites Halifax, Townplace Suites Sudbury, and The Prince George Halifax.  

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This acquisition expands InnVest’s Marriott branded franchise and managed portfolio to 14 hotels, with plans to renovate many of the hotels to enhance the guest experience. 

With this latest addition, InnVest now has a portfolio of 90 hotels. 

Manga Hotel Group, a privately held company, has acquired the remaining four hotels. 

This list consists of Hilton Garden Inn Toronto Airport West, Cambridge Suites Mississauga, Courtyard by Marriott Mississauga, and Holiday Inn Express Ottawa West. 

The deal expands Manga Hotels’ Hilton portfolio to 14 properties and its Marriott portfolio to seven properties. 

Manga CEO Sukhdev Toor said: “This strategic move marks an exciting expansion for our organisation. 

“This further deepens our presence in Ontario, serving the Greater Toronto Area, and adding to Ottawa where we acquired the 498-key full-service Ottawa Marriott in July 2023.” 

The sale of the hotels provides Morguard with the liquidity to focus on its core business strategy. 

This strategy involves owning and managing a diversified real estate portfolio that includes office, industrial, retail, and multi-suite residential properties.  

Morguard Corporation chairman and CEO K Rai Sahi said: “The successful conclusion of this deal is a testament to the appeal of our hotel portfolio and the strength of Morguard’s management over the years. 

“We are pleased to have capitalised on the current market demand for high-quality hotels.” 

Morguard’s owned and managed real estate portfolio is currently valued at C$18.3bn.