Morguard Acquires Toronto Airport Hotel Portfolio
Morguard Corp has finalized an agreement to purchase three Toronto airport-area hotels—Courtyard by Marriott and Residence Inn by Marriott, and the independently branded Hotel Carlingview Toronto Airport—in a deal worth $33.5M, excluding closing costs. The three hotels total 417 rooms. (Our guess: one has 415 rooms, and the other two have 5-stars in loneliness.) Morguard already owns the Toronto Airport Marriot Hotel, part of a portfolio that now consists of 1,473 rooms at nine hotels.
Also this week, Morguard North American Residential REIT bought 160 Chapel St in Ottawa, a 21-storey rental apartment building. The property, purchased for $67M, is the first Canadian acquisition for the trust since its 2012 IPO. In addition to 370 residential suites, the building has four ground-floor commercial units, 7,010 SF in all. The REIT's portfolio now includes 15 apartment communities in Alberta and Ontario, and 31 low-rise and mid-rise garden-style apartment communities across the US.
