MISSISSAUGA, ON, June 21, 2013 /CNW/ - Morguard Corporation (TSX: MRC) ("Morguard") is pleased to announce that it has completed the purchase of three Courtyard by Marriott and two Residence Inn by Marriott properties for $70.5 million (excluding closing costs).
The five properties acquired comprise 632 guest rooms and 4,155 square feet of function space, located in Mississauga, Markham and Vaughan. The assets occupy prime locations within their respective markets, and are close to corporate demand generators and drivers of leisure demand. The hotels were opened in 2002 and were recently renovated in 2011/2012.
In connection with the purchase of the five acquired properties, Morguard placed financing of approximately $46 million at an interest rate of 320 basis points over the Canadian Dealer Offered Rate (CDDR) for a term of five years.
The hotels will continue to be managed by Concord Hospitality Enterprises Company, an award-winning hotel management and development company.
About Morguard Corporation
Morguard Corporation is a major Canadian real estate and property management company. It has extensive retail, office, industrial and residential holdings owned directly and through its investment in Morguard REIT and Morguard North American Residential Real Estate Investment Trust. Morguard provides management services to institutional and other investors for commercial and residential real estate through Morguard Investments Limited and Morguard Residential.
SOURCE Morguard Corporation