Hilton Announces Sale of Five Hotels in Canada
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Hilton Announces Sale of Five Hotels in Canada
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2006-09-21
Hilton Hotels Corporation (NYSE:HLT) announced today that it has sold five hotel properties located throughout Canada to Westmont Hospitality Group for approximately CAD $243 million. Three of the hotels were sold to Northstar Hospitality Limited Partnership, a private Canadian limited partnership owned by Westmont Hospitality Group, Cadim, a division of Caisse de depot et placement du Quebec, and Regime de Rentes du Mouvement Desjardins. The remaining two assets were acquired by InnVest Real Estate Investment Trust, a publicly-traded REIT that holds Canada's largest hotel portfolio comprising 137 hotel properties with 15,661 guestrooms operated under internationally-recognized franchise brands. Hilton will continue to manage all five properties under the terms of multi-year management agreements.
The five hotels included in this portfolio are the 600-room Hilton Toronto in downtown Toronto, the 413-room Hilton Toronto Airport, the 571-room Hilton Quebec City, the 486-room Hilton Montreal Aeroport and the 197-room Saint John in New Brunswick.
"We are delighted Westmont Hospitality has increased their ownership presence with the Hilton Family and look forward to continuing to work closely with them on these properties and on future opportunities to grow our brands," said Robert M. La Forgia, executive vice president and chief financial officer, Hilton Hotels Corporation. "This transaction represents the first traunch of hotel asset sales outside the U.S. and is in line with Hilton's strategy to sell properties while maintaining long-term contracts," La Forgia added.
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