MISSISSAUGA, ON—Morguard Corporation has completed the purchase of three Courtyard by Marriott and two Residence Inn by Marriott properties for $70.5 million. The five properties acquired comprise 632 guest rooms and 4,155 square feet of function space, located in Mississauga, Markham and Vaughan.
According to the company, the assets occupy prime locations within their respective markets, and are close to corporate demand generators and drivers of leisure demand in Ontario. The hotels were opened in 2002 and were recently renovated in 2011 and 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 for a term of five years. The hotels will continue to be managed by Concord Hospitality Enterprises Company.