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
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
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
For further information:
K. (Rai) Sahi
Chief Executive Officer
Chief Financial Officer