MISSISSAUGA, ON, Nov. 4, 2016 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) was recognized by Hilton with the inaugural Best Conversion for Dual Brand award for the proposed 361 Queen Street redevelopment project in downtown Ottawa, Ontario. The proposed redevelopment is the first dual brand conversion, of an existing building, under the Hilton banner in Canada – and is set to be the first Hilton property in downtown Ottawa.
The $30 million plan calls for the redevelopment of two existing towers that will be transformed into a 17-storey Hilton Homewood Suites, providing 173 guest rooms for extended-stay accommodations, and a 10-storey Hilton Garden Inn, providing 171 guest rooms for short-stay accommodations. In addition to the combined total of 344 guest rooms, the property will offer 4,500 square feet of conference space and full-service amenities including a restaurant, bar, fitness facility and pool, to meet the market need in Ottawa. The project is slated for completion in spring 2018.
"Morguard is rejuvenating prime property in downtown Ottawa with a modern and sustainable design, supported by the strength of Hilton's quality and service," said K. Rai Sahi, Chairman and Chief Executive Officer, Morguard Corporation. "This is a long-term value investment for Morguard in the Ottawa market – a market where we own or manage more than five million square feet of real estate valued at $1.8 billion."
Adds Jeff Cury, Senior Director of Development for Hilton in Canada: "Hilton's Development awards are presented to the developers whose leadership and passion reflects our own; we are very pleased to be working with Morguard in bringing the first Hilton property to downtown Ottawa. The dual branded Hilton Garden Inn and Homewood Suites by Hilton will fulfill the market's needs by providing both transient and extended stay accommodations to business and leisure travelers alike."
The proposed redevelopment project at 361 Queen Street also calls for enhancements to the entrance and lobby of its adjoining office building at 350 Sparks Street, including a redevelopment of the main floor into new retail space. The introduction of several hundred brand new hotel rooms, as well as additional conference and banquet facilities, is seen as a welcome addition to the already buoyant downtown Ottawa market and local businesses, most notably for those located in the adjacent office building. A permit application was made to the City of Ottawa yesterday.
Note to Media: Renderings of the proposed redevelopment project are available upon request to [email protected].
About Morguard Corporation
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, multi–suite residential, and hotel holdings owned directly, or through its investment in Morguard REIT (TSX: MRT.UN) and Morguard North American Residential REIT (TSX: MRG.UN). Morguard also provides real estate management services to institutional and other investors. Morguard's total assets owned and under management is valued at $19.9 billion. For more information, visit www.morguard.com
SOURCE Morguard Corporation
For further information: Paul Miatello, Chief Financial Officer, Morguard Corporation, T 905-281-3800