Morguard Corporation Completes Acquisition of Five GTA Hotels for $70.5 Million
MISSISSAUGA, ON - June 25, 2013 - 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. (http://www.morguard.com/)
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
