Morguard Hotels acquires Toronto hotel portfolio
Previously published in Lexpert Magazine June 2016 Issue.
On February 1, 2016, Morguard Hotels Limited acquired three hotels located at 221 and 231 Carlingview Drive and 17 Reading Court in Toronto adjacent to the Pearson International Airport.
The portfolio of hotels was purchased from Niagara Suites Limited Partnership and Atwell Hotel Limited Partnership (together, the Sellers) respectively for a purchase price of $33,500,000 and includes two hotels under the Marriott banner, Courtyard by Marriott and Residence Inn by Marriott, as well as Hotel Carlingview Toronto Airport.
Beverley Flynn, General Counsel and Secretary of Morguard Corporation instructed McMillan LLP with a team led by David Slan and Craig Harkness and including Bruce McKenna, Robert Shore, Annik Forristal and Mitchell Allison (real estate), Adam Kline (corporate), Carl Irvine (tax), Dave McKechnie (employment) and Sharon Groom (intellectual property). William Lehun of Minden Gross LLP advised on liquor licensing matters.
The Sellers were represented by Richard Critchfield of Delray Beach USA and by Borden Ladner Gervais LLP with a team led by Fred Enns and Noella Milne and including Rob Weir, James Fu, Joseph Takhmizdjian and Kevin Bianchini.
The acquisition included a $20,000,000 credit facility with Royal Bank of Canada represented by McCarthy Tétrault LLP including Jonathan See and Andréa Armborst.