Hilton Canada Co. sells last five hotels in Canada for $243 million
Date Closed
September 19, 2006
Lead Office
Toronto
Value
243.00 Million CAD
On September 19, 2006, Hilton Canada Co. completed the sale of the last five hotels it owned in Canada for approximately C$243 million. Northstar Hospitality Limited Partnership, a partnership comprised of Cadim Fonds Inc., Westmont Hospitality Group and Regime de Rentes du Mouvement Desjardins, purchased the Hilton Toronto Downtown, Hilton Toronto Airport and the Hilton Montreal Dorval hotels for an aggregate purchase price of approximately C$180 million. InnVest Real Estate Investment Trust purchased the Hilton Quebec City and the Hilton Saint John hotels for an aggregate purchase price of approximately C$63 million. All five hotels will continue to be managed by Hilton Canada Co.
McCarthy Tétrault advised the lenders with a team that was led by Fred Rubinoff.