Fortis to sell off 22 hotels across the country for $365M
Private investors group to buy properties, including five in Newfoundland and Labrador
Fortis Inc. has found a buyer for its string of Canadian hotels.
The St. John's-based company says it has signed a deal with an un-named private investor group and will sell the 22 hotels for $365 million
The properties are spread across seven provinces, with five of them in Newfoundland.
They include the Holiday Inn, Sheraton and Delta in St. John's, the Mount Peyton in Grand Falls-Windsor and Corner Brook's Greenwood Inn.
The sale is latest move by the company as it sheds its property portfolio and focuses on electrical and natural gas utilities.
In May, Fortis sold a number of office buildings and malls, including 10 in Newfoundland and Labrador.