Morguard Hotels Limited completed the purchase of three Courtyard by Marriott and two Residence Inn by Marriott properties for $70.5 million from a series of single-purpose limited partnerships affiliated with Concord Hospitality Enterprises Company.
The five properties acquired comprise 632 guest rooms and 4,155 square feet of function space and are located in Mississauga, Markham and Vaughan. The hotels will continue to be managed by Concord Hospitality Enterprises Company and will continue to carry the Marriott flag under long-term franchise agreements.
Morguard Hotels Limited was represented by its in-house counsel, Beverley Flynn and Andrew Warman, and by a team from Stikeman Elliott LLP including Eric Carmona and Neil Shapiro (real estate).
Concord Hospitality was represented by Minden Gross LLP with a team of Robert Beattie and William Lehun.
Global Hospitality Licensing S.À.R.L., the franchisor, was represented by its in-house counsel, David Manderscheid, and by a DLA Piper team of Anne (Maggie) Vaughan and Eric Eisenberg.
In connection with the purchase of the portfolio, Morguard placed financing of approximately $46 million for a term of five years with Wells Fargo Bank N.A. Wells Far-go was represented in Canada by McCarthy Tétrault LLP with a team of John Currie, Jeffrey Knowles and Ashley Bozek.