For­tis sells ho­tel as­sets for $365M; fol­lows $430M sale of com­mer­cial prop­er­ties

Cape Breton Post - - ADVICE / LIFESTYLES / BUSINESS -

ST. JOHN’S, N.L. - For­tis Inc. ( TSX:FTS) says it has signed a deal to sell the ho­tel as­sets of sub­sidiary For­tis Prop­er­ties Corp. to a pri­vate in­vestor group for $365 mil­lion as the com­pany moves to fo­cus on its core util­i­ties busi­ness. The trans­ac­tion, in­volv­ing 22 ho­tels in seven Cana­dian prov­inces, is ex­pected to close in the fall. The pri­vate in­vestor group was not iden­ti­fied in a For­tis re­lease is­sued af­ter mar­kets closed on Mon­day. The sale of For­tis Prop­er­ties’ com­mer­cial real es­tate port­fo­lio for $430 mil­lion was com­pleted last week. “The dis­po­si­tion of these ho­tel and real es­tate as­sets is con­sis­tent with the cor­po­ra­tion’s fo­cus on its core util­ity busi­ness,” said pres­i­dent and CEO Barry Perry. “Post clos­ing of the ho­tel trans­ac­tion, vir­tu­ally all of the cor­po­ra­tion’s as­sets will be com­prised of reg­u­lated util­i­ties and long-term con­tracted energy in­fra­struc­ture.” For­tis is in the North Amer­i­can elec­tric and gas util­ity busi­ness with as­sets to­talling some $28 bil­lion serv­ing more than three mil­lion cus­tomers across Canada and in the United States and the Caribbean.

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