Fortis selling hotels
Fortis Inc. has added its hotel holdings to the list of properties the company is selling.
On Monday, Fortis confirmed it signed an agreement with a private investor group for the sale of Fortis Properties Corporation’s hotel assets for $365 million.
The portfolio held 22 hotels in seven provinces.
Fortis Inc. owns Maritime Electric.
The deal is subject to certain closing conditions and is expected to be finished in the fall of 2015.
On June 30, Fortis completed the sale of its commercial real estate portfolio for $430 million.
“The disposition of these hotel and real estate assets is consistent with the Corporation’s focus on its core utility business. 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,” says Barry Perry, President and Chief Executive Officer, Fortis.