For­tis selling ho­tels

The Guardian (Charlottetown) - - NEWS -

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.

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