Fortis Properties completes $365M hotel asset sale

ST. JOHN'S, NL — Fortis Inc. announced on Oct. 13 that Fortis Properties has completed the sale of its hotel assets for a purchase price of $365 million, subject to certain adjustments, to a private investor group.

Fortis Properties president and CEO Nora Duke.

Fortis Properties president and CEO Nora Duke.

ST. JOHN'S, NL — Fortis Inc. announced on Oct. 13 that Fortis Properties has completed the sale of its hotel assets for a purchase price of $365 million, subject to certain adjustments, to a private investor group. The portfolio comprises 22 hotels located in seven Canadian provinces. This transaction concludes the exit of Fortis from the hotel and real estate business.

“Our focus is on building our core utility business,” said Barry Perry, president and CEO of Fortis. “Looking forward, we remain committed to growing our dividend; executing on our capital expenditure program; and investing in additional energy infrastructure opportunities.”