Summary
Marriott International, Inc. (MAR) announced the sale of the Sheraton Centre Toronto Hotel, a 1,372-room property in downtown Toronto, for approximately C$335 million. This transaction was executed by a subsidiary of Marriott and the hotel is operated under a long-term ground lease. While the property has been divested, Marriott will continue to manage the hotel under a long-term management agreement, ensuring ongoing revenue streams from management fees. The sale is expected to be a positive step in optimizing Marriott's real estate portfolio.
Key Highlights
- 1Marriott International sold the Sheraton Centre Toronto Hotel for approximately C$335 million.
- 2The hotel is a 1,372-room property located in downtown Toronto, Canada.
- 3The sale was conducted by a subsidiary of Marriott.
- 4Marriott will retain a long-term management agreement for the hotel.
- 5The hotel will undergo significant renovations, primarily in the lobby and public areas.
- 6The property is owned on a long-term ground lease basis.