Morguard Corp. and Morguard Real Estate Investment Trust have bought the three-tower complex in downtown Ottawa which includes the Delta Hotel.
The Mississauga-based real estate and property management company said it had bought the Delta Ottawa hotel property on 316 Queen St., as well as a 12-storey, 171,311-square-foot office building at 350 Sparks St.
Morguard paid a total of $75.3 million for the complex.
The hotel property contains 328 guest rooms and includes an underground parking garage containing 273 parking spaces. It is currently under long-term lease to a major Canadian hotel real estate investment trust, the companies said in a statement.
Morguard Corp. and Morguard Real Estate Investment Trust will each own half of the complex, which will be operated through a joint venture arrangement between the two companies.
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