Fortis Properties' portfolio on the block

Fortis Properties Corporation has put its portfolio of 37 hotels, malls and office buildings up for sale as its parent company focuses on its core business in the electric and gas utility sector.

Fortis Properties“Fortis Inc. announced in September 2014 that it was engaging in a review of strategic options for the hotel and commercial real estate assets of Fortis Properties,” said Fortis Properties president and chief executive officer Nora Duke. “Fortis Properties represents approximately three per cent of Fortis’ overall holdings.”

The St. John’s-based company isn’t disclosing the value it places on its properties, but Duke said, “We do not anticipate individual property sales and will be focusing on the portfolio and related opportunities.”

There’s no timetable for selling the buildings and winding down Fortis Properties, but Duke said “a decision and/or conclusion is possible by mid-year.”

Fortis Properties’ real estate holdings

Fortis Properties was established in 1989 and its 23 hotels in eight provinces hold more than 4,400 rooms under the Delta, Sheraton, Hilton, Holiday Inn, Ramada and Best Western banners. It owns and operates 2.8 million square feet of commercial and retail real estate, primarily in Atlantic Canada. The subsidiary earned approximately $23 million in 2014.

Fortis Properties has approximately 2,300 employees throughout its hotel and real estate operations.

Fortis Inc. has total assets of more than $26 billion and its fiscal 2014 revenue was approximately $5.4 billion. Its regulated utilities serve 3.1 million customers across Canada and in the United States and the Caribbean. It also owns non‐regulated hydroelectric generation assets in Canada, Belize and upstate New York.

CBRE and CIBC World Markets are providing advice for the strategic review and, when asked about the hotel portfolio, CBRE Hotels executive vice-president Bill Stone said, “We don’t comment on any active mandates.”

Fortis Properties’ real estate holdings are:

Ramada Plaza Calgary Airport Hotel and Conference Centre, Calgary
Holiday Inn Conference Centre Edmonton South, Edmonton
Holiday Inn Lethbridge, Lethbridge
Holiday Inn Express and Suites Medicine Hat, Medicine Hat
Best Western Plus Sun Country, Medicine Hat

British Columbia
Holiday Inn Express Kelowna Conference Centre Hotel, Kelowna

Best Western Plus Winnipeg Airport Hotel, Winnipeg
Hilton Winnipeg Airport Suites, Winnipeg

New Brunswick
Delta Brunswick, Saint John
Brunswick Square, Saint John
Kings Place, Fredericton
Blue Cross Centre, Moncton

Newfoundland and Labrador
Delta St. John’s Hotel and Conference Centre, St. John’s
Holiday Inn St. John’s–Government Centre, St. John’s
Sheraton Hotel Newfoundland, St. John’s
Mount Peyton Hotel, Grand Falls-Windsor
Greenwood Inn and Suites Corner Brook, Corner Brook
Cabot Place, St. John’s
Fortis Building, St. John’s
TD Place, St. John’s
Fort William Building, St. John’s
Water Street Properties, St. John’s
Fortis Place, St. John’s
Fortis Tower, Corner Brook
Marystown Mall, Marystown
Millbrook Mall, Corner Brook
Fraser Mall, Gander

Nova Scotia
Holiday Inn Sydney‐Waterfront, Sydney
Four Points by Sheraton, Halifax
Maritime Centre, Halifax

Holiday Inn Sarnia, Sarnia
Holiday Inn Kitchener‐Waterloo, Kitchener
Holiday Inn Cambridge, Cambridge
Holiday Inn Peterborough‐Waterfront, Peterborough
Holiday Inn and Suites Windsor, Windsor
Station Park All Suite Hotel, London

Delta Regina, Regina

Steve is a veteran writer, reporter, editor and communications specialist whose work has appeared in a wide variety of print and online outlets. He’s the author of the book Hot…

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Steve is a veteran writer, reporter, editor and communications specialist whose work has appeared in a wide variety of print and online outlets. He’s the author of the book Hot…

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