Peterborough’s Holiday Inn is up for sale

PETERBOROUGH — Peterborough’s Holiday Inn is on the market.

The waterfront hotel is for sale as a package deal along with 22 other hotels across Canada — all currently owned by Fortis Properties. The corporation, based out of the east coast, announced in September that it was engaging in a review of strategic options for its hotel and commercial real estate business and decided to put the properties up for sale at the end of the year.

Mary Tucker, corporate communications representative for Fortis Properties, has confirmed all of company’s assets are now for sale, although she couldn’t provide further detail on the sale.

According to Nora Duke, president and CEO of Fortis Properties, it’s likely prospective buyers will be looking to continue running the facilities as hotels.

“Ultimately, I can’t speak to the end outcome,” she says. “But that would be expected.”

She adds Fortis Properties has been doing its best to communicate with employees at the hotels. Still, she says there’s often little that can be shared until certain decisions have been made.

CIBC World Markets Inc and CBRE Limited will act as the brokers for the sale, which will also include various Delta, Sheraton, Hilton, Ramada and Best Western locations.

It is unclear whether the properties will be sold off individually in the case one buyer can’t be found to purchase them as a package.

The Holiday Inn Peterborough-Waterfront’s general manager isn’t commenting on the possible sale.

This article is for information purposes only.
Source: http://www.mykawartha.com/news-story/5343790-peterborough-s-holiday-inn-is-up-for-sale/