Transat A.T. Inc. has concluded the sale of its 35% interest in Ocean Hotels to H10 Hotels, ahead of the target date of 2 November 2017.
The sale concluded for an amount of US$150.5 million (C$187.5 million), paid in cash.
Transat says that it remains fully committed to becoming a full-fledged hotel operator and is selling its minority interest in Ocean Hotels in order to accelerate the development of its own hotel chain in the south of Canada.
This interest sold had a book value of C$100.7 million as at 31 July 2017. The sale price is still subject to some adjustments.
“Our partnership with H10 Hotels has been a great venture for Transat, and I want to thank them for all these wonderful years when we have worked together at building Ocean,” said Jean-Marc Eustache, President and Chief Executive Officer, Transat. “With this transaction, we are now ready to start building our Transat hotel business.”