The Financial Post reports in its Tuesday edition that Morguard has signed a deal to sell a portfolio of 14 hotels for $410-million as part of its plan to focus on its core real estate investments, including office, industrial, retail and multisuite residential properties. A Canadian Press dispatch to the Post says the package includes Marriott, Hilton, IHG and independent hotels in major cities across Canada. Morguard chair and chief executive officer Rai Sahi says the company has strategically divested its hotel portfolio to align with its objectives of bolstering the company's balance sheet while owning a high-quality portfolio of income-producing real estate. The company will keep ownership of two hotels including the dual-brand Hilton Garden Inn and Homewood Suites in Ottawa, and the Inn at the Quay in New Westminster, B.C. After it repays $48.7-million in first-mortgage debt, Morguard says its net proceeds from the sale will be $361.3-million. The deal is expected to close in early 2024. Morguard closed Monday at $111.305, up $3.655 on the Toronto Stock Exchange.