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January 28, 2015 - 1:16 PM
BETHESDA, Md. - Marriott International Inc. has signed a deal to buy the Delta hotel brand from B.C. Investment Management Corp. for $168 million.
Under the agreement, the U.S. hotel chain will take over the management and franchise operations for the 38 Delta hotels and resorts including 10,000 rooms across Canada from the provincial investment manager.
Marriott, which has more than 4,100 hotels around the world, says the acquisition will bring its operations to more than 120 hotels and 27,000 rooms in Canada.
Affiliates of B.C. Investment Management own 13 of the Delta hotels and will sign new 30-year management agreements with Marriott.
Meanwhile, third parties own the other 25 Delta hotels including 15 that are managed by Delta and 10 are that franchised.
Marriott says it plans to integrate the Delta hotels into its systems, loyalty program and website.
It expects to close the deal in the second quarter after getting approvals from Canadian competition authorities and certain other consents.
B.C. Investment Management manages investments for public sector pension funds as well as publicly administered trust funds and government operating funds.
News from © iNFOnews, 2015