LEXPERT MAGAZINE
|
JANUARY/FEBRUARY 2018 25
BIG REAL ESTATE
| REAL ESTATE TRANSACTIONS OF IMPORTANCE |
A LOOK AT THE SALE OF THE SHERATON CENTRE TORONTO HOTEL BY MARRIOTT INTERNATIONAL IN A LANDMARK HOTEL DEAL FOR
A PURCHASE PRICE OF $355 MILLION; MOHARI CANADA'S PURCHASE OF THE THOMPSON HOTEL IN TORONTO; AND THE DEVELOPERS
OF WESTMAN VILLAGE IN CALGARY ARRANGING A $153-MILLION CONSTRUCTION LOAN WITH BANKING SYNDICATE LED BY BMO
MARRIOTT INTERNATIONAL
COMPLETES SALE
OF SHERATON CENTRE
CLOSING DATE: OCTOBER 17, 2017
On October 17, 2017, Marriott International,
Inc. (Marriott) completed the $335-million
sale of e Sheraton Centre Toronto Hotel
(Sheraton Centre). e Sheraton Centre is a
four-star hotel with 1,372 guest rooms. It is
located in Toronto's financial district, across
from City Hall, and is the city's largest con-
vention hotel. e hotel will continue to be
operated by Marriott.
Marriott was represented by Dottie In-
galls, Vice President and Assistant General
Counsel with the assistance of Dana Fid-
azzo and Nick Rupkey of Venable LLP in
the United States; and in Canada by John
Leopold, John Dow, Frank Mathieu, Nancy
Ramalho, Michael Kilby, Larry Cobb, An-
drea Boctor, Neil Shapiro, Philippe Kattan
and Lynda Crago of Stikeman Elliott LLP,
and David Tang, Savvas Kotsopoulos, Chris
Newbert of Miller omson LLP in con-
nection with municipal and real property
matters, and Jennifer Bishop and Gary Vol-
man of the same firm on corporate matters.
e buyer was represented by Carol Weld
King of Morris, Manning & Martin, LLP
in the United States and in Canada by Juli
Morrow, Ken Herlin and Alan Bowman of
Goodmans LLP and by Michael Choiselat
and Lewis Allen of ompson Dorfman
Sweatman LLP.
Wells Fargo Bank, N.A., Canadian
Branch provided the acquisition financing
and was the sole book runner and co-lead ar-
ranger. Wells Fargo was represented in Cana-
da by Jeffrey Knowles and Danny McMullen
of McCarthy Tétrault LLP.
MOHARI CANADA INC.
PURCHASES
THOMPSON
HOTEL TORONTO
CLOSING DATE:
AUGUST 25, 2017
On August 25, 2017, Mohari
Canada Inc. (Mohari) com-
pleted the purchase of the ompson Hotel
located in Toronto, Ontario, from Hotel
550 Wellington GP Ltd. (Wellington). e
ompson Hotel serves as a top luxury hotel,
restaurant, lounge and residence in down-
town Toronto.
Mohari was represented by General Coun-
sel Harriet Finn (Herzog, Fox & Neeman)
and Stikeman Elliott LLP with a team led
by Mario Paura and Lanette Wilkinson,
and included Lorna Cuthbert and Khalfan
Khalfan (employment), Andrew Johnston
and Kim Newman (real estate), Calvin
Lantz and Vicky Simon (municipal), Justine
Whitehead and Tina Campagna (intellec-
tual property), Andrea Boctor (pensions and
benefits), Eliot Kolers (litigation), and Guy
Masson and Jean-Guillaume Shooner (tax).
Wellington was represented by Cassels
Brock & Blackwell LLP with a team led by
Jason Arbuck and Mickey Lungu (hospital-
ity, M&A) and included Kristin Taylor (em-
ployment), Robert Lysy (real estate), Raivo
Uukkivi (municipal), and Jeffrey Mikelberg
and Michael Alvaro (corporate).
WESTMAN VILLAGE
ARRANGES $153M LOAN
WITH BANKING SYNDICATE
LED BY BANK OF MONTREAL
CLOSING DATE: SEPTEMBER 29, 2017
On September 29, 2017, the developers of
Westman Village, a new mixed-use commu-
nity development in Calgary, arranged with
a syndicate of banks for the provision of a
$153,388,186 million construction loan. e
loan consisted of real estate term facilities, a
swingline facility and a letter of credit facility
to finance the development of a new mixed-
use community of new condominiums,
apartments, retail, a senior's living centre and
an amenity centre.
e developers of Westman Village are af-
filiated with Jayman BUILT, one of Western
Canada's real estate industry leaders and Al-
berta's largest homebuilder.
Gowling WLG (Canada) LLP advised
Westman Village in the negotiation of this
financing with a team that was led by Darren
Taylor (real estate) and included Elizabeth
Burton and Graeme Ireland (finance) and
Christine Vanderhoo (paralegal).
Miller omson LLP acted as counsel to
the Bank of Montreal, in its capacity as lead
arranger, syndication agent and administra-
tive agent for the syndicate of banks, with
a team that was led by Michael Morcom
(banking) and included Stefan Mirkovic
(banking), Joshua Selby (real estate) and
Margaret Kan (real estate paralegal).
H&R REIT COMPLETES
$125M DEBENTURE FINANCING
CLOSING DATE: AUGUST 25, 2017
On August 25, 2017, H&R Real Estate In-
vestment Trust (H&R REIT) completed a
public offering of an additional $125 million
principal amount of 2.923-per-cent series
L senior unsecured debentures due May 6,
2022. e debentures were sold to a syndi-
cate of underwriters co-led by TD Securi-
ties, BMO Nesbitt Burns Inc., CIBC World
Markets Inc. and Scotia Capital Inc., and
including National Bank Financial Inc. e
net proceeds of the offering will be utilized
by H&R REIT for general trust purposes,
including the redemption of H&R REIT's
5.40-per-cent convertible unsecured subor-
dinated debentures due November 30, 2018.
H&R REIT was represented by Blake,
Cassels & Graydon LLP with a team that
included William Fung, Eric Moncik, Mat-
thew Merkley, Jeremy Ozier
and Lauren Leahy (securities),
and Jeffrey Trossman, Andrew
Spiro, Ian Caines and Shavone
Bazarkewich (tax).
e underwriters were rep-
resented by Goodmans LLP
