Marriott International Inc. has reached an agreement to purchase Canada’s Delta Hotels and Resorts, which has 38 properties in 30 Canadian cities, for approximately $135 million, the Wall Street Journal has reported.
With this deal, Marriott will acquire the brand, management and franchise business from Delta Hotels Limited Partnership, a subsidiary of British Columbia Investment Management Corporation. Marriott said the deal will position the company as a leading brand in Canada.
Arne Sorenson, president and chief executive officer of Marriott International, said, “Delta has an impressive portfolio of hotels that are among the most preferred in Canada. With this acquisition, we are continuing our focus on building our brand portfolio and growing in attractive regions outside the U.S. Combining the strong Delta brand with Marriott’s hotel development expertise will accelerate growth of the brand in Canada and in other markets around the world.”
The deal is expected to close in the second quarter.
