Hilton Canada sells last five Canadian hotels for US$243 million

On September 19, 2006, Hilton Canada Co. completed the sale of its last five Canadian hotels for approximately $243 million. Northstar Hospitality Limited Partnership, a partnership comprised of Cadim Fonds Inc., Westmont Hospitality Group and Régime de rentes du Mouvement Desjardins, purchased the Hilton Toronto Downtown, Hilton Toronto Airport and the Hilton Montréal Dorval hotels for an aggregate purchase price of approximately $180 million. InnVest Real Estate Investment Trust purchased the Hilton Québec City and the Hilton Saint John hotels for an aggregate purchase price of approximately $63 million. All five hotels will continue to be managed by Hilton Canada Co. Acquisition financing was provided to each of the purchasers by GE Canada Real Estate Financing Holding Company. Fasken Martineau represented Hilton Canada Co. as lead Canadian counsel, with a team that included Dan Law, Richard Clare, Elias Retsinas and Tasha Lackman (real estate); Huy Do (competition); Sean Morley, Mitchell Thaw and Paul Cassucio (tax); David Doubilet (liquor license advice); and Ian Campbell (labour).