Transat A.T. Inc. has announced the conclusion of the sale of its minority 35% interest in Ocean Hotels to H10 Hotels, ahead of the target date of 2NOV. The sale was concluded for an amount of US$150.5 million ($187.5 million), paid in cash.
Transat says it remains fully committed to becoming a full-fledged hotel operator and says it is selling its minority interest in Ocean Hotels in order to accelerate the development of its own hotel chain.
The interest sold had a book value of $110.7 million as at 31JUL. The sale price is still subject to some adjustments.
"Our partnership with H10 Hotels has been a great venture for Transat, and I want to thank them for all these wonderful years when we have worked together at building Ocean," said Transat CEO Jean-Marc Eustache.
"With this transaction, we are now ready to start building our Transat hotel business."
Bruce Parkinson Editor-in-Chief
An observer and analyst of the Canadian and international travel industries for over 25 years.