Forits To Sell Hotel Assets To Private Investor Group For $365 Mln.

(RTTNews) - Electric and gas utility Fortis Inc (FTS.TO) on Monday said it has agreed to sell the hotel assets of Fortis Properties Corp to a private investor group for $365 million. The portfolio comprises 22 hotels located in seven Canadian provinces.

The deal is expected to be completed in the fall of 2015.

The sale of Fortis Properties' commercial real estate portfolio for $430 million was completed on June 30.

The disposition of the hotel and real estate assets is consistent with the company's focus on core utility business, said Fortis CEO Barry Perry. Upon closing of the hotel deal, virtually all of the company's assets will be comprised of regulated utilities and long-term contracted energy infrastructure.