Fortis Pays $50M for Hotel, Convention Center

REGINA, SASKATCHEWAN-The 274-room Delta Regina hotel and convention center here has been acquired by Fortis Properties Corp., a wholly owned subsidiary of Canadian utility giant Fortis Inc. FPC paid $49.9 million to secure the complex from the seller, Remai Investment Corp.

Besides the four-star hotel and convention center, FPC also acquired 52,000 sf of office space and a parking garage. In announcing the purchase, FPC president Nora Duke called the acquisition “a major milestone” for the company, noting that the deal expands her firm’s CRE footprint into an eighth Canadian province.

Not only is Saskatchewan seen as a promising area of economic growth, its capital city now has a population exceeding 180,000. Duke says the property was attractive to FPC for a variety of reasons beyond favorable demographics. “Delta Regina is a premiere, multi-use facility that enhances our portfolio of high-quality hotel and commercial real estate assets,” says Duke.