It's official - Transat has concluded the sale of its minority 35 per cent interest in Ocean Hotels to H10 Hotels, ahead of the target date of Nov. 2.
As announced on July 19, the sale is concluded for an amount of $187.5 million CAD, paid in cash today (Oct. 4). This interest sold had a book value of $100.7 million CAD as at July 31, 2017. The sale price is still subject to some adjustments.
Transat President & CEO Jean-Marc Eustache said that the sale will now allow the company to pursue its goal of becoming a full-fledged hotel operator, through the development of its own hotel chain in the South.
"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," Eustache said. "With this transaction, we are now ready to start building our Transat hotel business."