Algoma Central Corporation announces sale of Delta Hotels Sault Ste. Marie Waterfront
Algoma Central Corporation announced May 24 it has sold the Delta Hotels Sault Ste. Marie Waterfront hotel operations and related real estate. The net proceeds from the sale were C$7.5 million.
Delta Hotels Sault Ste. Marie Waterfront consists of 195 rooms, over 12,000 square feet of conference space and various other amenities and is located on the St. Marys River in downtown Sault Ste. Marie, Ontario.
The gain on the sale of the property will be reported in the company’s 2017 second quarter results.
The company’s decision to sell its real estate holdings is a result of a new strategic objective to direct capital to the renewal of the domestic dry bulk fleet and to new opportunities in international shipping.