Northland Properties Corporation Completes Acquisition of Sutton Place Hotels in Vancouver and Edmonton for $197.5 Million

On June 15, 2011, Northland Properties Corporation completed the acquisition of the Sutton Place Hotels in Vancouver and Edmonton from Hong Kong businessman Christopher Ho’s Sutton Place Grande Limited for an aggregate purchase price of $197.5 million. The “Sutton Place” brand was included in the transaction. While the two other existing Sutton Place hotels in Toronto and Chicago will retain the right to use the “Sutton Place” name for the time being, those properties were not included in this transaction.

John Morrison and Dorothy Wong from McMillan LLP represented the Maxam Capital Group regarding modifications to the seller’s existing financing with Maxam.