Investment in Niagara Falls
The investment is a 560 room upscale all-suite hotel located in the heart of the Canadian city of Ontario which features magnificent views of Niagara Falls.
The property is a flagship hotel in the market which opened in 2003 and is owned and operated by a successful local development company under a 20 (twenty) year licence with the leading International brand.
Our Client, a Qatari institution assigned Maunsell Investment Company Ltd to undertake legal, financial, market survey and feasibility due diligence studies following agreement with the current Owner of an exclusivity period and the signing of a Letter of Understanding in the summer of 2015 to acquire the property. Due diligence studies were carried out by international hospitality consultants, accountants and legal advisors under the guidance of Maunsell Investment Company Ltd and reports were submitted to the client during the fourth quarter of 2015.
During the exclusivity period Maunsell Investment Company Ltd received instructions from the client to prepare an Agreement of Purchase and Sale to acquire the property under a long term Management Agreement with the current owner and this has been developed and coordinated between parties with legal counsel support.
It is expected that the two stage acquisition process will proceed with Signing of the Agreement of Purchase and Sale before the end of the exclusivity period and Closing the acquisition following completion of corporate structuring activities, transfer of commercial loans and conclusion of closing formalities during the first quarter of 2016.