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Transat sells minority interest in Ocean Hotels for US$151M

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Transat sells minority interest in Ocean Hotels for US$151M

Transat A.T. closed the sale of its 35% minority interest in Ocean Hotels to H10 Hotels for US$150.5 million in cash, ahead of the target Nov. 2 closing date.

The interest had a book value of C$110.7 million as at July-end, Transat said in a release.

According to President and CEO Jean-Marc Eustache, the deal will accelerate Transat's development of its own hotel chain.