RE:RE:Who benefits from the sale of hotels?Hotels were 17 properties. Carried on the books as at September 2023 for $341M. The debt against the properties was $118M so these hotels overall were relatively less encoumbered that the average property at Morguard.
NOI I have at about $27M for 2021. $32M for 2022. $39M for the 9 months ending Sept. 2023 v $27.7M for the 9 months last year.
FFO for the 9 months ending 2023 was pretty decent. On 10.8M shares outstanding the gain on the Hotel properties should be about $5-10 per share since we odid not sell the entire of the hotel portfolio. Still have a few left.
A little deleveraging is better than none. I think the company should be on the bid at least every now and then for the shareholder accounts. This company is cheap on FFO and Book.
My guess is overall for the hotels it was a lot of sweat for not much gain. There were previous sales and some writedowns prior to this last transaction so my guess is RAI just about got his money back for a lot of work.