Morguard has completed the purchase of three hotels near Toronto’s Pearson International Airport for $33.5 million.

The assets include a Courtyard by Marriot and a Residence Inn, both branded under the Marriot banner, and Hotel Carlingview Toronto Airport, an independently branded property. The total number of rooms overall is 417.

“This acquisition is strategic to our existing ownership of Toronto Airport Marriot Hotel and will support growth of hotel NOI,” said K. Rai Sahi, chairman and chief executive officer of Morguard Corporation. “Our investment and asset strategy in hotels will focus on creating value across our portfolio that now consists of 1,473 rooms at nine properties.”

At the time of this announcement, Morguard also confirmed that it had met or expected to meet all conditions related to the assumption of asset management of Temple Hotels Inc, and is working toward the transition date of April 1, 2016.  Temple Hotels has a portfolio of 30 hotel properties, representing more than 4,000 rooms.