Algoma Central Corp. has sold the Delta Hotels Sault Ste. Marie Waterfront hotel operations and related real estate. The net proceeds from the sale were $7.5 million.
The St. Catharines-based company made the announcement on May 24.
Delta Hotels Sault Ste. Marie Waterfront consists of 195 rooms, over 12,000 square feet of conference space and various other amenities, and is located on the St. Marys River in downtown Sault Ste. Marie.
The gain on the sale of the property will be reported in the company's 2017 second quarter results.
Algoma Central said its decision to sell its real estate holdings is a result of a “new strategic objective to direct capital to the renewal of the domestic dry-bulk fleet and to new opportunities in international shipping.”
The company had announced the strategy in 2015.
Its other Sault Ste. Marie assets have included the Station Tower office building, the company’s original corporate offices and passenger rail terminal built in 1912, and a 102-unit senior apartment building.
Originally headquartered in the Sault, Algoma Central began as a railway in 1895 and expanded into a Northern Ontario industrial empire comprising Great Lakes shipping and real estate.
Through reorganization over the years, Algoma Central decided to relocate its corporate offices to the Niagara region.
Algoma Central operates a fleet 32 bulk carriers, self-unloaders and tankers on the lakes, with interests in ocean-going bulk vessels sailing internationally.