Algoma Central Corporation has sold the Delta Hotels Sault Ste. Marie Waterfront hotel operations in Sault Ste. Marie.
The St. Catharines based company did not announce who purchased the hotel.
Delta Hotels in the Sault consists of 195 rooms, over 12,000 square feet of conference space and its located on the St. Mary’s River in the city’s downtown.
In a media release issued on Wednesday, the company said the net proceeds from the sale were $7.5 million.
Algoma Central said the company’s 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 also owns the Station Mall in the Sault. Back in the fall of 2015, Algoma Central announced the shopping centre was for sale.
