(TSX : ALC)
ST. CATHARINES, ON,
May 24, 2017 /CNW/ - Algoma Central
Corporation ("Algoma" – www.algonet.com) announced today it 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.
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. Mary's River in downtown
Sault Ste. Marie, Ontario.
The gain on the sale of the property will be reported in the
Company's 2017 second quarter results.
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.
About Algoma Central
Algoma Central Corporation operates the largest Canadian flag
fleet of dry and liquid bulk carriers on the Great Lakes - St.
Lawrence Waterway, including self-unloading dry-bulk carriers,
gearless dry bulk carriers and product tankers. Algoma also owns
ocean self-unloading vessels operating in international markets.
Algoma provides ship management services for other ship owners. The
Company is expanding into global dry-bulk markets with investments
in businesses specializing in pneumatic cement carrying vessels and
in short-sea dry-bulk shipping.
SOURCE Algoma Central Corporation
