Fortis Inc.
TSX : FTS

Fortis Inc.

October 13, 2015 17:31 ET

Fortis Inc. Completes Sale of Hotel Assets

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Oct. 13, 2015) - Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS) announced today that Fortis Properties has completed the sale of its hotel assets for a purchase price of $365 million, subject to certain adjustments, to a private investor group. The portfolio comprises 22 hotels located in seven Canadian provinces.

This transaction concludes the exit of Fortis from the hotel and real estate business.

"Our focus is on building our core utility business," said Mr. Barry Perry, President and CEO of Fortis. "Looking forward, we remain committed to growing our dividend; executing on our capital expenditure program; and investing in additional energy infrastructure opportunities."

About Fortis

Fortis is a leader in the North American electric and gas utility business, with total assets of approximately $28 billion and fiscal 2014 revenue of $5.4 billion. The Corporation's asset mix is approximately 96% regulated (70% electric, 26% gas), with the remaining 4% comprised of long-term contracted hydroelectric operations. The Corporation's regulated utilities serve more than 3 million customers across Canada and in the United States and the Caribbean. For more information about Fortis, visit www.fortisinc.com or www.sedar.com.

Fortis includes forward-looking statements in this media release within the meaning of applicable securities laws in Canada. The purpose of the forward-looking information is to provide management's expectations regarding the Corporation's future growth, results of operations, performance and business prospects and opportunities, and it may not be appropriate for other purposes. All forward-looking information is given pursuant to the safe harbor provisions of applicable Canadian securities legislation. Forward-looking statements are typically identified by words such as "anticipates", "believes", "expects", "could", "intends", "may", "target", "pending", and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements included in this media release include, but are not limited to, commitment to growing the dividend, investing in energy infrastructure and executing capital expenditure plan. Forward-looking statements involve significant risk, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking statements. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally. Such risk factors or assumptions include, but are not limited to, the implementation of the Corporation's five-year capital plan; the realization of additional opportunities including natural gas-related infrastructure and generation; and the Board exercising its discretion to declare dividends, taking into account the business performance and financial condition of the Corporation. Fortis cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. For additional information with respect to certain of these risks or factors, reference should be made to the Corporation's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities. Except as required by law, the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Investor analyst inquiries, please contact:
    Mr. Karl Smith
    Executive Vice President, Chief Financial Officer, Fortis
    (709) 737-2800

    Media inquiries, please contact:
    Ms. Nora Duke
    President and Chief Executive Officer,
    Fortis Properties
    (709) 737-5452