The Delta brand comprises a diverse range of hotels and resorts with 38 hotels and 10,000 rooms in more than 30 cities across Canada.

Marriott International announced it has signed definitive agreements to acquire the Delta Hotels and Resorts brand and management and franchise business from Delta Hotels Limited Partnership, a subsidiary of British Columbia Investment Management Corporation, for C$168 million (approximately $135 million). Under terms of the agreement, Marriott is acquiring the Delta management and franchise business, as well as the Delta brand and related intellectual property.

The Delta brand comprises a diverse range of hotels and resorts with 38 hotels and 10,000 rooms in more than 30 cities across Canada. When completed, the transaction will increase Marriott's distribution in Canada to more than 120 hotels and 27,000 rooms, making Marriott the largest full service hotel company in Canada.

Arne Sorenson, president and chief executive officer of Marriott International, said, "Delta has an impressive portfolio of hotels that are among the most preferred in Canada. With this acquisition, we are continuing our focus on building our brand portfolio and growing in attractive regions outside the U.S. Combining the strong Delta brand with Marriott's hotel development expertise will accelerate growth of the brand in Canada and in other markets around the world."

BcIMC-affiliated entities own 13 Delta hotels (and one under development) and will sign new 30-year management agreements with Marriott for these properties. Third parties own the other 25 Delta hotels; 15 are managed by Delta and 10 are franchised. In total, five managed hotels (approximately 1,100 rooms) are under development.

The transaction is subject to receipt of certain third party and governmental consents, including by the Canadian Competition Bureau. Assuming receipt of the necessary approvals, the parties expect to close the transaction in the second quarter of 2015. Marriott does not expect the transaction will have a material impact on its 2015 results, excluding one-time transaction and integration costs.

On January 1, 2014, Marriott International was third in the global hotel group in terms of number of rooms, according to the ranking realized each year by MKG Hospitality, hospitality consulting firm founded by Georges Panayotis. At the time it had 653,719 rooms in 3,783 hotels. (read our report)