Toronto-based Skyline Investments is abandoning its strategy of owning and operating hotels, all of which are in the United States.
The decision comes just a month after selling 11 of its Courtyard by Marriott properties, leaving it with only five U.S. hotels. It also comes after reporting losses and declining revenue over the past year and a half, according to filings with the Tel Aviv Stock Exchange, where Skyline is required to report updates based on previous bond sales in Israel.
“In the last few months, the board of directors decided to update the company's strategy as follows,” according to a translation of an Israeli Skyline filing this week. “The company will not continue to develop and will not turn to new opportunities in the field of its hotels and resorts in North America.”
Skyline did not respond to CoStar News' request for additional information regarding the latest filing.
The company said it will look for suitable timing and pricing for the sale of its remaining properties and left open the possibility of pursuing different investment opportunities going forward.
“The board of directors, through the strategy committee, will continue to examine the company's strategy, including options for entering new areas of activity and/or territories,” the filing said.
In October, Skyline completed the sale of 11 Courtyard by Marriott hotels for US$101 million and expects to record a US$8.5 million loss from the disposition, the company said. Skyline previously reported a loss of nearly US$12 million through the first six months of 2024.
It used the disposition proceeds to pay off two existing loans in full totaling US$106 million.
After the sales were completed, Skyline remained owner of three Courtyard hotels, one each in Fort Myers, Florida; Ithaca, New York; and Tucson, Arizona, which are in the process of being put up for sale.
Skyline also owns two Hyatt hotels in Cleveland: the historic 293-room Hyatt Regency at The Arcade, and the 491-room Hotel Cleveland.