MISSISSAUGA, ON, Nov. 4, 2016 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) was recognized by Hilton with the inaugural Best Conversion for Dual Brand award for the proposed 361 Queen Street redevelopment project in downtown Ottawa, Ontario. The proposed redevelopment is the first dual brand conversion, of an existing building, under the Hilton banner in Canada - and is set to be the first Hilton property in downtown Ottawa. The $30 million plan calls for the redevelopment of two existing towers that will be transformed into a 17-storey Hilton Homewood Suites, providing 173 guest rooms for extended-stay accommodations, and a 10-storey Hilton Garden Inn, providing 171 guest rooms for short-stay accommodations. In addition to the combined total of 344 guest rooms, the property will offer 4,500 square feet of conference space and full-service amenities including a restaurant, bar, fitness facility and pool, to meet the market need in Ottawa. The project is slated for completion in spring 2018. "Morguard is rejuvenating prime property in downtown Ottawa with a modern and sustainable design, supported by the strength of Hilton's quality and service," said K. Rai Sahi, Chairman and Chief Executive Officer, Morguard Corporation. "This is a long-term value investment for Morguard in the Ottawa market - a market where we own or manage more than five million square feet of real estate valued at $1.8 billion."