TORONTO: Q3 Hotel Trades Jump 127%
Canada had a robust Q3, with $897M in hotel transactions nationally, 127% higher than Q2, reports Colliers International Hotels. Ontario drove the bus, with 10 deals over $10M, and accounts for 50% of the volume year-to-date, with 41 trades and $639M invested. Colliers senior analyst Russell Beaudry (snapped with VP Robin McLuskie) says he expects a few more hotels to close by year's end, and that the Greater Toronto Area will comprise 35% of total Canadian volume this year. What's driving the high-paced market: private equity and pension funds exiting their investments, like Ivanhoe Cambridge's $140M sale of the Hilton Toronto to Barney River Investments and Lubert Adler's five-hotel, $76M Marriott portfolio trade to Morguard.