The Top 5 Canadian Hotel Sales Of 2015
Canada had $2.46B in hotel deals in 2015, a 70% year-over-year jump via a total of 147 sales—the third-highest volume ever, Colliers notes in a new report. Two BC hotel transactions were among the year's biggest.
1. Westin Bayshore
Location: Vancouver
Price: $290M
Buyer: Concord Pacific
Seller: Starwood Capital Group Global
Keys/rooms: 511
Details: The 6.3-acre site includes a marina and surplus development potential. The hotel was the refuge for billionaire recluse Howard Hughes when he fled the US taxman in 1972; he took up residence in its penthouse.
2. Fairmont Royal York Hotel
Location: Toronto
Price: $186.5M
Seller: Ivanhoé Cambridge
Buyers: KingSett Real Estate Growth (60%), InnVest REIT (20%), Ivanhoe (20%)
Keys/rooms: 1,363
Details: A $50M reno program is planned for this iconic property, which already has seen a $100M refurbishment. InnVest is asset manager and overseeing hospitality operations alongside Fairmont Hotels and Resorts.
3. Fairmont Hotel Vancouver
Location: Vancouver
Price: $180M*
Seller: Ivanhoé Cambridge
Buyer: Larco Investments
Keys/rooms: 556
Details: Includes 19k SF of high-end retail space at ground level. Ivanhoé Cambridge was Canada's biggest institutional hotel seller of 2015, with two deals worth $366.5M. Fortis Properties sold a 22-hotel portfolio for $365M.
4. Courtyard by Marriott Toronto Downtown
Location: Toronto
Price: $99M
Seller: Groupe Jesta
Buyer: KingSett Real Estate Growth (66%), InnVest REIT (33%)
Keys/rooms: 575 (hotel includes two restaurants and 4,600 SF of retail).
Details: InnVest’s second acquisition with KingSett (see: Royal York, above). Renovations are planned, and the new owners note the hotel benefits from gentrification of surrounding neighborhoods.
5. Westin Prince
Location: Toronto
Price: $70M
Seller: Prince Spa and Resort Operations Ltd
Buyer: Wufung Construction Group (China)
Keys/rooms: 395
Details: Includes three acres of surplus land. The largest single Canadian hotel acquired by an offshore purchaser in the past decade. Foreign investors acquired 27 Canadian hotels ($515M / 21% of total volume).
