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The Top 5 Canadian Hotel Sales Of 2015

National Hotel

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. 

* Reported price

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).