Volume in Canadian hotel transactions grew by over two-thirds year-over-year in 2013, with significant increase in average per room pricing and average deal size, according to a new Colliers study released today. The reason: (More people are going skiing?) Much of the activity came down to asset sales in major urban markets across the country. Most of the investment activity was in the GTA—an estimated $650M in volume, compared to $289M in 2012. One of the highlights: the $765M sale of the Westin Canadian portfolio.

Colliers VP Robin McLuskie (with colleague Russell Beaudry) tells us that with the GTA accounting for a third of the national transaction volume, there is high demand for new offerings coming to market. “Going into 2014, most investors indicated their primary strategy is to buy or hold hotel properties,” she says. “Not surprisingly the GTA continues to be of significant interest to investors with several of the city’s submarkets receiving the highest rankings.”