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Gettin' Out of Hotels

Toronto
Gettin' Out of Hotels

Colliers' Russell Beaudry recently walked us through the robust state of the local hotel transaction scene—the GTA was the major driver behind a big increase in activity ($897M in deals nationally in Q3, 127% higher than Q2). After we published, he contacted us again to expand more. A lot of this year's success is a result of "private equity and pension funds exiting their investments," he says. (While you can sleep at a hotel, you can't take it with you.) The Hilton Toronto sale from Ivanhoe Cambridge to Barney River Investments ($140M in February) and the $76M sale of the Marriott portfolio (five assets) from private equity firm Lubert Adler to Morguard are top-of-mind examples.