Good Year For Hotels
The $140Msale of Hilton Toronto drove record numbers on thenational hotel sales front during Q1. According to Colliers International, sales were 7% higher year-over-year. (And, no, building a Motel 6 does not make it 6% higher.)
We had two pretty significant transactions in downtown Toronto over that period, says Colliers VP of hotels Robin McLuskie (snapped with colleague Russell Beaudry). The Hilton deal, at $233k per key (that's aficionado talk for rooms), made the numbers pop. The other was the sale of Metropolitan Toronto for $39M. Overall, sales totaled $410M across Canada, they say--a significant jump for the market. Keep your eyes open:Robin says to expect another sale to close by June in the GTA. More transactions are slated for later this year, she adds, bolstering earlier predictions that this year's sales will eclipse 2012's $1.2B.