Fairmont Royal York Sold For $186M
This morning, InnVest REIT and KingSett Real Estate Growth LP announced they've acquired an 80% stake in Toronto’s Fairmont Royal York Hotel; existing owner Ivanhoé Cambridge retains a 20% interest. In a JV, the firms are buying the iconic 1,363-room hotel for $186.5M, or $137k per room. KingSett, with a 60% interest in the venture, will become the managing partner. InnVest will be the hotel asset manager and oversee hospitality operations, working with existing operator Fairmont Hotels and Resorts. The JV plans to invest $50M in upgrades. Built in 1929, the Royal York is in the midst of a $100M renovation.