Canada’s Biggest Q3 Hotel Deals
Total Canadian hotel deal volume rose to $3.86B in Q3, propelled by completion of Hong Kong-capital-backed Bluesky Hotel and Resorts’ $2.1B purchase of InnVest REIT, and Kingdom Holding Co’s $225M sale of the Four Seasons Hotel Toronto, above. The latter transaction set a new price per room sales record for Canada: $868,700 per key. Both deals contributed to this country’s highest quarterly volume for hotel real estate on record: $3.1B in asset value, according to a new report from Colliers International Hotels. Foreign capital has represented the majority of year-to-date volume, with cross-border groups injecting $2.66B into the market—69% of the YTD total.