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Canadian Hotel Sales Stay Strong In Q3, Lag Behind 2016

Rosewood George Hotel Colliers INNVestment Report
Rosewood Georgia Hotel, Vancouver

Canadian hotel sales remained strong in the third quarter, while year-to-date totals lagged behind last year's record-setting pace, according to Colliers International Hotels' latest INNvestment Market report. 

The third quarter brought $473M in national sale volume, raising the year-to-date national total to over $2.6B, down 32% year-over-year, according to the report. In Q3 2016, sales topped $3.1B in the quarter alone. 

Overall pricing remained strong in Q3 2017 with the average price per room growing 27% year-over-year to $161,200.

Big national winners included Alberta, which saw nearly $100M of sales activity in Q3, compared to less than $30M in the first half of the year. 

Among the notable transactions during the quarter was the sale of Vancouver’s historic 156-room Rosewood Hotel Georgia for $145M by Delta Land Development to Vancouver-based Pacific Reach Properties. The purchase set a new price per room sales record in Canada at $929,500/room.

Also notable was Mohari Canada Inc.’s acquisition of the boutique 105-room Thompson Toronto Hotel for $77M, or $733,300/room.

Related Topics: Colliers