Canadian Hotel Sales Stay Strong In Q3, Lag Behind 2016
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.