InnVest REIT Acquires Ottawa Marriott Hotel
InnVest REIT is acquiring a 100% interest in the Ottawa Marriott Hotel for $115M ($235k per room). The hotel, with 489 guest rooms, 35k SF of function space—including a revolving rooftop events facility—and a 130-seat restaurant, was built in 1972. The property’s undergone “significant” renovations and upgrades over the past five years, InnVest said, noting it's subsequently disposed of the Delta Trois-Rivieres and Holiday Inn Dartmouth, for $14M combined. The transactions are “in line with our stated strategy to recycle capital from the sales of non-strategic assets to fund our growth,” CEO Drew Coles said. InnVest owns 109 hotels in Canada.