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InnVest REIT Buys Fairmont Vancouver Airport


InnVest REIT has a deal with Oxford Properties Group to acquire a leasehold interest in the Fairmont Vancouver Airport hotel for $90M (or $233k/room). CEO Drew Coles says the hotel—constructed in 1999, with 386 guest rooms and a restaurant—enhances InnVest’s geographical diversification in the Vancouver market and expands its relationship with Fairmont (it's also a co-owner of the Royal York Hotel). InnVest noted the transaction is not dependent on, and does not affect the timing of, the recent offer by Bluesky Hotels & Resorts to acquire the trust.