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Slowdown In Hotel Investment Activity

Vancouver
Slowdown In Hotel Investment Activity

Colliers International Hotels reports a robust Q3 in the hotel transaction market, with $897M in national transactions (127% higher than the previous quarter). The third quarter was catapulted by the sale of the Westin Canadian Hotel portfolio—which comprised five hotels, selling for $765M (the buyer was Starwood Capital Group, and it was the the largest multi-property trade since 2007). The Westin Bayshore on Bayshore Drive (above) was part of that, selling for just over $150M.

Slowdown In Hotel Investment Activity

Overall, though, say hotel investment activity in Vancouver has been relatively quiet in '13, says Colliers analyst Russell Beaudry (snapped with VP Robin McLuskie). The transaction volume in Vancouver year-to-date is $200M, with most of that from the Westin deal. "Given strong hotel investment fundamentals in the city, most owners are opting to hold or re-finance, versus selling," he says.