B.C. Tops In Hotels
B.C. was second to Alberta in hotel transaction activity in Canada’s West in 2013, according to a Colliers International Hotels study. Overall, hotel investment in Canada surpassed $2B in 2013, the strongest performance in a decade. Positive economic conditions, low cost of debt, attractive properties along with attractive yields were the reasons, Colliers' VP Robin McLuskie says. She's with colleague Russell Beaudry.
Where is the ceiling? Robin says much of the volume was attributed to “strategic deals that we consider a special case.” Colliers is forecasting between $1.25B and $1.75B for 2014. (We're guessing the larger number, since Frozen will be on hotel pay-per-view this year. And, you know, kids.) Increased availability of “significant urban assets” should entice foreign interest, Robin says. B.C. did over $300M in business in 2013 (The Greater Vancouver Area did $226M). In the image is the Westin Bayshore, part of the Westin Canadian portfolio that sold to Starwood Capital Group.