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InnVest Acquires Hyatt Regency Vancouver
InnVest REIT announced last week it will acquire the Hyatt Regency Vancouver from an affiliate of Hyatt Hotels Corp. for $140M. The Hyatt Hotels affiliate will continue to manage the hotel under a new long-term management contract. The deal is expected to close in December. Built in 1973, the Hyatt has 644 rooms and 40k SF of meeting space, plus three food and beverage outlets. The property has “strong cash flows” that are poised to improve over time, InnVest CEO Anthony Messina said. Last month, InnVest and KingSett Real Estate Growth acquired an 80% stake in Toronto’s iconic Fairmont Royal York Hotel from Ivanhoé Cambridge.
