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Vancouver’s Hyatt Regency Included in $2.1 Billion Deal
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(Posted on May 20, 2016 at 01:00PM by Michelle Bogle)
BlueSky Hotels & Resorts Inc., a private company backed by capital from Hong Kong, has agreed to buy Toronto-based InnVest Real Estate Investment Trust in an $2.1 billion all-cash deal.Vancouver’s Hyatt Regency is one of the hotels included in the sale.
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The deal will give BlueSky one of Canada’s largest hotel portfolios, which includes 109 properties across the country and a stake in some of the most historic hotels. InnVest REIT also holds a 50% stake in Choice Hotels Canada Inc., which is one of the biggest franchisers of hotels in the nation.
The BlueSky transaction is expected to close in the third quarter of this year.
The BlueSky transaction is expected to close in the third quarter of this year.
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Bluesky is the latest Asian firm to swoop into the North American hotel industry. A unit of China’s HNA Group Co. agreed to buy Carlson Hotels Inc. in April, gaining popular banners, such as Radisson and Park Plaza.Â
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Beijing-based Anbang Insurance Group Co. also made an unexpected $14 billion bid for Starwood Hotels & Resorts Worldwide Inc. in March; however, they walked way before the deal was finalized.Â
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Foreign investors are growing increasingly interested in Canada’s hospitality sector, thanks to the low dollar and the booming hotel industry, which has seen record-breaking revenues per available room each year – from $92 in 2015 to an expected $98 by 2017. Asian capital will undoubtedly be a driving force over the next number of years.Â
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For more information on Vancouver’s hospitality asset class, please contact our office to speak with our skilled team of advisors.
Strong Demand and Low Supply Keeps Vancouver’s CRE Prices High
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(Posted on May 12, 2016 at 10:41PM by Michelle Bogle)
Despite uncertainty in Canada's economy, a number of Vancouver’s real estate assets continue to receive strong interest with investors, especially in the industrial class.
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In fact, the Greater Vancouver Area continues to see a strong performance with industrial availability rates holding steady at 4.1%, despite 1.1 million square feet of newly created space at the beginning of the year.
As a result, demand for space in industrial properties has continued to match or exceed supply, leading to increased commercial real estate prices.Â
As a result, demand for space in industrial properties has continued to match or exceed supply, leading to increased commercial real estate prices.Â
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The low Canadian dollar, historically low interest rates, dropping energy prices and the belief that Canada’s industrial sector offers stable returns has made Vancouver highly attractive to foreign investors.
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This growth is also largely being driven by an increase in e-commerce, as demand for warehouse and distribution facilities continues to rise.
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Robust growth in this asset class in expected to continue to rise over the coming years. If an industrial real estate investment is in your near future, please contact our office to speak with one of our skilled advisors.Â
Ibrahim Aytug is an investment sales broker with Marcus & Millichap’s Vancouver office.Â
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Originally from Turkey, Ibrahim moved to Canada at the young age of 16. After graduating from Simon Fraser University, he began his specialization in commercial real estate, setting his sights on the growing retail sector.Â
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Ibrahim is a member of the Canadian Real Estate Association (CREA), the Real Estate Board of Greater Vancouver and the British Columbia Real Estate Association (BCREA).
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His asset focus is largely centered around retail investment properties in the Vancouver region, including the downtown core, where he provides his clients with sales, financing, research and advisory services.
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For more information or investment guidance regarding Vancouver’s trending retail property market, please contact Ibrahim Aytug directly for sound advice.
Before joining Marcus & Millichap’s Vancouver office in 2015, David C. Fox enjoyed a successful career as a senior executive and advisor in the manufacturing technology and aerospace industries.Â
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Having built businesses and been through many stages of growth and transition, he is highly knowledgeable in assessing and addressing acquisition and divestiture of industrial and other commercial real estate assets in Vancouver and surrounding areas.Â
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As a member of the Association for Corporate Growth, David is closely tapped into mid-market deal-making where transactions of commercial real estate assets are featured. He also mentors at the Entrepreneurship@UBC Program and has assisted a broad spectrum of hi-tech start-ups over the years.Â
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David has a special interest in British Columbia’s Sea-to-Sky Corridor and closely follows commercial real estate activity in Whistler and Squamish. He keeps tabs on proposed and ongoing projects, such as Squamish’s Woodfibre LNG project and the Whistler Blackcomb Renaissance.
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To connect with David C. Fox to learn more about Vancouver's industrial and office asset classes, please click here.
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