Interest Rates Low for Q3 in Vancouver, BC
commercial real estate blog vancouver bc, commercial real estate vancouver bc
Vancouver’s Hyatt Regency Included in $2.1 Billion Deal
Tags:
(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.
Â
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.
Â
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
Â
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
Â
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
Â
For more information on Vancouver’s hospitality asset class, please contact our office to speak with our skilled team of advisors.
Powered by Webstager