TORONTO — A surge of closed transactions in Q3 raised year-to-date 2016 Canadian hotel transaction volume to $3.86 billion, Colliers Canada announced in its Hotel INNvestment Q3 report, released in mid-November.
The quarter registered as the highest quarterly volume for hotel real estate on record, totaling $3.1 billion in asset value.
Foreign capital has comprised the majority of year-to-date volume, with cross-border groups injecting some $2.66 billion into the market (69 per cent of the year-to-date total).
The market was also fluid in the $5 million to $25 million asset value range, with active trading between private investors and hotel investment companies.
Bluesky Hotels and Resorts, a privately held Canadian company backed by Hong Kong capital, completed its $2.1 billion purchase of InnVest REIT, representing over 14,500 rooms across Canada.
The $225 million sale of the Four Seasons Hotel Toronto set a new price-per-room sales record in Canada, at $868,700 per key.