A surge of closed transactions in Q3 raised year-to-date 2016 Canadian hotel transaction volume to $3.86 billion. The quarter registered as the highest quarterly volume for hotel real estate on record totaling $3.1 billion in asset value. Download the Q3 Transaction Report which includes a feature article on the Canadian dollar's impact on the tourism industry.
- Foreign capital has comprised the majority of year-to-date volume, with cross-border groups injecting some $2.66 billion into the market (69% of the year-to-date total).
- The market was also fluid in the $5 - $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.
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