A steady sales pace continued through the third quarter with approximately $473 million in closed volume, raising the year-to-date national total to over $2.6 billion. Download the Hotel INNvestment Canada Q3 Report which includes an article contributed by HVS Canada: Four Things to Know as Canada’s Energy Markets Turn the Corner.
- Overall pricing remained strong with average price per key growing 27% year-over-year to $161,200.
- Buoyed by improving hotel operating fundamentals, Alberta saw nearly $100 million of sales activity in Q.3 compared with less than $30 million in the first half of the year.
- Atlantic Canada also saw stronger investment interest this quarter exceeding $42 million, compared with approximately $30 million (seven trades) in full year 2016 for the Atlantic region.
- The sale of the historic 156-key Rosewood Hotel Georgia in Vancouver, BC for $145 million set a new price per room sales record in Canada at $929,500 per key.
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