The Toronto Area Marriott Select-Service Portfolio
Sales Date: October 2011
Client: Concord Hospitality Enterprises JV Lubert Adler Real Estate Funds
Buyer: Genesis Hospitality
Colliers Hotels acted as joint advisor to Concord Hospitality Enterprises & Lubert Adler Real Estate Funds in the sale of the 495-room Toronto Area Marriott Select Service Portfolio to Genesis Hospitality Inc. The properties included the Courtyard Toronto Airport Corporate Centre West, Residence Inn Toronto Airport Corporate Centre West, Residence Inn Toronto Vaughan and Courtyard Hamilton.
The Portfolio received significant interest from traditional Canadian capital sources, as well as US and international hotel investors seeking critical mass in and around the highly sought after Greater Toronto Area. The Hotel’s offered strong financial performance, best-in-class branding and outstanding locations in their respective competitive markets. The sale marked the highest price per room on record achieved for comparable select-service product in Eastern Canada.