Courtyard by Marriott Edmonton Downtown
Sales Date: March 2011
Client: Concord Hospitality Enterprises JV Lubert Adler Real Estate Funds
Buyer: MIG Real Estate, LLC
Cap Rate: 8.5%
Colliers International Hotels acted as joint advisor in the sale of the 177-room Courtyard by Marriott Edmonton Downtown. The Property generated significant interest from local, regional and national buyers, and after a two-round competitive bid process, the selected buyer was a US-based MIG Real Estate, LLC (one of two cross-border buyers for 2011 — both of which were represented by Colliers). The purchaser retained the existing manager, Concord Hospitality Enterprises. This leading select-service hotel in downtown Edmonton is located on Jasper Street, a heavily traveled route in Edmonton’s Central Business District, and on an in-fill location along the North Saskatchewan River offering pristine views of the river and downtown Edmonton skyline. Selling at $147,000 per room this transaction marked the start of many Canadian select-service sales that followed in 2011.