June 2016: Hong Kong group buys InnVest REIT

Vancouver’s Hyatt Regency included in hotel portfolio deal

Western Investor
May 30, 2016


The Hyatt Regency in Vancouver, the Fairmont Palliser hotel in Calgary, the Hotel MacDonald in Edmonton and four other properties in Western Canada will change hands in a $2.1-billion deal that will see BlueSky Hotels & Resorts Inc. – a company backed by capital from Hong Kong —buy Toronto-based InnVest Real Estate Investment Trust for $2.1 billion in an all-cash deal.

The deal would give BlueSky one of Canada’s largest hotel portfolios with 109 properties, including a stake in some of Canada’s most historic hotels. InnVest also holds a 50 per cent stake in Choice Hotels Canada Inc., one of the biggest franchisers of hotels in the country.

The BlueSky transaction is expected to close in the third quarter 2016.


From: Colliers Unique Properties Group, Vancouver. Colliers’ agents Mark Lester, Alan Johnson and Andrea Thievin report the following:

Deal: Seven-acre Julia Island in the southern Gulf Islands of B.C., including a cottage, private dock and potential building sites. Sold to a local buyer. Price: $1.47 million.

Deal:Dragon’s Lodge, a five-acre oceanfront retreat on Gabriola Island, in the Gulf Islands of B.C. Sold to a an overseas investor group. Price: $1.7 million.


From: Ernst Young, Vancouver.  Receiver Ernst Young reports the following:

Deal: Sale of the Oak Bay Beach Hotel, Victoria, to Noah Holdings Ltd. Sold under court order. Price: $62 million.


From: Re/Max Crest Realty (Westside), Vancouver. Re/Max vice-president, industrial commercial, JT Lee reports the following:

Deal: 4.28-acre industrial site with 15,000-square-foot steel structure, 66th Avenue, Surrey. Price: $6.3 million.


From: JLL Canada multi-family Alberta team, Edmonton. JLL agents Paul Gemmell, Samuel Dean and David Porter report the following:

Deal: 227-unit rental apartment complex, close to Anthony Henday Drive, Edmonton. Price: $50.7 million

From: Cushman & Wakefield Ltd., capital markets group, Vancouver.  Cushman & Wakefield senior vice-presidents Kevin Meikle and Mark Gallagher, vice-presidents Brad Newman-Bennett and Scott McPherson, with sales associate Edgar Buksevicsreport the following:

Deal: 61-unit townhouse rental complex on five acres, Emory Place, North Vancouver. Sold to Mosaic Homes Ltd. Price: (from RealNet Canada Inc) $39.55 million.

From: CBRE national apartment group, Edmonton. CBRE senior vice-president Bradley Gingerich reports the following:

Deal: 22.500-square-foot land development site, zoned multi-family, near downtown Edmonton.  Price: $1.60 million.


From: Frontline Real Estate Services, Surrey. Frontline listing agent Todd Bohn with selling agent Alamgir Khanof Royal LePage Global Force Realty, reports the following:

Deal: 2,800-square-foot commercial building on 13,120-square-foot lot, 144 Street, Surrey. Price: $1.31 million.



Completed a recent major commercial real estate deal? Send particulars here for a free listing. Email fobrien@biv.com

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