Alberta Westin hotels up for sale

Starwood Capital has put Westins in Calgary and Edmonton on the sale block

By
Western Investor
February 26, 2018





westin

 

Starwood Capital is putting its Westin hotels in Calgary and Edmonton up for sale.

Starwood has retained commercial real estate brokers Cushman & Wakefield to oversee the transaction. The company will also be overseeing the sale of the Westin hotel in Ottawa.

The move follows Starwood’s sale of Westin properties in Toronto and Vancouver in recent years.

Marriott International owns Starwood Hotels and Resorts and is the operator at all hotels. No changes to the names of the Westin hotels are expected. 

The Westin Calgary has 522 suites while the Westin Edmonton has 416.

Starwood collected between $350 million and $400 million for the Westin Harbour Castle in downtown Toronto. It’s been reported that the Westin Bayshore in Vancouver sold for $290 million.

Starwood bought all five of the Canadian properties in 2014 for $765 million.

A Cushman & Wakefield spokesman said Calgary and Edmonton hotel sectors are “turning around” and represent an investment opportunity.

In its latest report hospitality firm HVS International reported the hotel occupancy rate in Calgary was 73.3 per cent in the third quarter 2017, up from 69.5 per cent a year earlier. Revenue per available room jumped from $113.92 to $116.39 during the same period.


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