CHICAGO — An affiliate of Chicago’s Hyatt Hotels Corporation has sold the Hyatt Regency Vancouver to Toronto-based InnVest Real Estate Investment Trust for $140 million or $217,000 per key. The property will continue to operate as a Hyatt Regency hotel.
“We are delighted to enter into a relationship with InnVest, a well-respected hotel owner with deep expertise in the Canadian hospitality market,” said Stephen Haggerty, global head, Capital Strategy, Franchising and Select Service for Hyatt. “By continuing to execute on our asset recycling strategy, we are able to strategically plan for growth in locations where Hyatt brands are underrepresented while retaining our brand presence in key cities around the world.”
Built in 1973, the Hyatt is centrally located at Burrard and West Georgia streets in downtown Vancouver. It provides 45 Regency Club rooms, 20 suites, 40,000 sq. ft. of meeting space and three F&B outlets.
“We are pleased to add the prestigious Hyatt Regency Vancouver to InnVest’s portfolio,” said Edward Pitoniak, InnVest’s CEO. “This acquisition gives us a leading presence in Vancouver, one of Canada’s top hotel markets, and also drives our strategic priorities of increasing our portfolio quality and scale while improving our balance sheet through a conservative financing structure.”