TORONTO — InnVest REIT and KingSett Capital announced the completion of the $99-million acquisition of the Courtyard by Marriott Hotel in downtown Toronto.
“We are very pleased to be completing our second strategic acquisition with KingSett following the participation in the purchase of Toronto’s landmark Fairmont Royal York Hotel earlier this year,” said Drew Coles, president, CEO, InnVest. “Looking ahead, we will continue to enhance the quality, scale and diversification of our hotel portfolio, furthering InnVest as the leading hotel ownership platform in the Canadian lodging industry.”
The acquisition broadens InnVest’s relationship with Marriott and expands their portfolio in a growing Canadian urban market. InnVest acquired a one-third interest in the hotel for $33 million, while KingSett acquired the remaining two-thirds for $66 million.