TORONTO — InnVest REIT has acquired the downtown Ottawa Marriott Hotel from a private seller for $115 million, or $235,000 per room.
“This is a great opportunity to acquire a premier property, located in one of Canada’s top markets. This transaction is another important step in advancing InnVest’s strategy to prudently invest in high quality assets while maintaining a strong balance sheet. In addition, the Marriott Ottawa Hotel increases our prime market focus while diversifying our overall property portfolio,” says Drew Coles, president and CEO.
The 489-room property features 35,000-sq.-ft. of meeting space in addition to a revolving rooftop function facility. It also offers a 130-seat restaurant, indoor heated pool and sauna, fitness club, business centre and lobby market. The Ottawa Marriott Hotel will soon have a direct connection to the new Confederation Line Light Rail Transit (LRT) network anticipated to be completed in 2018.
As part of a new company strategy to dispose of non-core assets and enhance portfolio quality, InnVest recently sold two other properties — the Delta Trois-Rivières Hotel and Conference Centre in Quebec and the Holiday Inn Halifax Harbourview in Dartmouth, N.S. — for combined net proceeds of $14 million.
The transaction is expected to be completed in the first quarter of 2016, subject to customary closing conditions.