Westin-Branded Hotels Sold by SITQ

MONTREAL — SITQ, a business unit of Ivanhoé Cambridge Group, the real-estate subsidiary of Caisse de dépôt et placement du Québec, has sold five Westin-branded hotels across Canada to an unidentified institutional investor.

SITQ owned a 48.5-per-cent interest in the properties, which include the Westin Ottawa, Westin Calgary, Westin Bayshore Vancouver, Westin Edmonton and Westin Harbour Castle, Toronto.

“We are thrilled to have successfully completed this transaction, which is directly aligned with our strategic objective to refocus our portfolio and investment efforts on office real estate,” said William Tresham, president and CEO of SITQ.

As of Dec. 31, SITQ owned $17.6 billion in real-estate assets in Canada, the U.S., France, the U.K. and Germany. Ivanhoe had assets in 24 countries.