News
Westin Deal Drives Hotel Market
November 12, 2013
Colliers International Hotels reports a robust Q3 in the hotel transactions--$897M nationally (127% higher than Q2). Ontario drove the bus, with 10 deals over the $10M threshold. Year-to-date, Ontario has accounted for 50% of the volume, with 41 trades and $639M in the GTA. The third quarter was catapulted by the sale of the Westin Canadian Hotel portfolio—five hotels selling for $765M (the buyer was Starwood Capital Group, and it was the largest multi-property trade since 2007).
Says Colliers senior analyst Russell Beaudry (here with Colliers VP Robin McLuskie): "We expect a few more hotels to close by year's end." (Somebody is getting a nice Christmas gift.) He expects the GTA will comprise 35% of total Canadian volume this year.
