Toronto's Biggest Hotel Deal in Q2 Was...
The acquisition by Easton’s Group of Westin Bristol Place from Blackstone for $22M was the biggest hotel deal of the second quarter, according to a new report from Colliers. Ontario maintained its spot as the most active hotel investment market, accounting for 48% of deal volume in the first half of 2015, followed by B.C. (33%) and Quebec (9%). Aggregate hotel deal volume was over $915M in the first half, with 55 properties sold nationwide, a 60% increase from the same period in 2014 and surpassing the highest first-half volume on record since 2007 ($871M).
The biggest hotel deals to date in 2015 were the February sale of the Fairmont Royal York Hotel ($186.5M) and Fairmont Hotel Vancouver ($180M). Coming in a distant third was the acquisition of the Best Western Primrose Hotel at Jarvis and Carlton streets, a $50.5M transaction (also in Q1). The purchaser, Knightstone Capital Management, is in the midst of converting the building into a student residence, dubbed The Parkside (the revamped entryway is rendered above).
