This Is Canada’s Biggest Resort Deal Since 2008
The $42.5M acquisition of the 412-room Delta Lodge at Kananaskis by Pomeroy Lodging Group in September was Canada’s largest resort transaction since 2008. It was also Western Canada’s biggest hotel deal so far in the second half of 2015, according to a new report from Colliers International Hotels. Pomeroy is planning a $26M redevelopment of the property—built in 1986 by Canadian Pacific Hotels for the 1988 Olympics—in a bid to reposition it as a leading four-star conference and destination resort.
Nationwide hotel transaction volume reached $1.42B through the third quarter of 2015, with 84 sales reported, a sizable 71% increase from the same period in 2014 ($826M), Colliers notes. Western Canada’s other big hotel deals for the third quarter include the $37M September sale of the 224-room Hotel Saskatchewan, whose new owners will be renovating and repositioning as a Marriott Autograph Collection property. Coming in a distant third is Victoria’s Quality Inn Downtown Inner Harbour, which sold for $8.2M in August.
