Winnipeg Free Press - PRINT EDITION
Posted: 03/27/2014 1:00 AM | Comments: 0
Last year was a near record year for sales of hotel properties in Canada, and Manitoba managed to grab a piece of the action.
Three Winnipeg hotels were among the 115 transactions, worth more than $2 billion, recorded in the country last year, according to the 2014 Canadian Hotel Investment Report released Wednesday by Colliers International Hotels.
The three local properties were the 170-room Holiday Inn Winnipeg-South on Pembina Highway, which sold in January 2013 for $5.5 million; the 100-room St. Regis Hotel in downtown Winnipeg, which sold in January for a reported $5 million, and the 23-room Lincoln Hotel on McPhillips Street, which sold in November for $4.6 million.
In addition to the three local properties that changed hands, a Winnipeg-based company -- Temple Hotels Inc. -- was involved in one of the year's largest portfolio transactions.
As earlier reported, Temple purchased the Centennial Atlantic Canada Portfolio from Centennial Hotels Ltd. for $87.5 million. The portfolio included three Nova Scotia hotels with a total of 549 rooms.
In its year-end financial report released earlier this month, Temple said it acquired a total of eight hotels last year for a combined price of $197 million. They included the three Nova Scotia hotels, the Holiday Inn Winnipeg-South and hotels in Ottawa, Calgary, Edmonton and Yellowknife.
Last month, it also agreed to purchase the 224-room Hotel Saskatchewan in Regina and earlier this month it agreed to purchase the 57-room, extended-stay Cortona Residence in Fort McMurray, Alta.
In Wednesday's report, Colliers said last year was one of the best years in a decade for hotel transactions in Canada, with the dollar value of transactions up a whopping 72 per cent from 2012's total of $1.2 billion.
"In fact, in terms of absolute deal volume, 2013 ranks in the top three as the highest year on record following only the pre-recession 2006 and 2007 era," said Alam Pirani, executive managing director with Colliers International Hotels. "Positive domestic economic conditions, coupled with attractive yields for hotels versus other real estate classes, as well as the availability of high-quality product, are some of the elements that draw local and foreign investors to Canada's hotel market."
Republished from the Winnipeg Free Press print edition March 27, 2014 B7
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