Newspaper article International New York Times

Canadian Hotels Bought with Hong Kong Support

Newspaper article International New York Times

Canadian Hotels Bought with Hong Kong Support

Article excerpt

InnVest Real Estate Investment Trust, which holds 109 hotels in Canada, will be sold to a Canadian company backed by Hong Kong money.

InnVest Real Estate Investment Trust, which has a portfolio of 109 hotels in Canada, said Wednesday that it would be sold to a Canadian company backed by Hong Kong money for 2.1 billion Canadian dollars, including debt.

InnVest's hotels include properties managed by Marriott International, Fairmont Hotels & Resorts, Hilton Canada and Hyatt Hotels Corporation.

Bluesky will pay 7.25 Canadian dollars for each unit of InnVest. That is a 37 percent premium over the average trading price during a 30-day period that ended Tuesday. The deal is worth about $1.6 billion.

Drew Coles, the president of InnVest, said the transaction was "a winning outcome for all stakeholders," noting that Bluesky's plans for the portfolio were aligned with InnVest's ideas. …

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