BCBusiness

BcBUsiNEss.cA 18 BCBusiness JUNE 2015 Check In, Check Out T h e M a t r i x Who's buying and selling B.c.'s most iconic hotels? by Jacob Parry I t's peak tourist season and B.C.'s hotels are full to the brim. But do you know who you're sleeping with? Many of the province's top properties have recently changed hands: 21 hotels went to market in 2014 resulting in $413 million in transactions, the bulk of which were sales of motels, rural resorts and airport lodgings for under $25 million. But a few of B.C.'s more iconic hotels—including the Fairmont Hotel Vancouver, the Empress and the Westin Bayshore—also ended up on the auction block. 25,369 hotel rooms in Metro Vancouver 7,000 condo rooms rented on a weekly or monthly basis 2,000 Airbnb units in Metro Vancouver sOUrcE: B.c. Hotel Association and tourism Vancouver Delta Hotels anD ResoRts sOLD FOR: $168 million* WHen: August 2014 seLLeR: British columbia investment Management corp. BuYeR: Marriott international inc. (whose investment includes the Ritz-Carlton in toronto) nOTA Bene: the BciMc sold the franchise and the intellectual property associated with delta (a hotelier founded in richmond with 38 properties across canada). the pension fund, however, retains owner- ship of the buildings and properties. *franchise and intellectual property Westin BaysHoRe ResoRt, VanCouVeR sOLD FOR: $150.9 million* WHen: February 2014 seLLeR: psp investments, the federal public service's pension fund BuYeR: starwood investments (whose investment includes le Méridien Versailles in Montreal) and a group of investors from the Middle East *part of a $765-million portfolio sale FaiRMont eMpRess Hotel, ViCtoRia sOLD FOR: $95 to $110 million* WHen: August 2014 seLLeR: caisse de dépôt et placement du Québec BuYeR: nat Bosa, Bosa development corp. *private deal, estimate FaiRMont Hotel VanCouVeR sOLD FOR: $104 million* WHen: put on the market along with the Empress in May 2014 seLLeR: caisse de dépôt et placement du Québec BuYeR: sold to a private buyer in Q1 2015 *private deal, estimate $170 MIL $160 MIL $150 MIL $140 MIL $130 MIL $120 MIL $110 MIL $100 MIL $90 MIL Hyatt RegenCy VanCouVeR Hotel sOLD FOR: $140 million WHen: december 2014 seLLeR: Hyatt Equities LLc BuYeR: innVest rEit, a toronto-based investor with a stake in 110 canadian hotels (which includes the Fairmont Royal york Hotel in toronto) LAND SOLD BRAND SOLD sOLD FOR: OLD FOR: OLD FOR: OLD FOR: OLD FOR: OLD FOR: OLD FOR: WHen en en en en en en en en en en: A A A A A A August 2014 ugust 2014 ugust 2014 se se se se se se se seLL LL LL LL LL LL LL LLeR: R: R: R: R: c placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec placement du Québec BuYeR: R: R: R: R: n dev ev ev ev ev ev ev evelopment elopment elopment elopment elopment elopment elopment elopment elopment elopment elopment elopment elopment elopment elopment elopment elopment elopment elopment *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate *private deal, estimate 18 BCBusiness JUNE 2015 $90 IL

• Cover