Marriott acquisition a key piece to InnVest REIT's puzzle

OBJ Staff
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InnVest Real Estate Investment Trust’s recent $115-million acquisition of the Ottawa Marriott is part of the REIT’s strategy of “investing in high-quality assets in city-centre markets,” its president and CEO says.

The Ottawa Marriott Hotel is located on Kent Street.

“This hotel is a premier asset and increases our key market focus while diversifying our overall property portfolio,” Drew Coles said in a statement.

The acquisition was InnVest’s fifth in the last 13 months.

Working on behalf of a private investor, Colliers International Hotels sold the 489-room Marriott – the city’s second-largest hotel after the Westin – to InnVest for $115 million, or $235,000 per room. InnVest said it expects the Kent Street hotel, with its 35,000 square feet of meeting space, to do very well in 2017 when the city celebrates Canada’s 150th birthday.

InnVest now owns 110 hotels representing 14,500 rooms across the country.

Organizations: InnVest REIT, Marriott, Colliers International Hotels Kent Street hotel

Geographic location: Canada

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