Colliers International estimates its sales of Canadian hotel properties at nearly $183 million during the first quarter of 2014. Since the start of the year, the Seattle-based real estate company has made more than 20 Canadian hotel transactions (2,836 rooms averaging $51,700 in price).

The bulk of transactions — mostly limited service properties in tertiary markets — were made in Eastern Canada, with a large number in Quebec and Ontario. The two provinces accounted for 49 and 26 per cent of quarterly volume, respectively.

Western Canada delivered a higher price per room average than its Eastern counterpart. This can, in part, be attributed to the sale of the Nova Court in Yellowknife ($204,500 per room) to Temple Hotels Inc.

In addition to the Yellowknife hotel, which sold at $21.7 million, three other properties transacted at more than $10 million. They include the Holiday Inn Montreal Midtown ($65 million), Quebec City’s Loews Le Concord ($12 million), and the Holiday Inn Brampton ($11.8 million). These four hotels alone accounted for 66 per cent of quarterly volume.

The Holiday Inn Montreal — Colliers’ largest transaction during the first quarter — was sold to a joint venture (Beaumont Partners SA and Campus Crest) that plans to convert the hotel into a student residence. Similarly, the 145-room Holiday Inn located in Brampton, Ont., is expected to become a retirement home.