InnVest Real Estate Investment Trust will purchase the Ottawa Marriot Hotel in downtown Ottawa for $115 million or $235,000 per room.
The hotel has 489 guestrooms, 35,000 square feet of function space in 22 rooms including a revolving rooftop function facility. Amenities, such as a 130-seat restaurant, an indoor heated pool and sauna, fitness club, business centre and lobby market are other features. The asset was constructed in 1972 and has undergone various renovations and upgrades over the past five years.
“This transaction is another important step in advancing InnVest’s strategy to prudently invest in high quality assets while maintaining a strong balance sheet,” said Drew Coles, president and chief executive officer of InnVest REIT. “In addition, the Marriott Ottawa Hotel increases our prime market focus while diversifying our overall property portfolio.”
Once Canada’s 150 anniversary rolls around in 2017, the full-service, “upper upscale” hotel is expected to benefit from being in a well-located spot with access to the central business district and Parliament district. The hotel will also have a direct connection to the new Confederation Line Light Rail Transit (LRT) network, expected to be completed in 2018.