Toronto-based InnVest Real Estate Investment Trust said today that it has agreed to purchase seven mid-market hotels--four Radissons, one Delta, one Holiday Inn and one independently branded hotel--from partnerships controlled by the Whitehall Street Real Estate Funds and the Westmont Group for $85.3 million plus transaction costs.
The acquisition, which is expected to close by mid-August, will bring the REIT's total portfolio to 132 properties, or 14,600 rooms across Canada.
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Source - Commercial Property News
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