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InnVest Hotels, Canada’s largest hotel owner and operator, has moved into the Victoria, B.C. market with the acquisition of the 304-room Hotel Grand Pacific.
“Victoria is a very strong hotel market that we want to be in,” InnVest executive vice-president of asset management and investments Jeff Hyslop told RENX. “We're also trying to grow our resort offerings as the leisure segment of the travel market has been very strong post-pandemic.”
Colliers Hotels acted as the exclusive advisor to vendors 550 BP PTE. LTD. and P. Sun Enterprises (Vancouver) Ltd., which acquired the hotel in 1996.
This latest sale closed on March 31 for an undisclosed price. BC Assessment had the property valued at close to $48 million.
Hyslop said there was a competitive process to acquire Hotel Grand Pacific, which he said was put on the market because the next generation of the family that owned it didn’t have the same interest in the hotel industry.
What Hotel Grand Pacific offers
Hotel Grand Pacific, which overlooks the inner harbour of B.C.’s capital city and sits beside the provincial Parliament Buildings on Belleville Street, was built in 1989 and expanded in 2001. Its east tower guest rooms were renovated in 2016 and 2017.
The hotel offers:
- 10,000 square feet of event space;
- the Victoria Athletic Club, which includes a 25-metre swimming pool, a hot tub, a sauna, a weight room, a squash court, fitness studios with personal trainers and a cardio room;
- the Fathom restaurant, entertainment lounge and outdoor dining terrace;
- The Courtyard Cafe;
- the Nivali Skin & Laser Centre; and
- the Pacific Store gift shop.
InnVest plans to spend approximately $20 million over the next three or four years on upgrades to the guest rooms, meeting space, lobby and athletic club.
InnVest’s hotel portfolio
Toronto-based InnVest owns more than 100 hotels across Canada that represent a range of styles from internationally recognized brands. Its management team oversees the day-to-day activities of almost 90 hotels.
Hyslop said InnVest is always looking to add to its portfolio but there’s nothing else in the acquisition pipeline that he can talk about.
The Canadian hotel market continues to be strong, “with Canadians staying and travelling within Canada, and continued resilience in the corporate and group segments of the business,” Hyslop added.
Hyslop believes Canadians are now spending money on travel experiences that in the past might have been spent on goods.
Local and national hotel activity
Victoria’s Royal Scot Hotel & Suites was sold earlier this year to Vancouver-based Synvest Capital Corporation for more than $41 million. The city’s 40-room The Bedford Regency Hotel was acquired by Synvest for $8.9 million last September.
Synvest sold Victoria’s 73-room Days Inn Victoria Uptown and 56-room Robin Hood Inn & Suites this year. The 70-room, 113-year-old Strathcona Hotel -- which has been owned by the Olson family for 80 years -- is on the market.
There are approximately 4,500 hotel rooms in Victoria and there are projects underway and development proposals in the pipeline to add to that total.
Colliers’ 2026 Canadian Hotel Investment Report said the market extended a multi-year growth trend with transaction volume exceeding $2.3 billion in 2025. Nearly 80 per cent of the year’s 132 deals took place in secondary, tertiary and resort-oriented markets.
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