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SilverBirch Hotels & Resorts has retained JLL to complete a strategic review that could result in the sale of its hospitality portfolio.
“While the company is completing the strategic review, SilverBirch Hotels & Resorts and its brand partners will continue to operate all hotels as usual to the highest levels of guest services,” said SilverBirch sales and marketing vice-president Brigitte Diem-Guy.
SilverBirch is a hotel operating and asset management company with a portfolio encompassing 26 hotels in major and secondary markets across Canada.
This includes full-service, focused service and extended stay properties that operate under such well-established global brands as Marriott, Hilton and Radisson. Seventeen of the hotels are licensed with Marriott International, including 13 Delta Hotels and Resorts and the new Marriott Hotel Calgary Airport.
The company primarily managed third party-owned hotels prior to 1999, when the hotel management function was purchased by CHIP REIT and CHIP Hospitality was created. The British Columbia Investment Management Corporation acquired and privatized CHIP REIT in 2007, which launched SilverBirch.
SilverBirch portfolio should attract wide interest
It’s expected the stability of the Canadian market combined with the global appetite for quality real estate portfolios will drive local, North American and international interest in the SilverBirch properties.
“The company does not anticipate individual property sales and will be focusing on the whole portfolio and related opportunities,” said Diem-Guy.
“At this point in the strategic review process, SilverBirch does not intend to disclose further developments with respect to this process unless and until its board of directors approves a specific transaction or otherwise concludes the review of strategic options.”
New Calgary hotel, convention centre and apartment building
Construction began last month on SilverBirch’s new Residence Inn by Marriott Calgary Downtown and SilverBirch Conference Centre in Calgary’s Beltline neighbourhood at the corner of 10th Avenue and 5th Street SW.
Construction is expected to be completed in early 2019 and will result in the opening of 390 long-stay suites, a 10,000-square-foot conference centre and Connections Café.
The project also includes an under-construction residential rental tower that will comprise 303 units over 33 storeys along with a fitness centre and indoor and outdoor social space.
It will also offer more than 7,000 square feet of ground-floor retail space. GWL Realty Advisors will manage the apartment building and act as development manager for the entire project.
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