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AHIP to sell 45 U.S. economy hotels for $285M
AHIP to sell 45 U.S. economy hotels for $285M
American Hotel Income Properties REIT (HOT-UN-T) is selling a portfolio of 45 “economy lodging” hotels to U.S.-based VCM Ltd., as it zeroes in on premium hotel brands. The $285-million Cdn transaction will leave AHIP with 67 hotels in its portfolio.
Fiera Capital opens new global HQ in Montreal
• Canada Newswire • RENX
Fiera Capital Corporation (FSZ-T), a leading independent asset management firm with approximately $149.5 billion in assets under management, today announced the firm’s new global headquarters located at 1981 McGill College Ave., a Montreal building owned in co-ownership by iA Financial Group.
Kevric JV to acquire Montreal’s 600 de la Gauchetière
UPDATED: Kevric Real Estate Corporation says it and an unnamed Canadian institutional partner have agreed to purchase and reposition one of Montreal’s most iconic office towers, the 28-storey National Bank building at 600 de la Gauchetière West.
B.C. gov’t surplus-lands program needs transparency
OPINION: When the B.C. Liberals promoted the sale of “surplus” government lands, they did so under the guise of expediting development and turning a quick buck to improve the budgetary bottom line.
Future-proofing parking lots
As a result of changes to come, Calgary planners decided to build a 250,000-square-foot parking garage. The multi-level parking facility will offer 510 spots for parking and will cost $80 million. Over time, the structure can change to accommodate different uses.
Compass raises $370M on a $6.4B valuation
Compass — a company that has built a three-sided marketplace for the industry, along with a wide set of algorithms — has raised a $370 million round of funding, money that it plans to use to continue expanding within the U.S.
Makerspaces pressured to revamp business models
Makerspaces – commercial venues where creative people gather to design and make their products – are under pressure to transform their business models or face closing shop because of rising rents, building redevelopments and not enough cash flow to cover costs.
ICE District’s Marriott hotel to open Thursday
• Edmonton Journal • RENX • RENX
Edmonton will mark the opening of a new JW Marriott hotel near Rogers Place Thursday, and can expect a new Loblaws CityMarket on the site of the old Greyhound terminal in 2020. The ICE District already has two new towers.
Delma acquires Quebec CRE property for $2.2M
The Delma Group Inc. (DLMA-CN) has acquired a commercial real estate property located at 395-425, rue des Érables, Salaberry-de-Valleyfield, Que. The acquisition was completed by purchasing 100% of the issued and outstanding shares of 9371-9904 Québec Inc. (9371) for a net price of $2,244,967.
Ontario’s historic Hotel Kenney for sale
A nearly 150-year-old hotel once dubbed by British royalty as the “loveliest place in all of Canada” is up for sale. The historic Hotel Kenney, 20 minutes east of Kingston, has been listed at $2.75 million. The hotel sits on 26 acres.
North Vancouver council says no to towers
A massive development proposal met swift rejection Monday as District of North Vancouver council nixed two Keith Road skyscrapers that would have paid for a new North Shore Winter Club. The club had asked council to rezone 1325 Keith Rd.
Streamliner proposes two-tower mixed-use project
Streamliner Properties has made a rezoning application to allow for a two-tower, mixed-use project near the intersection of Danforth Avenue and Main Street in Toronto’s Danforth Village. The development would bring 684 condo units to 9 Dawes Rd.
Aritzia defying the U.S. retail slump
Aritzia, the Vancouver-founded chain of boutiques favoured by Meghan, the Duchess of Sussex, appears to have cracked the code to the U.S. retail market. The seller of upscale women’s clothing is opening stores and staffing them with style advisers.
Washington REIT sells $485M retail portfolio
First Washington Realty Inc. has expanded its footprint in metropolitan Washington, D.C., by 800,000 square feet in one fell swoop. The real estate investment and management company purchased a five-property shopping centre portfolio from Washington REIT in a $485-million transaction.
$1.1B arena proposed for NBA Clippers
• Bisnow • Urban Land
In a way, it seems fitting the Los Angeles Clippers, an upstart NBA team looking to create its own identity with a new arena, has chosen Inglewood. Like the Clippers, Inglewood is a city looking to revitalize its image.
CRE overvalued in most EU countries: ESRB
• Reuters
Commercial property shows signs of overvaluation in most European Union countries as yield-starved investors pile into bricks and mortar, the EU’s financial stability watchdog – the European Systemic Risk Board (ESRB) – said on Monday.
Builder touts prefabricated homes for Toronto
What if you could go to Ikea and purchase an entire house — flat-packed, ready to assemble? That is the basic idea behind R-Hauz Solutions Inc., founded by veteran Toronto builder Leith Moore.
Investment opportunities in U.S. multi-family: Starlight
Starlight’s most recent white paper analyzes how investors can earn attractive risk-adjusted returns in the mature U.S. multi-family market, while protecting themselves from the risk of a possible downturn. The U.S. multi-family team examines how Starlight achieves both objectives.
Opinion: Governments should target housing supply
Compared to a decade ago, home prices remain more than 90 per cent higher in Vancouver and 120 per cent higher in Toronto. There is a shortage of rental units and demand-reducing policies have seemingly done little to restore broad housing affordability.
Opinion: Let’s banish home ownership myths
For years, Canadians have watched our cities climb the wrong kinds of global lists ranking the most expensive cities in the world to live in. We’ve worried that even rental housing has grown out of the realm of affordable housing.
Industry Events
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Western Canada Apartment Investment Conference
May 07 2024
Vancouver
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Edmonton Real Estate Forum
May 08 2024
Edmonton Convention Centre
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Land & Development Conference
May 28 2024
Metro Toronto Convention Centre
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Montreal Real Estate Forum
Jun 06 2024
Montreal
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Southwestern Ont. Real Estate Forum
Jun 13 2024
RBC Place London
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