On April 7, 2004, InnVest Real Estate Investment Trust completed the acquisition of eight of the nine mid-market hotels it had agreed to acquire in a transaction announced on March 10. The sale of the ninth property, the Holiday Inn in Oshawa, is expected to close by July 31. The purchase price for the entire portfolio is $111.5 million. The acquired properties consist of Holiday Inn hotels in key markets—Toronto, Burlington, Calgary, Kanata, Guelph and Kingston—and the Quality Hotel in Regina.
In connection with the acquisition and a related $61.4 million fixed rate mortgage financing through General Electric Capital Canada Inc.’s Commercial Mortgage Backed Securities (CMBS) capability, InnVest was represented by Stikeman Elliott LLP, with a team that included Brenda Hebert, David Ehrlich, Daphne MacKenzie, Stuart Carruthers, Savvas Kotsopoulos and Kelly Niebergall.
General Electric Capital Canada was represented by McCarthy Tétrault LLP, with a team that included Fred Rubinoff, Bram Green and Susan Spence.
The vendors were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Gregory Howard, Kent Beattie, Duncan Osborne, Don Stanbury, Steven Martin, Mark Katz, Sonny Bhalla, Brett Seifred and Julie Lane.