On October 5, 2006, Legacy Hotels Real Estate Investment Trust completed the purchase of the 398-room Delta Bow Valley hotel in downtown Calgary from Bow Valley Hotel Limited Partnership for $53.5 million, plus closing costs. The acquisition was partially financed through the assumption of first mortgage financing involving Capmark Canada Limited as master servicer for the Series 1-Canada 2005 Commercial Mortgage Pass Through Certificates and vendor financing. Legacy Hotels REIT is the largest Canadian lodging real estate investment trust, focused on the ownership of luxury and first-class hotels, and the addition of the Delta Bow Valley increases Legacy Hotels REIT's portfolio to 25 hotels across Canada and the US.
Legacy Hotels REIT was represented by Blake, Cassels & Graydon LLP with a team composed of Eric Spindler, Rick Dawson, Davis Foth, Dorothy Wahl and Silvana D'Alimonte. Bow Valley Hotel Limited Partnership was represented by Clark Wilson LLP with a team composed of R. Stuart Wells and David Fenrich. Capmark Canada Limited was represented by Chris Alam of Gowling Lafleur Henderson LLP and Delta Hotels Limited was represented by Thomas Griffiths, its vice-president and associate general counsel, and by Iain Morton of McCarthy Tétrault LLP.