InnVest Real Estate Trust (InnVest) has completed the sale of the upscale Hotel Saskatchewan in downtown Regina for about $37 million.
“This iconic hotel addition to the portfolio is InnVest’s fourth hotel purchase in the last nine months,” said Drew Coles, InnVest’s president and chief executive officer. “The acquisition fits our objective of enhancing our portfolio quality, scale and diversification.”
Opened in 1927, the 224-room hotel is currently undergoing a renovation and rebranding to the Marriot Autograph Collection of properties. The lobby, reception area, rooms and meeting facilities are being spruced-up with about $13 million in renovation capital.
InnVest purchased the full-service hotel from Temple Hotels, which bought it in February 2014. Features include 14,000-square-feet of meeting space, 3,600 square feet of leased commercial space, a restaurant and tea room.
This sale expands InnVest’s relationship with Marriott to an eighth property.