Toronto-based real estate investment firm InnVest Real Estate Investment Trust (InnVest) has acquired two properties in Canada for $70m.
Hotel Saskatchewan in downtown Regina, Canada has been acquired for $37m.
The hotel is undergoing renovation as it is being converted from Radisson to the Marriott Autograph Collection. The work is expected to be completed by the end of this year.
Opened in 1927, Saskatchewan features 20th century architecture and provides premier amenities. The hotel has 224 rooms, a restaurant and lounge, a tea-room, 14,000ft² of meeting space, Crown Club Fitness Centre, and 3,600ft² of leased commercial space.
Concierge services are available to guests, which include three-hour express laundry and limousine booking.
InnVest also bought a 33% stake in Courtyard by Marriott in downtown Toronto, Ontario for $33m. The Courtyard by Marriott in Ontario has 575 rooms, which consists of two towers spread across one and a half acres of land on Yonge Street.
The hotel features 14,000ft² of meeting space, two restaurants, 4,600ft² of leasable retail space and a 101-space underground parking garage.
InnVest CEO Drew Coles said: "Hotel Saskatchewan is a dominant hotel in downtown Regina that provides us with geographic diversification in a province where we are looking to increase our exposure.
"The investment in the Courtyard by Marriott increases our presence in downtown Toronto, Canada’s most significant economic hub, and continues to illustrate the value of our strategic partnership with KingSett Capital and increases our relationship with Marriott Hotels."