Off the heels of the highest Q.1 volume in Canadian history, the second quarter saw strong sales activity with total year-to-date June transaction volume of $2.14 billion, nearly triple the activity seen in the first half of 2016. Asian capital remains a prominent theme in the market with foreign buyers investing more than $1.2 billion into Canadian lodging real estate, including the sale of the Holiday Inn Montreal-Longueil and Ontario’s historic Briars Resort which closed in the second quarter.
Strategic transactions continue to drive material growth in the market, namely the sale of the bcIMC/Silverbirch portfolio and the former Trump International Hotel & Tower Toronto which together accounted for nearly 60% of year-to-date volume. When excluding strategic deals, the traditional market is still on-track to achieve a new record in 2017 with this component of the market pacing 25% ahead of last year to $893 million with corresponding price per key metrics growing 41% year-over-year to $140,000.
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