MONTRÉAL One of Canada’s largest investment groups has sold its 49% stake in five Westin-branded hotels in the country.
SITQ, the real estate arm of Caisse de Depot et Placement du Quebec, has sold its stake in the portfolio to an unidentified institutional investor. Terms of the transaction, including price, have not been disclosed.
The properties have a combined guestroom count of 2,917.
“We are thrilled to have successfully completed this transaction, which is directly aligned with our strategic objective to refocus our portfolio and investment efforts on office real estate,” says William R.C. Tresham, president and CEO of SITQ.
The hotels involved are the 487-key Westin Ottawa, the 525-key Westin Calgary, the 511-key Westin Bayshore Vancouver, the 416-key Westin Edmonton and the 977-key Westin Harbour Castle, Toronto.