InnVest REIT to be bought by Bluesky Hotels for $2.1 bln

Canadian hotel owner InnVest Real Estate Investment Trust (TSX: INN.UN) has agreed to be acquired by Bluesky Hotels and Resorts Inc, a private company backed by Hong Kong investors. Bluesky will buy InnVest for $7.25 in cash per unit, which values the business at about $2.1 billion, including debt. InnVest unit-holders accounting for 29.1 percent of issued and outstanding units have agreed to vote in favour of the deal. They include KingSett Capital, a Canadian real estate private equity firm, and Orange Capital, a U.S. hedge fund. KingSett will retain its majority interests in Toronto's Fairmont Royal York and Courtyard Marriot properties.

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