InnVest raises funds for Fairmont Royal York Hotel buy

InnVest Real Estate Investment Trust (TSX: INN.UN) has raised approximately $47 million from three existing unitholders and other investors. Canadian real estate private equity firm KingSett Capital, Orange Capital and Westmont Hospitality Group contributed to the investment, which was concurrent with a $63.3 million public equity offering. InnVest said proceeds will be used to fund capital expenditures, debt repayment and acquisitions, including its pending purchase of the Fairmont Royal York Hotel in Toronto. KingSett is partnering in that deal.

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