KingSett, InnVest buy a majority stake in Fairmont Royal York Hotel
Canadian real estate private equity firm KingSett Capital and InnVest Real Estate Investment Trust have agreed to acquire an 80 percent interest in Toronto's Fairmont Royal York Hotel for $186.5 million. The transaction is a joint venture with existing investor Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec, which will retain a 20 percent interest in the property. The partners, led by KingSett with a 60 percent interest in the joint venture, said they plan to invest over $50 million of additional funds for renovations following the completion of the acquisition, which is expected to occur in January 2015.
28 October 2014•6 mins read
